If you are about to file a Form 3115 requesting a change in accounting method, you should be aware that the IRS released new guidance yesterday in the form of Revenue Procedure 2015-33. This new revenue procedure modifies the procedures set forth in Revenue Procedure 2015-13. These modifications include:
-
Providing additional time in certain cases for filing Form 3115 under the automatic consent provisions;
-
Clarifying when the automatic change procedures do not apply if the taxpayer engages in a Section 381 transaction; and
-
Clarifying the appropriate address for filing Forms 3115.
So if you are preparing to file a Form 3115, be sure to review Revenue Procedure 2015-33 first. The text of the revenue procedure can be found here.
