IRS Issues Revenue Procedure 2011-14 for Change of Accounting Method
On January 10, 2011, the IRS issued revised guidance to the automatic consent procedures for specifically identified accounting method changes. Revenue Procedure 2011-14 is effective immediately and modifies and supersedes the prior guidance found in Revenue Procedure 2008-52 and Revenue Procedure 2009-39.
It makes changes to the automatic consent procedure and clarifies many previously unclear filing procedures and method changes. This could provide opportunities for taxpayers to correct improper methods or change to more favorable methods under the revised automatic procedures.
For assets placed-in-service between January 1 and December 31 2012 bonus depreciation is 50%. To qualify, property must have a recovery period of 20 years or less.
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