Article
IRS Issues Procedural Guidance on Section 174 Accounting Method Changes for Taxpayers with Short Taxable Years
September 4, 2024ArticleIRS Issues Procedural Guidance on Section 174 Accounting Method Changes for Taxpayers with Short Taxable Years
September 4, 2024On August 29, 2024, the IRS issued Rev. Proc. 2024-34, which provides modified procedural guidance permitting taxpayers with short taxable years in 2022 or 2023 to file an automatic accounting method change for a 2023 year for specified research or experimental expenditures (SREs) under Internal Revenue Code Section 174.
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