RP-2018-60: change in methods of accounting

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November 29, 2018

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Issue Number: RP-2018-60

Inside This Issue

Revenue Procedure 2018-60 provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue under § 446 and § 1.446-1(e) of the Income Tax Regulations to change a method of accounting to comply with § 451(b), as amended by Section 13221 of the Tax Cuts and Jobs Act, Pub. L. No. 115-97 (December 22, 2017), relating to the timing of the recognition of income for taxable years beginning after December 31, 2017. This revenue procedure also provides procedures for certain qualifying taxpayers to make a method change to comply with § 451(b) without filing a Form 3115, Application for Change in Accounting Method. This revenue procedure modifies Rev. Proc. 2018-31, 2018-22 I.R.B. 637.

Revenue Procedure 2018-60 will be in IRB 2018-51, dated December 17, 2018.

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