RP-2019-34: Change in accounting method for insurance companies

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August 6, 2019

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Issue Number: RP-2019-34

Inside This Issue

Revenue Procedure 2019-34 provides simplified procedures for an insurance company to obtain automatic consent of the Commissioner of Internal Revenue to change its methods of accounting for life insurance reserves, amounts under § 807(c)(3), and specified policy acquisition expenses under § 848, as applicable, to comply with §§ 807 and 848, as amended by sections 13517 and 13519 of the Tax Cuts and Jobs Act, for the taxable year beginning after December 31, 2017.

Revenue Procedure 2019-34 will be in IRB 2019-35, dated 08/26/2019.

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