AICPA comments on Revenue Procedures 2004-23 and 2004-43.

• Position: Tax info

The AICPA recently issued comments regarding Revenue Procedure 2004-23 on Methods of Accounting and Rev. Proc. 2004-43 on Property Distributions. In its letter to the Internal Revenue Service with respect to Rev. Proc. 2004-23, the AICPA commented on revenue procedure requirements to help reduce the compliance burden on small taxpayers and the practitioners who provide their tax services. The AICPA focused on automatic consent procedures, cost to taxpayers and practitioners, and alternative means of compliance and urged immediate action to ensure that taxpayers would receive the benefits.

In comments to the IRS and Treasury on Rev. Proc. 2004-43, which outlines how property...