At AICPA's urging, IRS modified accounting change rule to allow transition time.

• Position: Tax info

Citing as "unduly burdensome" new Internal Revenue Service requirements to modify all Forms 3115 in progress to comply with new rules on changing accounting methods the AICPA d issued a comment letter to the Internal Revenue Service requesting they allow for transition time. The IRS responded to the Institute's comments on Aug. 29 by modifying its rule, allowing for taxpayers to continue filing under previous guidance until Sept. 15.

On Aug. 18, the IRS released Rev. Proc. 2008-52 relating to the automatic consent procedures by which taxpayers may obtain the IRS Commissioner's consent to make changes in accounting...