New guidance modifies accounting procedures for tangible property expenditures.

• Author: Josephs, Stuart R.

This revenue procedure, generally, is taxpayer favorable and should likely ease compliance burdens, especially for small business, through simplified procedures. It was effective Jan. 24, 2014, subject to transition rules.

Rev. Proc. 2014-16 contains a "user-friendly" chart that describes each of the different accounting method changes with a brief summary, provides an automatic change number for the method change and citation of the relevant regulatory authority under which the...