8/12/2021
Rev. Proc. 2021-34 provides procedures to obtain automatic consent from the IRS to change methods of accounting while still remaining in compliance with recent final regulations, and to change methods of accounting for certain inventory costs if made in connection with a change to remain in compliance. Changes encompass many matters including but not limited to: uniform capitalization, change from cash to accrual method, and timing of income recognition. It also provides procedures to obtain consent from the IRS to change method of accounting by providing rules related to cost offset method changes and is generally effective for Forms 3115 filed on or after August 12, 2021.
Rev. Proc. 2021-35 modifies reflects changes made to the treatment of certain credit card fees.
Both Rev. Proc. 2021-34 and Rev. Proc. 2021-35 are in Internal Revenue Bulletin 2021-35, August 30, 2021.