Internal Revenue Bulletin: 2005-2
January 10, 2005
This document provides administrative procedures under which a taxpayer may obtain automatic consent to change to a method of accounting provided in sections 1.263(a)-4, 1.263(a)-5, and 1.167(a)-3(b) of the regulations for the taxpayer’s second taxable year ending on or after December 31, 2003. Rev. Proc. 2002-9 modified and amplified.
This procedure permits a taxpayer under the jurisdiction of the Large and Mid-Size Business Division (LMSB) to enter into an LMSB Pre-Filing Agreement (PFA), an agreement that determines certain issues before the taxpayer files any return relating to those issues. This procedure expands the scope of the current PFA program. Rev. Proc. 2001-22 superseded.
This document corrects a clerical error in Rev. Proc. 2004-35, 2004-23 I.R.B. 1029. Specifically, the document changes the estimated total annual reporting burden under the Paperwork Reduction Act to 200 hours. Rev. Proc. 2004-35 corrected.
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