
The IRS today released an advance version of Rev. Proc. 2016-29 that aggregates and adds to the prior list of automatic changes to which the automatic exchange procedures of Rev. Proc. 2015-13—as clarified and modified by Rev. Proc. 2015-33 and modified by Rev. Proc. 2016-1—apply.
Rev. Proc. 2016-29 [PDF 1 MB] provides 343 pages of automatic changes and includes a section of “significant changes” to the list of automatic changes in Rev. Proc. 2015-14.
The “significant changes” section of Rev. Proc. 2016-29 lists, among other items, changes:
The following sections are added to the list of automatic changes in this revenue procedure to provide additional changes in method of accounting to be made under the automatic change procedures:
Also, the waiver of the eligibility rule in Rev. Proc. 2015-13 is extended one year to any tax year beginning before January 1, 2016, for the following items:
Today’s revenue procedures substantially supersedes Rev. Proc. 2015-14.
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