The IRS today released an advance version of Rev. Proc. 2018-31 that provides an updated list of automatic changes to which the automatic change procedures in Rev. Proc. 2015-13, as clarified and modified by Rev. Proc. 2015-33 and as modified by Rev. Proc. 2017-59, and by section 17.02 of Rev. Proc. 2016-1, apply. The definitions in section 3 of Rev. Proc. 2015-13 also apply to today’s revenue procedure.
Read Rev. Proc. 2018-31 [PDF 1 MB]
The purpose of this report is to provide text of today’s 333-page revenue procedure.
Rev. Proc. 2018-31 indicates that “significant changes” to Rev. Proc. 2017-30 include:
Because of the amendments made to sections 263A, 448, and 471 by the new U.S. tax law (Pub. L. No. 115-97, enacted December 22, 2017), the IRS and Treasury Department expect to issue a revenue procedure providing procedures for making changes implementing measures under the new law. The following sections of Rev. Proc. 2017-30 are modified:
Other "significant changes" to Rev. Proc. 2017-30 include:
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