IRS Rev. Proc.: Research or Experimental Expenditures Automatic Consent Procedures Updated for Changes in Methods of Accounting (IRC §446)

Revenue Procedure 2024-9 modifies Rev. Proc. 2023-24, §7 and §19, to provide procedures under I.R.C. §446 and Treas. Reg. §1.446-1(e) to obtain automatic consent of the Commissioner to change methods of accounting for expenditures paid or incurred in taxable years beginning after Dec. 31, 2021, to rely on interim guidance under §174 and §460 provided in Notice 2023-63. This revenue procedure also clarifies Rev. Proc. 2023-24, §9, to provide that Rev. Proc. 2000-50, §5, is obsoleted for costs of developing computer software paid or incurred in any taxable year beginning after Dec. 31, 2021, and continues to apply to costs ...