Exploring Accounting Method Changes
On November 6, 2009, Congress enacted the Worker, Homeownership, and Business Act of 2009 (“the Act”) that allows all businesses a five-year period for carrying back net operating losses.
In 2008 and 2009, IRS issued two revenue procedures (Rev. Proc. 2008-52 and Rev. Proc. 2009-39) that add to an already lengthy list of automatic tax accounting method changes. What do these two disparate developments have to do with one another? In short, a great deal…