Daily Tax Update - June 1, 2015: IRS Clarifies Certain Procedures for Changing Accounting Method

IRS Clarifies Certain Procedures for Changing Accounting Method:  Today, the IRS issued Revenue Procedure 2015-33, which clarifies several items in Revenue Procedure 2015-13 regarding certain procedures for changing a method of accounting.  Revenue Procedure 2015-33 (1) modifies certain transition rules under Revenue Procedure 2015-13 to provide additional time to file Forms 3115 under Revenue Procedure 2011-14; (2) explains when the automatic change procedures do not apply if the taxpayer engages in a transaction to which section 381(a) applies; (3) clarifies the meaning of “three-month window” under Revenue Procedure 2015-13; and (4) clarifies a mailing address provided in Revenue Procedure 2015-1. 

JCT Report Lowers Estimate of Cost of Repealing Medical Device Tax:  Today, the Joint Committee on Taxation (JCT) released a report (JCX-88-15) estimating that legislation (H.R. 160) to repeal the excise tax on medical devices would add approximately $24.4 billion to the federal budget deficit over 10 years, about $2 billion less over a 10-year period than previously anticipated.  The change relates to an amendment to the bill which would “change[] the effective date of [H.R. 160] such that the medical tax repeal applies to sales in calendar quarters beginning after the date of enactment.”