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Revenue Procedure May Provide New Automatic Change in Accounting Method for Employee Bonuses
Deloitte via BenefitsLink
[Guidance Overview] Sept. 11, 2008
Excerpt: Revenue Procedure 2008-52 creates a new automatic accounting method change for employee bonuses, which may allow employers that have been using an impermissible accounting method to switch to a permissible method in some situations. This is effective for change requests filed on or after August 18, 2008 for a year of change ending on or after December 31, 2007. The revenue procedure and Announcement 2008-84 provide some transition rules for requests previously filed and for some not yet filed.
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