U.S. IRS Issues Revenue Procedure on Method of Accounting for CFCs

The U.S. IRS has announced the issuance of Revenue Procedure 2021-26 on accounting method changes for CFCs.

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Revenue Procedure 2021-26 provides guidance with respect to accounting method changes made on behalf of certain foreign corporations. The procedure accomplishes the following:

• expands, for a limited period, the availability of automatic consent for controlled foreign corporations ("CFCs") to change their methods of accounting for depreciation to the alternative depreciation syst…