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When do I need approval to change accounting methods?

The IRS must consent changes from cash method to accrual or vice versa, change in the method or basis used to value inventories, and/or change in the method of figuring depreciation or amortization method. 

No consent is needed when correcting mathematical or posting errors, correcting errors in computing tax liability, an adjustment of any item of income or deduction that does not involve the proper time or including in income or deducting it, and/or certain adjustments in the useful life of a depreciable or amortizable asset. 


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