For many taxpayers, changing their method of accounting for Materials and Supplies, Scheduled Maintenance, and Building Repairs will enable significant tax deductions much earlier than under "old" rules. Two Revenue Procedures, Rev. Procs. 2014-16 and 17, modify the automatic method change Revenue Procedure (Rev. Proc. 2011-14) by adding a number of new automatic changes.
All taxpayers are expected to be in full compliance with these new rules by the end of their first tax year beginning on or after January 1, 2014.