The U.S. Internal Revenue Service (IRS) has provided procedures under which a taxpayer may obtain automatic consent to change a method of accounting to comply with Sec. 451(b), as amended by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. The revenue procedure also gives certain qualifying taxpayers with streamlined procedures to make a method change to comply with Sec. 451(b) without filing a Form 3115, Application for Change in Accounting Method, for the first tax year that begins after Dec. 31, 2017. Read more at the Journal of Accountancy.