National Fuel Gas Supply Corporation Submits Form 3115 Application for Change in Accounting Method

National Fuel Gas Supply Corporation has submitted a document to the Federal Energy Regulatory Commission requesting approval for a change in accounting method for their fiscal year 2024 tax return. The company has adopted the natural gas transmission and distribution property safe harbor method of accounting (NGSH method) as outlined in Revenue Procedure 2023-15, which was released by the IRS on April 14, 2023. This change in accounting method requires the completion of Federal Form 3115 and submission to the IRS. A copy of the completed form must also be provided to any regulatory body having jurisdiction over the public utility property within 30 days.

Key Takeaways:

• National Fuel Gas Supply Corporation has submitted a Federal Form 3115 Application for Change in Accounting Method to the Federal Energy Regulatory Commission.
• The company has adopted the natural gas transmission and distribution property safe harbor method of accounting (NGSH method) as outlined in Revenue Procedure 2023-15.
• The NGSH method is effective for taxable years ending after May 1, 2023.
• A copy of the completed Form 3115 must be provided to any regulatory body having jurisdiction over the public utility property within 30 days.
• The company's change in accounting method applies to assets that are public utility property.
• Maggie Sroka, Senior Counsel, signed the document on behalf of National Fuel Gas Company.

Statistics:

• Taxable years ending after May 1, 2023: NGSH method is effective.
• April 14, 2023: IRS released Revenue Procedure 2023-15.
• July 10, 2025: National Fuel Gas Company filed their fiscal year 2024 tax return with the IRS.

Sources:

• Revenue Procedure 2023-15
• National Fuel Gas Supply Corporation
• Federal Energy Regulatory Commission
• IRS Form 3115 - Application for Change in Accounting Method