Have you previously made an IRC §454 election?
IRC §454 permits cash-basis taxpayers to elect to recognize interest income currently on certain non-interest bearing discount obligations. If the election is made, the amount which is recognized in a taxable year is the actual increase in the redemption price that occurred during the year.
IRS revenue procedure 2022-14 (pages 321-324) describes designated automatic accounting method change number '131' which "applies to a taxpayer that previously made an election under § 454 to report as interest income the increase in redemption price on a bond occurring in a taxable year, and that now wants to report this income in the taxable year in which the bond is redeemed, disposed of, or finally matures, whichever is earliest."
IRS revenue procedure 2022-14 specifically mentions Series E, EE or I U.S. savings bonds.
IRS revenue procedure 2022-14 goes on to explain describe in the detail "the statement in lieu of a Form 3115 that is permitted under this section 17.01 is considered a Form 3115 for purposes of the automatic consent procedures of Rev. Proc. 2015-13."
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