Tangible Property Regulations (Repair Regs) Guidance and Resources 


    All taxpayers with depreciable assets or who buy, sell, improve, or dispose of assets must comply with the regulations for tax years beginning on or after Jan. 1, 2014. Certain businesses may need to file Form 3115 to request a change in accounting method, as well as potentially make new annual elections. Please click here for history, background, and advocacy efforts on tangible property regulations.

    On Feb. 13, 2015, the IRS announced simplified procedures for the final tangible property regulations with the release of Rev. Proc. 2015-20. The much anticipated relief permits small businesses to change a method of accounting on a prospective basis, and avoid completing and filing a Form 3115, Application for Change in Accounting Method. Additionally, the IRS has announced a plan to update the Form 3115 and they will also be revising the instructions and addressing Notice 2015-20 later in the year.


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