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.
News & Alerts
Simplified Accounting Method Change Procedures Issued by IRS, Summary of Rev. Proc. 2015-20 - Relief Granted, Provisions Impacted and Other Considerations for Tax Practitioners, blog by Ed Zollars, CPA, Feb. 13, 2015
Small businesses won’t have to file Form 3115 to comply with repair regs., Journal of Accountancy, Feb. 13, 2015
Update on Repair Regulations: IRS Provides Relief for Small Businesses, AICPA Special News Update, Feb. 13, 2015
IR 2015-20, IRS announces simplified procedures for the final tangible property regulations, Feb. 13, 2015
AICPA Addresses Primary Concerns Surrounding Implementation of Tangible Property "Repair" Regulations, AICPA Special News Update, Feb. 10, 2015
- AICPA: Repair regulations de minimis safe harbor set too low, Journal of Accountancy, Jan. 2015
Final tangible property disposition regulations were issued last week, Journal of Accountancy, Aug. 2014
Guidance on repair regs. updates accounting method change procedures, Journal of Accountancy, Feb. 2014
Guidance issued on accounting method changes under repair regs., Journal of Accountancy, Jan. 2014
Tools & Guides from Eric Wallace, CPA
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