All taxpayers with depreciable assets or who buy, sell, improve, or dispose of assets must comply with the tangible property regulations for tax years beginning on or after Jan. 1, 2014. Certain businesses may need to file Form 3115, Application for Change in Accounting Method, to request a change in accounting method, as well as potentially make new annual elections.
The AICPA offers the below resources and information to help members understand and comply with these new rules.
View history and background information on the tangible property regulations.
|AICPA Tangible Property Resources
Below are resources developed for AICPA members to aid in the understanding and implementation of Rev. Proc. 2015-20; Tangible Property Regulations:
|Practice Aids from Eric P. Wallace, CPA
Eric Wallace is a Director at Boyer & Ritter, CPAs and Consultants. He is well known for his expertise in tangible property regulations (section 263(a)); change in accounting methods; NOLs; and Change in Accounting Methods (IRS Form 3115). Eric and the Firm have been the experts on the TPR issues (sections 162, 167, 168, 263(a) and 1016) since their issuance in late 2011.
Below are resources developed for AICPA members, featured articles, and information regarding the TPR Toolkit:
|Quick Reference Guide: Tangible Property Regulations: What to File, Where, and When
|Examples of the Required and Non-Required Filings of the Tangible Property Regulations
|Unit Property Considerations for Landlord Tenant Improvement
|Consequences of Not Filing the Required Tangible Property Regulation 3115s by Tax Year 2014
|Comprehensive Tangible Property Toolkit - Extensive tools and templates to assist CPA firms and large companies in implementing the highly complex tangible property regulations (TPRs) issued by the IRS. They are a compilation of Word, pdf, Excel, and voice files covering TPR examples (completed 3115s to client communications), tools, templates, and related supporting training for a firm or large business to use to implement the TPRs for its clients or Company. Free trial available; call for pricing.
- Tax Implications of the New Revenue Recognition Standard, The Tax Adviser, Feb. 2016
- New Estate Basis Reporting Requirements Delayed until Next Year, Journal of Accountancy, Aug. 21, 2015
- Tangible Property Regulations, IRS Webinar Archive, July 2015
- Repair Regs Fact Sheet, July 2015
- Revised Form 3115 issued in draft form, Journal of Accountancy, July 17, 2015
- Don't Miss the Opportunity to File Form 3115, Corporation Tax Insider, June 25, 2015
- New Accounting Method Change Procedures Give More Time to File Form 3115, Journal of Accountancy, June 1, 2015
- 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
- Update on Repair Regulations: IRS Provides Relief for Small Businesses, AICPA Special News Update, Feb. 13, 2015
- Small businesses won’t have to file Form 3115 to comply with repair regs., Journal of Accountancy, Feb. 13, 2015
- IR 2015-29, 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
|Regulations, Procedures, and More from the IRS
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- Change of address for filing Form 3115
- IRS Publication 538, Accounting Periods and Methods
- 2014 Form 3115 and instructions
- Tangible Property FAQs
- Notice 2015-82: addresses the increase in the de minimis safe harbor limit for taxpayers without an applicable financial statement, Nov. 24, 2015
- Rev. Proc. 2015-20: the new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less, Feb. 13, 2015
- Rev. Proc. 2015-13: provides general procedures to obtain both the advance (non-automatic) and automatic consent to change a method of accounting, Jan. 16, 2015
- Rev. Proc. 2014-54: provides procedures for taxpayers to adopt the new disposition regulations, Sep. 18, 2014
- Final regulations (T.D.9689) regarding dispositions of depreciable property, Aug. 14, 2014
- Second part of guidance on accounting method change (Rev. Proc. 2014-17) which superseded Rev. Proc. 2012-20, Feb. 28, 2014
- Rev. Proc. 2014-16 provides procedures for taxpayers to adopt the final "repair" regulations, Jan. 24, 2014
- Proposed regulations (REG-110732-13) under section 168 regarding dispositions of tangible depreciable properties, Sep. 13, 2013
- IRS finalized "repair" regulations (T.D. 9636) under sections 162 and 263, Sep. 13, 2013