change a method of accounting under the final tangible property regulations on a prospective basis, and
avoid completing and filing a Form 3115.
The newsimplified procedureis 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.
The AICPA, which has unwaveringly advocated for suchrelief, commends the IRS and Treasury for providing welcome simplification for small businesses. We believe these changes will reduce the administrative burden and compliance costs for small businesses this year and will have an immediate impact on the tax preparer community.