AICPA Special News Update - Feb. 13, 2015

Repair Regulations Update: IRS Provides Relief

February 13, 2015

IRS releases Rev. Proc. 2015-20
AICPA News Update
February 13, 2015 – Volume 22 No. 9
Special Update from the AICPA Tax Advocacy Team
Update on Repair Regulations: IRS Provides Relief for Small Businesses
  Earlier today, the IRS released Rev. Proc. 2015-20, which permits small businesses to:
  • change a method of accounting under the final tangible property regulations on a prospective basis, and
  • avoid completing and filing a Form 3115. 
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.

The AICPA, which has unwaveringly advocated for such relief, 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.
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