[IMGCAP(1)]Last Friday, the IRS released Revenue Procedure 2015-20, which lessens the requirements for certain companies to file a Form 3115 while adopting the new repair regulations.
Prior to this new Revenue Procedure almost all corporate taxpayers were required to file a change in accounting method, form 3115, with their 2014 tax return (see IRS Eases Repair Regulations for Small Businesses). This form is lengthy and confusing for many tax professionals. For months the AICPA and other organizations have been requesting relief (see AICPA Recommends Changes to IRS Tangible Property Regulations and Why the Industry Is Addressing the IRS Repair Regulations Backwards). Under this new procedure, certain taxpayers have the option of following the new regulations only prospectively, without filing a 3115. Unfortunately, these rules come late for many CPA firms that have spent a significant amount of money and time preparing for these new rules.
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