CAMICO issued an updated Alert to our policyholders in response to the IRS February 13, 2015 release of Rev. Proc. 2015-20 offering tangible property regulations (TPR) relief to small businesses and rental real estate owners. Rev. Proc. 2015-20 provides a simplified procedure for small businesses to comply with the final tangible property regulations, although with some trade-offs.
Alert — Final Tangible Property Regulations Require Filing Application for Change in Accounting Method for 2014 Tax Year (Revised)
The following alert has been modified as a result of new guidance provided by the IRS. On February 13, 2015, the IRS released Rev. Proc. 2015-20, which provides a new simplified procedure for small businesses. Under this simplified method, a small business may adopt the final tangible property regulations on a prospective basis and Form 3115 is not required.
IMPACT’s fourth interactive War Story covers a case involving a large embezzlement, how it happened, and how the CPA firm could have avoided it.