skip to Main Content

Click Here to Set Your Free consultation

Government passes regulations making taxes even MORE burdensome!

question Did you know!

The IRS has implemented a change that will apply to ALL business owners or any other individuals that have property or equipment that has depreciation on it! 

Did you know that this change will take your CPA (according to the IRS) 82 tax prep hours to comply with!

Are you prepared to pay that type of bill for your CPA to do what the government has mandated.

CHANGE ALERT!!!   CHANGE ALERT!!!  CHANGE ALERT!!!  CHANGE ALERT!!!  CHANGE ALERT!!!  CHANGE ALERT!!!  CHANGE ALERT!!!

Federal Form 3115 – Application for Change in Accounting Method

This is now a requirement for all business owners with depreciation.

Watch Shauna discuss the new form

The new 3115 form may be daunting, time-consuming, and you may even be required to file more than one form. However, it comes with its benefits as well. By filing, you avoid potentially losing deductions and tax breaks, as well as helping to guard you from the dreaded audit [NOTE – the IRS “expects” this form to be filed be almost 100% of taxpayers.  You don’t want to be in the % that doesn’t and gets caught with your pants down!]. Also, if these new adjustments cause you to have to report additional income, by filing the 3115 form now you will be allowed to have 4 years to pay the tax on this new income, rather than the standard 1 year. In some instances, it may even be required for individual taxpayers, but it is mainly targeted at businesses.

If you own any kind of business, and have any items of depreciable property that were put into service before 2014, you will now be required to file this new form for an accounting method change.

Here at The Tax Goddess, we will be asking all clients to comply with the addition of a specific minutes to their business books to ensure that these rules are reflected in the company documents. All Bookkeepers and Tax Preparers at our firm will ensure that we have a signed document on file for these elections.

Please visit the links below for more information regarding these important changes, and to see if this new form will affect you!

You’ll Likely Need to File IRS Form 3115 This Year – And It’s Costly

IRS provides important guidance for helping taxpayers understand the impact of the final tangible property repair regulations

AICPA – Tangible Property Regulations – FAQS

Current Federal Tax Developments

NOTE to all current Tax Goddess clients – if you are on one of our fabulous flat rate monthly plans, there will be NO EXTRA CHARGE for your returns to keep you in compliance!  Just one more way that the Tax Goddess is looking out for the little guy!

Tax Goddess Blog

Leave a Reply

Your email address will not be published. Required fields are marked *

PLEASE NOTE: As of late Aug 2018 there was a proposed law change that would disallow a double deduction for these charitable credits at the federal level for contributions made after Aug 2018. You are still eligible for the AZ state tax credits as the change would only impact your ability to take them as charity donations at the federal level.
Back To Top