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On January 30th, we posted a blog entry about the IRS forcing extra fees on clients by making us file a change of accounting method on our clients. Well, apparently, the IRS realized what a mess they were creating.
Today, they announced in Revenue Procedure 2015-20 that they were rescinding the requirement of filing a Form 3115 with the Ogden Utah office. THANK YOU. In lieu of filing a separate form, we will be including a statement in the return that they are making the appropriate change.
This change applies to those individuals and businesses (including rental properties) that had deducted supplies, repairs or had fixed assets in the past.
We still have to make the change - which is a minimal "policy" change but at least we don't have to go to the extreme of all the extra documentation.