John Koskinen Saves Tax Season With Form 3115 Relief For Small Business

That massive sigh of relief that you will be hearing over the next couple of days is coming from all the people who prepare tax returns for the little people (Those with average annual gross receipts of $10 million or less). We had been gearing up to launch a tsunami of paper on the Ogden Utah IRS Service Center as the finalized repair regulations appeared to require every business entity, including individuals with modest Schedules C to file Form 3115. IR-2015-29, just released, allows the accounting method change to be applied prospectively and waives Form 3115. Here is the text.

The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations.