Breaking - Repair Regs - AICPA Says Help On The Way - Maybe

The American Institute Of Certified Public Accountants (AICPA) has finally responded to the anguished cries of the bulk of its membership that the implementation of the new tangible property regulations (or repair regs as we call them), marvelous as it was for the profits of larger firms, is creating a nightmare for tax preparers who have to crank out returns for people without deep pockets. According to the OMB notice that goes with Form 3115, it takes on average 80 hours to prepare. There is one body of thought that holds that every business return, including a modest Schedule C, requires a From 3115 this year. Besides being attached to the return, Form 3115 has to be separately mailed to Ogden Utah. Of course that 80 hours will get pared way down as routine forms are done in bulk, but still it seems like quite a pain particularly when ACA compliance is also kicking in this year.