Form 3115

[TaxprepP]

Oh, thank you very much. This will make things much easier.

[TXEA]

(4) Reduced filing requirement for qualified small taxpayers.
(a) In general. A qualified small taxpayer, as defined in section 6.01(4)(b) of this revenue procedure, is required to complete only the following information on Form 3115 to make this change:
(a) The identification section of page 1 (above Part I);
(b) The signature section at the bottom of page 1;
(c) Part I;
(d) Part II, all lines except lines 11, 13, 14, 15, and 17;
(e) Part IV, all lines except line 24; and
(f) Schedule E.

Go by the Rev Proc. - you are correct.

[TaxprepP]

For those with tangle property filing form 3115 to accept the new regualtions with no 481(a) adjutment, I’m still a little confused on checking what under Part II on form 3115. I took the NAPT webinar, "The ABCs of Form 3115". The lecturer instructed to answer all but reading IRS Rev. Proc. 2014-54 under Reduced Filing Requirement for Small Taxpayers, it states “Part II, all lines except lines 11, 13, 14, 15, and 17”. Could use some guidance.