According to the new announcement, the only time a 3115 is needed is to correct a incorrect depreciation schedule. We can not go back and pickup a cost that should have been a repair? In other words, no retroactive applications!
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481(a) adjustments originate with Form 3115.
Elections are available without filing Form 3115.Comment
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Per 2015-20 "...permit a small business taxpayer...to make certain tangible property changes in methods of accounting with an adjustment under ยง 481(a) of the Internal Revenue Code (the Code) that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014".
I take this to mean that some adjustments can be made without for 3115.Comment
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No. It's more like if you don't file 3115 for 2014, then when you need a 3115 in the future, you'll go back no earlier than 2014. I don't understand it well enough to explain it. Sorry. For the best, brief, FREE explanation, take this FREE 30-minute on-demand webinar from NATP titled Form 3115 Filing Relief Explained:
http://www.natptax.c...efExpained.aspxComment
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