Form 3115 Change in Accounting Method: Navigating the IRS Repair Regulations

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, May 4, 2016

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will prepare corporate tax professionals and tax advisers to successfully navigate the Form 3115 Change in Accounting Method filing requirements that have emerged with the recent tangible personal property regulations (the “repair regulations”).

Description

The IRS repair regulations continue to present a number of challenges for tax professionals. While the regulations provided a safe harbor in 2014 that allowed corporations to follow a simplified set of procedures that did not require a change in accounting method, many taxpayers who elected not to file a Form 3115 for tax year 2014 may elect to do so for the 2015 tax year to take advantage of a favorable IRC Section 481(a) adjustment.

Rev. Proc. 2015-20 appears to have left open the possibility of claiming benefits under the tangible property regulations that accrued prior to 2014. As a result, taxpayers who did not elect a change of accounting method last year may wish to consider whether they should do so for 2015 to take advantage of safe harbors and other changes.

Listen as our experienced panel of expert practitioners reviews the Form 3115 Change in Accounting Method after the relief guidance, details the mechanics and calculations of completing the form, and outlines the practical considerations for making, or foregoing, an accounting method change. Additionally, our panel will address considerations surrounding the implementation and application of the repair regulations to taxpayer’s 2015 tax returns.

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Outline

  1. Discussion of repair regulations and requirement to file Form 3115
  2. Completing Form 3115 Change in Accounting Method and required calculations
  3. Implementation of Change in Accounting Method regs and Rev. Proc. 2015-20 relief from Form 3115 requirements

Benefits

The panel will review these and other key issues:

  • Why do the repair regulations require a change in accounting method?
  • What calculations and disclosures are required with the preparation of a Form 3115?
  • What are the ramifications of the relief regulations in Rev. Proc. 2015-20?
  • What strategies and best practices should corporate tax professionals implement to handle Form 3115 questions?

Faculty

Karen Messner
Karen Messner
Senior Manager, Income Tax & Accounting
KPMG

Ms. Messner's attached to the firm’s Washington National Tax Practice. Her work has focused on consulting on...  |  Read More

Andrea Mouw, JD
Andrea Mouw, JD

Eide Bailly

Ms. Mouw focuses on federal, state and international tax issues. Her key areas of expertise include accounting method...  |  Read More

Ryan Corcoran
Ryan Corcoran
Manager, Accounting Methods & Periods
RSM US

As part of RSM’s Washington National Tax practice, Mr. Corcoran specializes in federal accounting methods areas...  |  Read More

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