Overview

This book includes everything you need to know about the tangible property regulations. Taxpayers that have not yet made accounting Method changes have until the extension due date for filing 2014 tax returns (Oct. 15, 2015) to file Form 3115 or the opportunity will be lost forever. By filing Form 3115, taxpayers can take deductions on their 2014 tax return for full or partial year retirements and dispositions of tangible property incurred in prior years that still remain on the fixed asset schedule. Losses in the amount of the adjusted basis of these retired assets can be deducted on their 2014 tax return. Small taxpayers who aren't required to file Form 3115, should think twice about giving up the favorable benefits that could be derived from filing accounting method changes. Again, this is a use or lose opportunity. File Form 3115 by Oct. 15, 2015 with your amended 2014 tax return.

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