Focus on Taxation: What to do Before Year End to Implement the New Tangible Property Regulations
The IRS issued the final tangible property regulations on September 13,
2013, modifying and superseding the temporary regulations that were
issued on December 23, 2011. The tangible property regulations will apply to all taxpayers.
It does not matter what form of business one is in, whether a "C"
corporation, an "S" corporation, a partnership, an LLC, a sole
proprietorship (Schedule C on individual return), or a rental (Schedule E
on individual return); these new rules and requirements will apply.
Taxpayers will be required to file one or more Form(s) 3115 for each
accounting method change for each separate entity, or trade or business.