Repair Regs Guidance

Confused about repair regulations and form 3115? You are not alone! MSCPA has been working to find the answers and resources for you.

Update 2/13/15: IRS Makes It Easier for Small Businesses to Apply Repair Regulations to 2014 and Future Years  Read press release

Update 2/13/15:  AICPA says help may be on the way. Read more in this Forbes article

Top 20 Q & A About Repair Regs

Surgent McCoy has put together a list for our members of the Top 20 Questions and Answers  CPAs are asking.

Questions asked by our members

Surgent McCoy was able to answer a few of our member’s questions.

Webcast offered to help with Repair Regs Form 3115 – 02/24/15

The IRS expects most businesses with significant amounts of real and personal property will be required to file one or more 3115s this year. This course will help you understand the impact of the regulations, determine if/when you need to file a 3115 and help you with the preparation of the dreaded form. Webcast details  – This webcast is through the Idaho Society of CPAs and you must register through them, MSCPA members will be given their member price.

Update & Implementation of Final Repair Regulations – 02/13/15 –

UPDATE: Replay on 02/23/15

Webcast details

This update will explore new regulations which include several taxpayer friendly safe harbors. These rules cover how to handle materials/supplies, de minimis expensing, repairs vs. improvements which includes a safe harbor for small taxpayers. Learn how to implement these rules by filing new annual elections and/or accounting method changes using Form 3115. Webcast tomorrow – please email jean@mscpa.org or give her a call at 406-442-7301 to register for this webinar – our website shows registration closed for this but we can still get you included. For the replay on 2/27 you can register online. 

Implementing the new tangible property regulations

Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R. Part 10), may present challenges to practitioners in signing tax returns for clients that have not implemented the final regulations. Due to the challenges of the regulations, waiting to address these issues until completing the 2014 tax return is ill-advised. This article provides some history, context, and a high-level overview of the major components of the final regulations and discusses the implications for Circular 230 and signing tax returns for clients who have not implemented the new regulations. Journal of Accountancy  (1/31)

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