The IRS has acknowledged our concerns, heard the demands from businesses and tax professionals regarding the issues with the final tangible property regulations, and responded positively. In a recent update from the Internal Revenue Service, qualifying small businesses are offered a simplified method to implementing the final tangible property regulations. This method provides for implementation on a prospective basis beginning with the 2014 tax return instead of filing the various Forms 3115.
Many may have heard about the new tangible property regulations that have gone into effect this year and the frustration that many business owners and CPAs have had regarding the additional work required to comply with these rules. Lohman Company worked tirelessly to bring these frustrations to the attention of legislators and demand that something be done to decrease the burden put on taxpayers and businesses.
Along with the AICPA, Lohman Company and many other CPAs wrote to our legislators and senators to bring these issues to their attention. We encouraged our business clients to do the same. Our concerns and suggestions were heard! These new changes are effective for the 2014 tax year. If you have any questions, our team is ready and able to answer them. Give us a call today to discuss how these changes can benefit you!
To read the simplified procedures, CLICK HERE.