Federal Tax

This message has been cross posted to the following Discussions: TAX COMMITTEE and Federal Tax .
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There seems to be a significant discrepancy surrounding the new Capitalization regulations.  Specifically, the confusion lies with the filing of Form 3115 for the change in accounting method.  Many organizations, including the AICPA, Intuit, etc. have told practitioners to include this form when filing their return or amending returns.

Based on my conversations with the IRS and meetings that I have attended with the NPL, I have received a definitive YOU DO NOT HAVE TO FILE FORM 3115.

During our recent quarterly NCCPAP conference, my Tax Committee presentation included a discussion on the new regulations and this form.  A representative of the AICPA was in attendance for our Issues Committee and had contacted the head of the AICPA Tax.  He was told that my facts were correct.

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Stephen Mankowski, CPA
EP CAINE & ASSOCIATES, CPA LLC
Bryn Mawr PA
215-674-5652
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Stephen,
Any idea if there will be anything in writing confirming this?  Is this saying that no 3115 forms will be required with regard to the Tangible property regulations?

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Patricia Giunta
J.T. SHULMAN & COMPANY,PC CPAs
Carle Place NY
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Original Message:
Sent: 01-12-2015 10:49
From: Stephen Mankowski
Subject: Repair & Capitalization Regulations

This message has been cross posted to the following Discussions: TAX COMMITTEE and Federal Tax .
-------------------------------------------
There seems to be a significant discrepancy surrounding the new Capitalization regulations.  Specifically, the confusion lies with the filing of Form 3115 for the change in accounting method.  Many organizations, including the AICPA, Intuit, etc. have told practitioners to include this form when filing their return or amending returns.

Based on my conversations with the IRS and meetings that I have attended with the NPL, I have received a definitive YOU DO NOT HAVE TO FILE FORM 3115.

During our recent quarterly NCCPAP conference, my Tax Committee presentation included a discussion on the new regulations and this form.  A representative of the AICPA was in attendance for our Issues Committee and had contacted the head of the AICPA Tax.  He was told that my facts were correct.

-------------------------------------------
Stephen Mankowski, CPA
EP CAINE & ASSOCIATES, CPA LLC
Bryn Mawr PA
215-674-5652
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Patricia, while nothing formal exists, my source if the Asst. Chief Counsel of the IRS plus other high ranking members of the IRS.

what my post is telling you is that in complying with the change in regulations, you do not file form 3115 to notify the IRS that you are making a change.

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Stephen Mankowski BS
EP CAINE & ASSOCIATES, CPA LLC
Bryn Mawr PA
215-674-5652
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Original Message:
Sent: 01-14-2015 12:30
From: Patricia Giunta
Subject: Repair & Capitalization Regulations

Stephen,
Any idea if there will be anything in writing confirming this?  Is this saying that no 3115 forms will be required with regard to the Tangible property regulations?

-------------------------------------------
Patricia Giunta
J.T. SHULMAN & COMPANY,PC CPAs
Carle Place NY
-------------------------------------------


Original Message:
Sent: 01-12-2015 10:49
From: Stephen Mankowski
Subject: Repair & Capitalization Regulations

This message has been cross posted to the following Discussions: TAX COMMITTEE and Federal Tax .
-------------------------------------------
There seems to be a significant discrepancy surrounding the new Capitalization regulations.  Specifically, the confusion lies with the filing of Form 3115 for the change in accounting method.  Many organizations, including the AICPA, Intuit, etc. have told practitioners to include this form when filing their return or amending returns.

Based on my conversations with the IRS and meetings that I have attended with the NPL, I have received a definitive YOU DO NOT HAVE TO FILE FORM 3115.

During our recent quarterly NCCPAP conference, my Tax Committee presentation included a discussion on the new regulations and this form.  A representative of the AICPA was in attendance for our Issues Committee and had contacted the head of the AICPA Tax.  He was told that my facts were correct.

-------------------------------------------
Stephen Mankowski, CPA
EP CAINE & ASSOCIATES, CPA LLC
Bryn Mawr PA
215-674-5652
-------------------------------------------