Handling Last-Minute Changes for Clients: It Is Who We Are...It Is What We Do...

by Ruth Ann Michnay, CPA, MBT, EA, USTCP | Jul 02, 2015   ()

Form 3115, Application for Change in Accounting Method, likely provided the most headaches for practitioners this tax season. Now that the rush of tax season is over, it is time for a postmortem on this critical issue.

This column addresses the concerns of small CPA firms dealing with a business client base with assets of less than $10 million and the final regulations on tangible property or the "repair regulations." Most small firms deal with businesses that have annual revenue under $5 million—the "mom and pop" shops striving for $1 million of gross receipts.

This tax season was frustrating for small CPA firms. The firms were following the rules from the IRS, and then the IRS changed the game in mid-February.

Source: The Tax Adviser
Source: The Tax Adviser

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