The Internal Revenue Service (hereinafter the “Service”) issued on July 15^th of 2015 their long awaited draft version of their revised Form 3115 entitled “Application for Change in Accounting Method” which incorporates revisions to the process for requesting accounting method changes (e.g., accounting method changes in complying with the Final Treasury Regulations governing Tangible Property; accounting method changes in connection to depreciation adjustments resulting from Cost Segregation Analysis; etc.). The draft version of Form 3115 can be accessed at http://www.irs.gov/pub/irs-dft/f3115–dft.pdf

Once finalized, the latest form will replace the current version, which was previously issued in 2009. The Service requests that comments on the draft Form 3115 be made on Read More