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IRS Provides Repair Relief for Small Businesses

June 20, 2018

Last week, the U.S. Internal Revenue Service (IRS) released Rev. Proc. 2015-20 (PDF), which allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014.

The simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less.

The IRS is also waiving the requirement to complete and file IRS Form 3115 for small business taxpayers that choose to use the simplified procedure.

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