Not Signing a Form 3115 is Considered to be a Bad Sign Annually, the IRS compiles a “Dirty Dozen” list of 12 scams and schemes that taxpayers may encounter, especially during tax filing season. Day six of the campaign will hit home with building owners and investors who use cost segregation firms. Specifically, cost segregation …
Beware of Cost Segregation Firms Who Do Not Sign 3115s Read More »
When a tax method change occurs, whether it is from cost segregation, the Tangible Property Regulations, or any other tax method changes (for which the cutoff method cannot be used), a 481a adjustment must be used. Suppose income for any taxable year is under a different method of accounting from the method used in the …
What is a Negative 481a Adjustment, and How Do I Get One? Read More »
Additional Consequences of Not Filing the Required Tangible Property Regulation 3115s Beyond the disregarded TPR method filing consequences, the client will miss out on the following optional TPR opportunities: The ability to deduct the net remaining tax basis of either prior partial asset or whole asset dispositions under a 196 and/or a 205/206 method filings. …
