How Do I Adopt the Repair Regulations?

On February 13, 2015, the IRS released Revenue Procedure 2015-20, giving relief to certain small business taxpayers who face the burden of filing an Application for Change in Accounting Method Form 3115. Beginning with the tax year 2014 tax returns, qualifying small business taxpayers can adopt the new tangible property regulations for repair and maintenance costs, as well as asset dispositions. Small businesses qualifying for this new relief on repair regulations procedure must have less than…