New "Extra" form for depreciation

[Naveen Mohan from New York]

I seem to remember that this year an extra form needs to be created ( I do not remember the form number) for Depreciation even for assets that were installed prior to 2014.

 

I just did a Sub S corporation tax return where all assets were installed in 2013. ATX did not create anything extra. I tried same thing in a different software still nothing extra was created.

 

Am I misremembering things?

 

thanks

 

Naveen Mohan

 

   

[NECPA in NEBRASKA]

Naveen, the 3115 will not be created automatically, if needed. This is a very complex form and needs a lot of studying. I have taken several classes on it and have determined that I am an idiot. I keep reading posts on various blogs, forums and emails and there are lots of different opinions on the 3115. I just sat through a webinar from my CNA liability insurance and their suggestion is to put most of your business returns that are affected on extension so that we can prepare the returns correctly. The IRS has not been very helpful yet and the ramifications of not filing the form(s) correctly or timely are very serious. 

 

My suggestion is look for webinars right away and start studying. I'm sorry, but for small preparers, this is terrible news. One of the webinars suggested farming out the work if we don't feel comfortable preparing it. That's not a very affordable option for me.