New regs form 3115 ???

[ljwalters]

Does every one who owns a business or rental have to file this form.

 

I have 2 small business

one has small amount of inventory.  using value at end of year (not lifo or fifo)

This is a ceramic business and slip and small amount of paint is all that is in inventory.

 

The second is excavating business ( he digs holes for new swimming pools)

No inventory but high maintenance on dump truck this year.  have not gotten specific on what the  repairs were yet.  I am assuming as long as it isn't a new engine there will be no depreciation needed.

 

Everything else has depreciated out already.

[Lion EA]

Everyone has to look at capital assets, materials, supplies, repairs, and partial asset dispositions, over the years.  Explain the options to clients, so clients can make informed decisions about using the simplified procedure vs. Form 3115.  There are a lot of courses, webinars, and publications out there to help you with the specifics of your clients' situations.  Then, there are annual elections to make or not make, also.