If you failed to calculate the depreciation when you should have, you can file amended tax returns for mistakes going back up to three years. For older errorsI, you’ll need to completeIRS Form 3115, or the Application for Change in Accounting Method. In any event, the rules governing dep...
According to the IRS, you generally cannot use cash accounting if you produce, purchase, or sell merchandise and rely on inventory. However, there is an exception. If you are a small business taxpayer, you can choose not to keep an inventory if you have average annual gross receipts of $2...
(s) should have been claiming since the date the property was placed in service WITHOUT AMENDING PRIOR TAX RETURNS. All of the depreciation we find as a result of our detailed engineering-based CS report is caught up in the year you make the election. Your CPA completes IRS Form 3115 ...