Form 3115 Line-by-Line
If you have clients who need to adjust incorrect or missed depreciation, they may need to file Form 3115, Application for Change in Accounting Method. In this webinar, you will learn when to file Form 3115 and how to complete it.
Did you know that amending a tax return may not be the correct way to adjust for incorrect or missed depreciation? Usually Form 3115 needs to be completed, and this can be a daunting process. There are over 150 automatic and nonautomatic accounting method changes that are reported on this form. Learn when Form 3115 is needed in lieu of amending a tax return and receive line-by-line instructions from completing it for missed or incorrect depreciation and for changing from cash to accrual.
Upon completion of this course, you will be able to:
- Evaluate when a taxpayer should file Form 3115.
- Distinguish between automatic and nonautomatic accounting method changes.
- Identify the most common reasons to file Form 3115.
- Describe the function of each schedule attached to Form 3115.
- Correctly complete Form 3115 for a taxpayer correcting depreciation calculations.
- Correctly complete Form 3115 for a taxpayer changing accounting methods.
This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Q&A transcript. CPE is issued after exam is successfully completed.
Cheryl Morse, EA