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Generating Form 3115 in Lacerte

by Intuit•2• Updated 1 year ago

For tax years beginning on or after January 1, 2014, taxpayers must comply with the finalized guidance in Rev. Proc. 2014-16. The Form 3115 form and instructions haven't changed, but the number of taxpayers, corporations, and entities filing Form 3115 will increase per these regulations.

Review the Rev. Proc. 2014.16 for guidance on what portions of Form 3115 you should complete, and then use this article to help you generate Form 3115 in Lacerte.

If you need to create multiple Form 3115s with the same information you can create the first Form 3115 and use the copy property (Ctrl+C) or paste property (Ctrl+V) to quickly create multiple Form 3115. Refer to this article for more information about keyboard shortcuts in Lacerte.

Follow these steps to generate Form 3115 in the program:

  1. Go to the Change in Accounting Method (3115) screen:
    • Individual - Screen 66
    • Partnership - Screen 47
    • Corporate - Screen 61
    • S Corporate - Screen 55
    • Fiduciary - Screen 65
  2. Check the box labeled Print this Form 3115.
  3. Under the Tax Year of Change subsection, enter the Beginning date (code 1) and Ending date (code 2).
  4. Under the Contact Person subsection, enter the Name of person to contact (code 4) and the contact person's Telephone number (code 5).
  5. Under the Type of Filer subsection, select the Type of filer (Ctrl+T) (code 7) from the dropdown menu.
    • Exempt Organizations should enter the Code section (exempt organizations only) (code 8).
  6. Under the Type of Accounting Method Change Requested subsection, enter a 1, 2, or 3 in 1= depreciation or amortization, 2= financial products and/or financial activities of financial institution, 3= other (code 10).
  7. Enter the Name and title of filer (code 302).
  8. Complete all other applicable information within the Change in Accounting Method (3115) section.

How to generate specific parts of Form 3115

You can generate other parts of Form 3115 on Changes in Accounting Method (3115) screen.

You can press F1 on your keyboard while your cursor is in an input field to to review specific input details, codes, and other helpful information.

  1. Scroll down to the Information for Automatic Change Request (Part I) section.
  2. Complete all applicable fields in the Question #1 subsection through the Question #3 subsection.
  1. Scroll down to the Information For All Requests (Part II) section.
  2. Complete all applicable fields in the Question #4 subsection through the Question #18 subsection.
  3. Complete Question #19 located within its own section Information For All Requests (Part II) - Question #19, if applicable.
  1. Scroll down to the Information For Non-Automatic Change Request (Part III) section.
  2. Complete all applicable fields in the Question #20 subsection through the Question #24 subsection, if applicable.
  1. Scroll down to the Section 481(a) Adjustment (Part IV) section.
  2. Complete all applicable fields in the Question #25 subsection through the Question #28 subsection, if applicable.
  1. Scroll down to the Change in Overall Method of Accounting (Schedule A, Part I) section.
  2. Complete all applicable fields.
  3. Scroll up to the Information For All Requests (Part II) section.
  4. Make you've selected an answer in the Question #13 subsection.
  1. Scroll down to the Change to the Cash Method for Non-Automatic Change Request (Schedule A, Part II) section.
  2. Complete all applicable fields.
  1. Scroll down to the Change in Reporting Advance Payments (Schedule B) section.
  2. Complete all applicable fields.
  1. Scroll down to the General LIFO Information (Schedule C, Part I) section.
  2. Complete all applicable fields.
  1. Scroll down to the Change in Pooling Inventories (Schedule C, Part II) section.
  2. Complete all applicable fields.
  1. Scroll down to the Change in Reporting Income from Long-term Contracts (Schedule D, Part I) section.
  2. Complete all applicable fields.
  1. Scroll down to the Change in Valuing Inventories (Schedule D, Part II) section.
  2. Complete all applicable fields.
  1. Scroll down to the Allocation and Capitalization Method (Schedule D, Part III, Section A) section.
  2. Complete all applicable fields.
  1. Scroll down to the Direct and Indirect Costs Required to be Allocated (Schedule D, Part III, Section B) section.
  2. Complete all applicable fields.
  1. Scroll down to the Other Costs Required to be Allocated (Schedule D, Part III, Section C) section.
  2. Complete all applicable fields.
  1. From the top left navigation menu, select Change in Depreciation or Amortization.
    • This will take you to Screen 66.2, Change in Depreciation or Amort (3115).
  2. Enter the Number of Form 3115 to which item or class of property relates (defaults to 1) (code 1).
  3. Complete any other applicable fields on this screen.
  4. Click Add from the bottom left navigation panel to add additional items.
Lacerte Tax 2023

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