{"id":2132,"date":"2015-09-04T13:00:15","date_gmt":"2015-09-04T18:00:15","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=2132"},"modified":"2016-07-28T14:33:30","modified_gmt":"2016-07-28T19:33:30","slug":"2014-filing-requirements-tangible-property-regulationschange-in-accounting-method","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/2014-filing-requirements-tangible-property-regulationschange-in-accounting-method\/","title":{"rendered":"2014 Filing Requirements &#8211; Tangible Property Regulations\/Change in Accounting Method"},"content":{"rendered":"<p><span style=\"font-weight:400;\">Are you up to speed on filing requirements for tax year 2014 as they relate to tangible property regulations and the change in accounting method for Form 3115?<\/span><\/p>\n<p><span style=\"font-weight:400;\">Here is some vital information you need to know.<\/span><\/p>\n<p><b>Tangible Property Regulations<\/b><\/p>\n<p><span style=\"font-weight:400;\">The IRS has issued regulations covering the tax treatment of amounts paid to acquire, produce or improve tangible property, as well as what amounts can be deducted versus capitalized. These recently released final regulations confirm many provisions from the temporary regulations that were issued in 2011. The final regulations also refine and simplify the temporary regulations, while also adding new, safe harbor provisions. The regulations must be applied for tax years beginning after Dec. 31, 2013 (calendar or fiscal year). The following is a summary of these complex regulations:<\/span><\/p>\n<ul>\n<li style=\"font-weight:400;\"><b>Capitalize or deduct:<\/b><span style=\"font-weight:400;\"> Amounts paid to improve a unit of property must be capitalized, while repairs and maintenance can be deducted.<\/span><\/li>\n<li style=\"font-weight:400;\"><b>Unit of property (UOP):<\/b><span style=\"font-weight:400;\"> The smaller the UOP, the more likely you need to capitalize it.<\/span><\/li>\n<li style=\"font-weight:400;\"><b>Property other than buildings:<\/b><span style=\"font-weight:400;\"> A single UOP consists of all components that are functionally interdependent.<\/span><\/li>\n<li style=\"font-weight:400;\"><b>Buildings:<\/b><span style=\"font-weight:400;\"> Each building and its structural components are treated as one UOP.<\/span><\/li>\n<li style=\"font-weight:400;\"><b>Deducting materials and supplies:<\/b><span style=\"font-weight:400;\"> You can deduct amounts paid to produce and acquire materials and supplies that are consumed during the year. You can also deduct UOPs that cost less than $200 (up from $100).<\/span><\/li>\n<li style=\"font-weight:400;\"><b>De minimis safe harbor:<\/b><span style=\"font-weight:400;\"> You can deduct certain amounts that are expensed for financial accounting purposes. Businesses with applicable financial statements (AFS) can rely on the safe harbor, if no more than $5,000 per invoice was paid for the property ($500 for businesses without an AFS). To use the safe harbor, a business must have accounting procedures in place at the beginning of the year.<\/span><\/li>\n<li style=\"font-weight:400;\"><b>Routine maintenance safe harbor:<\/b><span style=\"font-weight:400;\"> Certain expenses of routine maintenance can be deducted rather than capitalized.<\/span><\/li>\n<li style=\"font-weight:400;\"><b>Per building safe harbor for qualifying small taxpayers:<\/b><span style=\"font-weight:400;\"> Taxpayers with average annual gross receipts of $10 million or less in the three preceding years can deduct improvements made to a building with an unadjusted basis of $1 million or less.<\/span><\/li>\n<\/ul>\n<p><b>Change in Accounting Method (Form 3115)<\/b><\/p>\n<p><span style=\"font-weight:400;\">In order to conform to the regulations, a taxpayer needs to change the accounting method and generate an accounting adjustment, which means most business taxpayers will need to include Form 3115 with the 2014 tax return.<\/span><\/p>\n<p><span style=\"font-weight:400;\">The IRS has provided a temporary workaround that enables filers of business tax returns (partnerships, corporations and S corporations) to make multiple automatic accounting changes on a single Form 3115. The return can still be electronically filed without attaching a PDF file. For individual tax returns, a PDF file still needs to be attached.<\/span><\/p>\n<p><b>Election Statements<\/b><\/p>\n<p><span style=\"font-weight:400;\">Each of our professional tax products (Lacerte\u00ae, ProSeries\u00ae and Intuit\u00ae Tax Online) includes and generates the following related election statements:<\/span><\/p>\n<ul>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">De minimis safe harbor (section 1.263(a)-1(f))<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Safe harbor for small taxpayers (1.263(a)-3(h))<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Capitalize repair and maintenance costs (1.263(a)-3(n))<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight:400;\">For more information about how to file 3115, see <\/span><a href=\"http:\/\/accountants.intuit.com\/support\/tax\/lacerte\/document.jsp?product=lacerte&amp;id=INF27658\" data-wa-link=\"body_Supp-lc-27658\"><span style=\"font-weight:400;\">Form 3115 and Regulation Change FAQs<\/span><\/a><span style=\"font-weight:400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you up to speed on filing requirements for tax year 2014 as they relate to tangible property regulations and the change in accounting method for Form 3115? Here is some vital information you need to know. Tangible Property Regulations The IRS has issued regulations covering the tax treatment of amounts paid to acquire, produce<\/p>\n","protected":false},"author":107082828,"featured_media":2135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[509474089],"tags":[],"intuit_collection":[],"intuit_series":[],"coauthors":[509474105],"class_list":["post-2132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>2014 Tangible Property Regulations<\/title>\n<meta name=\"description\" content=\"Understand the 2014 filing requirements under the tangible property regulations, including Form 3115 accounting method changes for tax year 2014 compliance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/2014-filing-requirements-tangible-property-regulationschange-in-accounting-method\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2014 Filing Requirements - Tangible Property Regulations\/Change in Accounting Method - Tax Pro Center | Intuit\" \/>\n<meta property=\"og:description\" content=\"Understand the 2014 filing requirements under the tangible property regulations, including Form 3115 accounting method changes for tax year 2014 compliance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/2014-filing-requirements-tangible-property-regulationschange-in-accounting-method\/\" \/>\n<meta property=\"og:site_name\" content=\"Tax Pro Center | Intuit\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/IntuitAccountants\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-04T18:00:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-07-28T19:33:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2015\/09\/2014_01-e1508456052479.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"393\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike D&#039;Avolio, CPA, JD\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@IntuitAccts\" \/>\n<meta name=\"twitter:site\" content=\"@IntuitAccts\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike D&#039;Avolio, CPA, JD\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/tax-law-and-news\\\/2014-filing-requirements-tangible-property-regulationschange-in-accounting-method\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/tax-law-and-news\\\/2014-filing-requirements-tangible-property-regulationschange-in-accounting-method\\\/\"},\"author\":{\"name\":\"Mike D'Avolio, CPA, JD\",\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#\\\/schema\\\/person\\\/b0227975128a9f59785bcf23298e81e0\"},\"headline\":\"2014 Filing Requirements &#8211; 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