Video instructions and help with filling out and completing Where Form 4797 Iii

Instructions and Help about Where Form 4797 Iii

Hello everyone in this is Shana your text goddess I wanted to bring you some breaking news from the IRS back in 2014 the IRS passed some previously proposed regulations that related to repair and capitalization so effectively any business whether it's a rental property that you have whether it's a small business a bigger business if you have any items of depreciable property that were put into service before the 2014 year you will be required to file what's called a Form three one one five for an accounting method change so that you are now in compliance with the new regulations so just a heads up as more news comes in we will of course let you guys know below in the blog post you will see links to a few great articles on the topic itself as well as a few of my notes please note that it will be very very difficult to file any tax returns prior to the IRS s release of the finalized form three one one five so I know there's a few of you out there that really want to get your tax returns done unfortunately we're at the mercy of the IRS and when they get their forms completed so as soon as that three one one five form is completed and it has been updated to meet with the newest regulations and codes we will be able to proceed with filing the returns in the meantime we will be working on completing the returns other than that particular form so in many cases we'll be able to get you to 95% complete and then just update that form three one one five so if anybody has any questions whatsoever please don't hesitate to call or email me and of course as you guys know email is it's the fastest way to reach me so Shana sha u na at tax goddess calm all right thanks so much have a great day