IRS issues transition rules for new Form 3115

Tax Hot Topics: Form 3115 transition rulesThe IRS has issued transition rules for replacing the old version of Form 3115, Application for Change in Accounting Method (with instructions) with a new version of the form that was released in December 2015.

All Forms 3115 filed after April 19, 2016, must use the new version (December 2015 Form 3115). Taxpayers filing applications on or before April 19 may still use the old version of the form (December 2009 Form 3115) as long as the new version isn’t specifically required to be used under IRS guidance published in the Internal Revenue Bulletin.

Regardless of the form used, taxpayers must provide all the information required by Rev. Proc. 2015-13 (or Rev. Proc. 2011-14 if the taxpayer is making a change under the transition rule in Section 15.02(1)(a)(ii) of Rev. Proc. 2015-13).

Tax professional standards statement
This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.