PICPA members discuss recent issues at Greater Philadelphia’s Q&A with the IRS.
Over the past few weeks, PICPA members have expressed serious concerns over meeting reporting requirements related to tangible property regulations and the required Form 3115 submission for the tax year ended Dec. 31, 2014. On Friday, Feb. 13, IRS announced that they are giving some relief to practitioners.
The PICPA has been working with Pennsylvania legislators and the IRS to create awareness of the issues related to the new regulations. Many PICPA members have volunteered their time and efforts in this area; most notably PICPA past presidents Cheri H. Freeh, CPA, and Eric P. Wallace, CPA. As highlighted in an article from 2014, Cheri is actively representing the profession on the IRS Advisory Council (IRSAC). Twenty members from across the country serve on this advisory body. Eric has devoted a significant amount of time and energy to creating resources for other CPAs to understand and implement the new regulations.
While many firms have addressed already-filed 3115s for their clients, other practitioners are still trying to gain a better understanding of the issue. At a recent Greater Philadelphia Chapter Q&A with the IRS, IRS Senior Stakeholder Liaison Richard Furlong heard feedback from practitioners at various stage of implementation. (PICPA member Karen Facer-Mee, CPA, put in a tremendous amount of effort to pull this program together. Thank you, Karen!) Rich did note that the IRS expects 20 million 3115s to be filed this year, which is no small matter for the IRS.
Just this past week, AICPA issued a Special News Update e-mail on the topic.
For those still navigating this complex issue, the PICPA has compiled the following resources to help:
The PICPA will continue to work with its members to provide up-to-date information on this topic as it becomes available. If you have any recommendations or suggestions as to how PICPA can assist you with this topic, please do not hesitate to contact us.