Revenue Procedure 2015-20 has been released.
Revenue Procedure 2015-20, which permits small business taxpayers to make certain tangible property changes in methods of accounting with a § 481(a) adjustment that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014. In addition, for their first taxable year that begins on or after January 1, 2014, small business taxpayers are permitted to make certain tangible property changes without filing a Form 3115. The revenue procedure also requests comments on whether it is appropriate to increase the de minimis safe harbor limit provided in § 1.263(a)-1(f)(1)(ii)(D) for a taxpayer without an applicable financial statement (AFS) to an amount greater than $500, and, if so, what amount should be used and the justification for considering that amount appropriate.
Revenue Procedure 2015-20 will be in IRB 2015-09, dated Mar. 2, 2015.