With the corporate tax filing extension behind us, many small businesses are focusing on the final quarter of the year…the last push for the finish line. Hopefully you filed your returns correctly and took into account any depreciation for assets purchased. If you did not or if you made a mistake, not to worry for the IRS has made it easier to correct these mistakes.
According to IRS Revenue Procedure 2007-16, taxpayers (and their tax advisors) can now file Form 3115, Application for Change in Accounting Method with either an original, or amended tax return for the year in question. The previous procedures required the taxpayer file an amended return. For more info visit http://www.irs.gov/irb/2007-04_IRB/ar11.html
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