Filing a 3115 after 1120s

newtotax1 · ‎April 23, 2020

I have already filed my 1120-S for 2019, and I used the accrual method. I would like to amend my already filed tax return and use the cash method for the 1120-S for 2019.

Can I submit the 3115 form and change my accounting method to cash for the 2019 year if I have already submitted the 1120-S for 2019?

If I can, how would I do that?

Anonymous_ · ‎April 23, 2020

You really need to have filed that request last tax year and you really need a tax professional if you are serious about implementing this change.

A taxpayer requesting an advance consent method change must file Form 3115 with the IRS National Office no later than the last day of the tax year in which the taxpayer wishes to implement the change (Dec. 31, in the case of a calendar-year-end taxpayer).

Read the following article, for a start.

https://www.journalofaccountancy.com/issues/2019/jan/small-business-tax-accounting-methods.html

View solution in original post

Anonymous_ · ‎April 23, 2020

You really need to have filed that request last tax year and you really need a tax professional if you are serious about implementing this change.

A taxpayer requesting an advance consent method change must file Form 3115 with the IRS National Office no later than the last day of the tax year in which the taxpayer wishes to implement the change (Dec. 31, in the case of a calendar-year-end taxpayer).

Read the following article, for a start.

https://www.journalofaccountancy.com/issues/2019/jan/small-business-tax-accounting-methods.html