Deductions & credits

We can hope, but the form is not exactly a DIY project even though the 481(a) adjustment section on the form is relatively simple. 

 

First, a copy must be included with the return and another copy must be sent separately to the IRS.

 

Also, a statement needs to be attached that includes a summary of how the adjustment was calculated.

 

Finally, there are a multitude of questions on the first three pages that are relatively obtuse and vague. 

 

The preparation of this form is best left to tax professionals.