Low inventory, high profit margins, and the LIFO method of accounting have resulted in a higher taxable income for many. Why wait for the Treasury to provide relief under Section 473? Special guest and industry giant Will De Filipps, CPA, PC, suggests that a far better strategy for avoiding additional tax burden is to take advantage of a beneficial provision already in the Regulations. Adopting this strategy can be achieved without advance permission from the IRS by complying with the Regulations and filing Form 3115. But time is of the essence.
Join Terri S. Johnson and Will De Filipps, CPA, PC for a fascinating discussion of what just might be a late-breaking game changer.