Your CPA is typically the one to file IRS Form 3115 (Application for Change in Accounting Method) on your behalf after a Cost Segregation study, as they are responsible for handling your tax returns and ensuring the necessary adjustment is properly aligned with your overall tax strategy. Engineered Tax Services (ETS) specializes in providing the engineering and tax data, which includes all the necessary documentation your CPA needs to accurately complete and file the form.
ETS does not typically file the form 3115 on your behalf, but its team is happy to collaborate with your CPA to answer any questions, provide additional support, and ensure that the process is as smooth as possible. Form 3115 is crucial for claiming any missed depreciation from prior years in a single adjustment on your current tax return.
Form 3115 Filing Responsibility
- ETS Role: Engineered Tax Services specializes in providing the engineering and tax data for the study, including a detailed analysis and documentation of depreciation potential.
- CPA Role (Filing Entity): Your CPA is typically the filer of Form 3115, as they handle your tax returns and ensure proper alignment with your overall tax strategy.
- Form 3115 Purpose: This form allows you to claim all missed depreciation from prior years in a single adjustment on your current tax return.
- Collaboration: While ETS does not file the form, the team is happy to collaborate with your CPA to answer questions and provide support, ensuring you maximize tax benefits without missing a beat.
