TaxGuyBill
Level 15

@AndyReynolds wrote:

but don't you need IRS approval before filing for a change in method? I'll need to look at the tax implications of my actual situation...

So what I am gathering, is that Pro Series Tax is essentially having a tax preparer comply with proper tax code approaches, rather than you be allowed  any exception to an outdated but used method of calculating and tax reporting within the software...


No, this change on Form 3115 is an "automatic" change that does not require approval.  But as you pointed out, if the effects are minimal, the 'side stepped' version of just doing it correctly now could be a consideration.

Yes, unless you use manual entry or overrides, ProSeries won't let you use a non-allowable method.

 

0 Cheers