For tax years beginning on or after January 1, 2014, taxpayers must comply with the finalized guidance in Rev. Proc. 2014-16. The Form 3115 form and instructions haven't changed, but the number of taxpayers, corporations, and entities filing Form 3115 will increase per these regulations.
Review the Rev. Proc. 2014.16 for guidance on what portions of Form 3115 you should complete, and then use this article to help you generate Form 3115 in Lacerte.
If you need to create multiple Form 3115s with the same information you can create the first Form 3115 and use the copy property (Ctrl+C) or paste property (Ctrl+V) to quickly create multiple Form 3115. Refer to this article for more information about keyboard shortcuts in Lacerte.
Follow these steps to generate Form 3115 in the program:
- Go to the Change in Accounting Method (3115) screen:
- Individual - Screen 66
- Partnership - Screen 47
- Corporate - Screen 61
- S Corporate - Screen 55
- Fiduciary - Screen 65
- Check the box labeled Print this Form 3115.
- Under the Tax Year of Change subsection, enter the Beginning date (code 1) and Ending date (code 2).
- Under the Contact Person subsection, enter the Name of person to contact (code 4) and the contact person's Telephone number (code 5).
- Under the Type of Filer subsection, select the Type of filer (Ctrl+T) (code 7) from the dropdown menu.
- Exempt Organizations should enter the Code section (exempt organizations only) (code 8).
- Under the Type of Accounting Method Change Requested subsection, enter a 1, 2, or 3 in 1= depreciation or amortization, 2= financial products and/or financial activities of financial institution, 3= other (code 10).
- Enter the Name and title of filer (code 302).
- Complete all other applicable information within the Change in Accounting Method (3115) section.
How to generate specific parts of Form 3115
You can generate other parts of Form 3115 on Changes in Accounting Method (3115) screen.
You can press F1 on your keyboard while your cursor is in an input field to to review specific input details, codes, and other helpful information.