INCOME TAX

Rev. Proc. 2015–20, page 694. Revenue Procedure 2015–20 permits small business taxpayers to make certain tangible property changes in methods of accounting with an adjustment under § 481(a) of the Internal Revenue Code that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014. In addition, for their first taxable year that begins on or after January 1, 2014, small business taxpayers are permitted to make certain tangible property changes without filing a Form 3115. This revenue procedure also requests written comments by April 21, 2015, on whether it is appropriate to increase the de minimis safe harbor limit provided in § 1.263(a)–1(f)(1)(ii)(D) of the Income Tax Regulations for a taxpayer without an applicable financial statement to an amount greater than $500, and, if so, what amount.