IRS created a simplified procedure for adopting the final repair regulations for the small business by issuing a new Rev Proc 2015-20 today.  The new Revenue Procedure 2015-20 allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after January 1, 2014.  Hence,  small business taxpayers can avoid completing Form 3115 and reporting this as an accounting method change if they choose to use this simplified procedure for 2014 and adopt the repair regulations on a prospective basis.