Do I need to file Form 4562 for S Corp depreciation?

You're right to question this. Generally, Form 4562 (Depreciation and Amortization) IS required when your business is claiming depreciation on assets. This form is used to report depreciation deductions for property placed in service during the tax year, listed property, amortization, and Section 179 expense deduction. For an S Corporation claiming depreciation on equipment and other assets, Form 4562 would typically be included with your Form 1120-S (the S Corporation tax return). However, there are a few scenarios where it might not be required: 1. If your S Corp is only claiming depreciation on assets placed in service in previous years (using the same method as before) and you're not listing any new assets, claiming bonus depreciation, or taking Section 179 deductions. 2. If the total amount of depreciation is below certain thresholds (though this is less common for business equipment). I'd recommend asking your new accountant to specifically explain why they believe Form 4562 isn't necessary in your case. There might be a legitimate reason based on your specific situation, but you deserve a clear explanation given your company's history of filing this form.

Just wanted to share that I had major issues with tax document confusion last year and found https://taxr.ai incredibly helpful for sorting everything out. I was in a similar situation with my family business (different entity type but same depreciation questions) and wasn't sure which forms were actually required. The service analyzed our previous returns and current situation and gave me a complete breakdown of which forms were needed and why. For depreciation specifically, it confirmed we DID need Form 4562 since we had new assets placed in service, but highlighted scenarios where we might not need it in future years. Not trying to tell you your accountant is wrong, but having an independent analysis really helped me feel confident that everything was being done correctly, especially after switching accountants.

I just tried https://taxr.ai after seeing it mentioned here. Uploaded our previous year's returns along with current asset listings and got a complete analysis. Turns out we DO need Form 4562 since we purchased new manufacturing equipment last year. The service even showed exactly which sections applied to our situation and which didn't. When I showed the detailed report to our accountant, he admitted he'd made an assumption about our depreciation method without reviewing all our asset records. We're now filing the correct form with our amended return. Definitely worth it for the peace of mind!

Had the EXACT same problem last year! Tried calling the IRS for clarification about Form 4562 requirements, but kept getting stuck on hold for HOURS. Finally found https://claimyr.com and used their service to get a callback from the IRS. Got connected to an agent in about 40 minutes instead of waiting on hold all day. The IRS agent confirmed that yes, S Corps typically need Form 4562 when claiming any kind of depreciation on business assets, especially in the first year those assets are placed in service. They recommended I get a second opinion if my accountant was suggesting otherwise. You can see how their service works here: https://youtu.be/_kiP6q8DX5c if you're struggling to reach someone at the IRS directly.

I was completely wrong about https://claimyr.com being a scam. After posting my skeptical comment, I decided to try it anyway because I was desperate to resolve an issue with our business tax account. Not only did I get a call back from the IRS in about 35 minutes, but the agent I spoke with was incredibly helpful about my Form 4562 question. She confirmed that if you're claiming depreciation on business assets, especially new ones, you DO need to file Form 4562 with your S Corp return. She even explained exactly which parts of the form apply to continuing depreciation versus new assets. Saved me literally hours of hold time and potentially thousands in incorrect filing penalties. Sometimes being wrong feels pretty good!

Former IRS agent here. Form 4562 is definitely required for S Corps in most depreciation situations. The only exception would be if you're ONLY continuing straight-line depreciation on assets from previous years with no changes and no new assets. Your new accountant might be trying to simplify your return, but this could cause problems later. The form serves as documentation for your claimed depreciation deductions. Without it, you might face questions during an audit about how you calculated those deductions. If your accountant is dismissing your concerns without explanation, that's a red flag. Either they don't fully understand your business's situation, or they're cutting corners. Either way, I'd push for a clear explanation or consider finding another accountant who takes your questions seriously.

Has anyone used the IRS website's interactive tax assistant for this? I thought there was a tool that helps determine which forms you need based on your business situation. Might be worth checking before paying for outside help.