During our review of a new client's prior year tax return, we discovered that our client did not take any depreciation for their 5 rental properties for 8 years. We explained to the client that not taking depreciation is an incorrect method of accounting, and that it was to their benefit to correct the depreciation. By preparing a Form 3115, Application for Change in Accounting Method, we were able to recapture $67,000 in lost depreciation over those 8 years. And because the recapture results in a 481(a) adjustment, they were also able to deduct it all in the year we filed the Form 3115, saving them a substantial amount of tax.