I use a regular Excel spreadsheet for our rental property expenses. Is it IRS' requirement to switch to quickbooks now?
No. The IRS cannot dictate what software you use. You can chisel your expenses in stone if you want. You can use whatever you want so long as you have receipts to back it up in the event of an audit. Keep everything for 7 years.
QuickBooks is much easier then "Chiseling it in stone" :)
If you had been using QuickBooks your tax preparations would have been done on January 1, 2016. You would just need to wait for the written documents from others to arrive in the mail so you could actually file your taxes.
You are right - IRS does not require any business to use QuickBooks or any software to that matter. You can use paper and pencil. What they require is for you to produce document for your transactions as and when requested.
Now if you use QuickBooks - IRS can demand you to share your QuickBooks file.
Here is an old article http://www.journalofaccountancy.com/issues/2012/ja...
Zap Your Profits.