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Small Businesses Receive Form 3115 Relief under Tangible Property Regulations

Windham Brannon

With the release of Revenue Procedure 2015-20 on Friday, February 13, the IRS has made it easier for small businesses to comply with the complex tangible property (repair) regulations. The new Revenue Procedure follows voluminous requests by small businesses and the professional tax community for relief from the burdens and costs of delving into past transactions and filing additional forms imposed by the tangible property regulations.