The Internal Revenue Service is offering what will likely be a once-in-a-lifetime chance for businesses to clean up any depreciation errors in their books for an unlimited number of past years.
It is related to changes in the rules regarding tangible property, which is a physical item that has direct value, as opposed to property that has non-physical value such as promissory notes, patents and copyrights. The potential tax savings related to this could be huge.
Jodi Robinson, director and tax…
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