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| For what it's worth I will explain what the CPA office I work for is doing about the regs.
In short, nothing.
They are not filing any 3115 forms nor taking any of the small business elections. They said CPAs were telling the IRS that they would not file 3115s and that is why the IRS came out with the guidance that said they were not necessary.
As for the elections, they are not mandatory and they are self-conflicting. They are not taking any elections until the IRS issues clearer guidance. | |
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Update on IRS Tangable Property Regulations
