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Fix depreciation errors quickly

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in Small Business Tax

A new IRS ruling makes it easier for business taxpayers to correct a depreciation mistake. (IRS revenue procedure 2007-16) You now can file Form 3115, Application for Change in Accounting Method, with either an original or amended tax return for the year you make the change. Previously, the IRS required you to file an amended return. The new ruling includes various other amplifications relating to changes in accounting methods.

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