Great news for small-business owners, and accountants as well. The previously discussed repairs regulation, which would have cost small businesses time and money this tax season, has been simplified. Today, the IRS announced relief under the regulation, which allows companies with assets of $10 million or less (or annual gross receipts of $10 million or less for the prior three tax years) to utilize a safe harbor method to ensure compliance with the regulation.
Everyone can breathe a sigh of relief, things just became a little easier.
