2019 – 08/01
The IRS just released guidance that allows a taxpayer to make or revoke bonus depreciation elections that were potentially affected by tax law changes. The Tax Cuts and Jobs Act made several changes to bonus depreciation. The new guidance applies to property acquired after Sept. 27, 2017, and placed in service during its tax year that includes Sept. 28, 2017. Rev. Procedure 2019-33 provides that, if a taxpayer didn’t make an election, but timely filed a federal tax return, the taxpayer can make late elections by filing an amended return or Form 3115 for a limited period of time. A taxpayer can also revoke elections by taking the same steps. Contact us for more information.