IRS Allows Election Relief for Bonus Depreciation
Posted on Aug 1, 2019 in Uncategorized
On July 31, 2019, the IRS issued Rev. Proc. 2019-33, which allows taxpayers to change their elections regarding bonus depreciation for property acquired after September 27, 2017 and placed in service during the taxpayer’s 2016 or 2017 taxable year. Under the revenue procedure, a taxpayer may make late elections to use bonus depreciation on such property or revoke its election to use bonus depreciation. These changes use the automatic consent procedures of Rev. Proc. 2018-31 and are generally made by filing an amended return or a Form 3115.
Read More: Rev. Proc. 2019-33