Schreiber, Taxpayers may revoke or make late bonus depreciation elections (AICPA)

Schreiber outlines how the IRS recently announced their decision to allow taxpayers to alter their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017. Reportedly, this decision comes as a response to comments from taxpayers regarding the August 2018 Sec. 168(k) proposed regulations, in which they petitioned for “relief to make late elections for property placed in service during tax years that included Sept. 28, 2017, because they had already filed their federal returns for that tax year before the proposed regulations were issued or did not have time to analyze the effect of the proposed regulations and make a timely election.”

Download the full article by clicking Schreiber, Taxpayers may revoke or make late bonus depreciation elections (AICPA).

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