Tax Facts

IRS Releases Updated Guidance on Electing or Revoking Bonus Depreciation, Aug. 22, 2019

The IRS has released guidance permitting taxpayers to revoke an election, or make a late election, for bonus depreciation with respect to certain property acquired by the taxpayer after September 27, 2017 and placed into service (or planted) during the tax year that included September 28, 2017. For more information on tax reform's impact on the bonus depreciation rules, visit Tax Facts Online.


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