Nevada CPA

IRS Resources

Treasury issues guidance on bonus depreciation elections

August 2, 2019

Treasury will be publishing Revenue Procedure 2019-33 in IRB 2019-34 on August 29, 2019 which will provide guidance for making or revoking the bonus depreciation elections.

Revenue Procedure 2019-33 allows a taxpayer to make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after September 27, 2017, and placed in service by the taxpayer during its taxable year that includes September 28, 2017. 

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