United States
Procedural guidance provides taxpayers with an opportunity to apply bonus depreciation regulations retroactively and reconsider elections.
The IRS and Treasury released the final bonus regulations applicable to property acquired and placed in services after Sept. 27, 2017.
The ability to revoke elections and file amended returns means partnership may have more than one option to benefit from CARES Act.
Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.
Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.
Taxpayers must not overlook acquisition dates or that qualified improvement property is 39-year property and not bonus eligible.
The IRS issues Rev. Proc. 2017-33 providing additional guidance concerning section 179 and bonus depreciation issues.