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Under the Tax Cut and Jobs Act, bonus depreciation was increased from 50 to 100 percent for property acquired after September 27, 2017. Unfortunately, the IRS did not provide explanation until August 2018 in REG-104397-18. At this point, many tax payers had already filed, and practitioners did not have enough time to thoroughly analyze the regulations. Therefore, the IRS is offering relief through Rev. Proc. 2019.33. So tax payers do not have to file amended returns, the IRS is offering tax payers to revoke or make late elections pertaining to the bonus depreciation change.
If you have any questions on how this may affect you, please call us at 904-281-9924!
Last Updated by Admin on 2019-08-14 02:13:40 PM