Revenue Procedure Provides Guidance on Bonus Depreciation Elections

Tuesday, August 6, 2019 - 12:00pm

The Internal Revenue Service published a revenue procedure providing guidance that allows a taxpayer to make a late bonus depreciation election or to revoke a bonus depreciation election for certain qualified property acquired after Sept. 27, 2017 and placed into service during a taxable year that includes Sept. 28, 2017. Revenue Procedure 2019-33 incorporates changes made in tax reform legislation in late 2017 and became effective July 31.