IRS Provides Guidance on Bonus Depreciation Elections

 – April 17, 2020
IRS Provides Guidance on Bonus Depreciation Elections

A new IRS Revenue Procedure provides guidance allowing a taxpayer to change its depreciation under section 168 for certain qualified improvement property. This revenue procedure also allows a taxpayer to make a late election, or to revoke or withdraw an election, under § 168(g)(7), (k)(5), (k)(7) or (k)(10) of the Code for certain years.

View Revenue Procedure 2020-25