IRS Offers Bonus Depreciation Relief

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

Richard Camp, CPA, PA blogs and all other multimedia content is provided for informational and educational purposes only and should not be construed as financial tax, accounting, legal, consulting or any other type of advice regarding any specific facts and circumstances, nor should they be construed as advertisements for financial services.  Because accounting standards, tax law, and technologies are constantly changing, content in this blog could contain outdated information.

IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this website (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this website (or in any attachment).

Richard Camp, CPA, PA blogs and all other multimedia content is provided for informational and educational purposes only and should not be construed as financial tax, accounting, legal, consulting or any other type of advice regarding any specific facts and circumstances, nor should they be construed as advertisements for financial services.  Because accounting standards, tax law, and technologies are constantly changing, content in this blog could contain outdated information.

IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this website (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this website (or in any attachment).


Richard Camp, CPA, PA blogs and all other multimedia content is provided for informational and educational purposes only and should not be construed as financial tax, accounting, legal, consulting or any other type of advice regarding any specific facts and circumstances, nor should they be construed as advertisements for financial services. Because accounting standards, tax law, and technologies are constantly changing, content in this blog could contain outdated information.

IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this website (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this website (or in any attachment).