The Tax Adviser
By Sally P. Schreiber, J.D.

The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017, it announced on Wednesday (Rev. Proc. 2019-33). This relief is being granted in response to comments received about the Sec. 168(k) proposed regulations issued in August 2018 (REG-104397-18). After the August 2018 proposed regulations were issued, some taxpayers requested relief to make late elections for property placed in service during tax years that included Sept. 28, 2017, because they had already filed their federal returns for that tax year before the proposed regulations were issued or did not have time to analyze the effect of the proposed regulations and make a timely election. Read more.