The IRS has issued rules for taxpayers to follow in applying bonus depreciation regulations, including how to make several elections.
Rev. Proc. 2020-50 defines procedures that allow taxpayers to choose to apply the final regulations in prior tax years or to rely on the proposed regulations issued in September 2019.
The revenue procedure provides detailed rules for applying the final or proposed regulations as well as revoking or making late bonus depreciation elections. Learn more.