The IRS has released guidance regarding additional first-year depreciation deductions for certain depreciable property a taxpayer acquired and placed in service after Sept. 27, 2017, and before the taxpayer’s first tax year that begins on or after Jan. 1, 2021. In a nutshell, Revenue Procedure 2020-50 allows taxpayers to make a late election or to revoke an election for the tax year ending on or after Sept. 28, 2017. Click here for additional information. Reach out to the Cg Team with questions. © 2020
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