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New Procedures for Amending Returns to Claim PATH ACT Depreciation Changes

by Sally P. Schreiber, J.D. | Aug 29, 2016   ()

In Rev. Proc. 2016-48, the IRS issued guidance for taxpayers to take advantage of a number of tax provisions that had expired at the end of 2014 but were retroactively extended to the beginning of 2015 in December 2015. Specifically, the procedure addresses Sec. 179 expensing, bonus depreciation, and the election to take a credit against alternative minimum tax (AMT) liability in lieu of bonus depreciation for “round 5 extension property.” Read More

Source: Journal of Accountancy

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