April 19, 2022
New IRS revenue procedure allows certain late accelerated cost recovery system elections
The IRS has issued guidance (Revenue Procedure 2022-23) allowing a taxpayer to make late elections under IRC Sections 168(j)(8) and 168(l)(3)(D) for the taxpayer's tax year ending in 2018 or 2019 for certain property the taxpayer placed in service after December 31, 2017. The guidance also allows a late election under IRC Section 181(a)(1) for the taxpayer's tax year ending in 2018 or 2019 for certain film, television or live theatrical productions that the taxpayer commenced after December 31, 2017. A Tax Alert is forthcoming.