Retroactive Bonus Depreciation: Using Form 3115 to Claim Missed Benefits скачать в хорошем качестве

Retroactive Bonus Depreciation: Using Form 3115 to Claim Missed Benefits

Tax law changes can feel like a moving target, but if legislation retroactively increases Bonus Depreciation back to 100%, you have two main options to claim the additional benefit: amend your tax return or file Form 3115 to adjust your accounting method. Knowing these options ensures you can stay ahead of the game and not miss out on valuable deductions. The §481(a) adjustment, captured using Form 3115, is a powerful tool because it allows you to capture the extra depreciation in the current year without needing to amend prior returns. Engineered Tax Services (ETS) is often asked what happens if a Cost Segregation study was completed based on a lower bonus percentage (e.g., 60% in 2024) and the law changes retroactively. ETS will update your report, but typically, your CPA can make a quick adjustment directly to the tax return to reflect the higher percentage. Staying informed about potential tax law updates is key to maximizing your benefits. Claiming Retroactive Bonus Depreciation: Key Facts Options to Claim: If legislation retroactively increases Bonus Depreciation, you can either amend your tax return or file Form 3115. Form 3115 Use: Used to adjust your accounting method and capture the extra depreciation in the current year. Alternative to Amending: Filing Form 3115 is a method to claim the benefit if you prefer not to amend your return. ETS Support: If ETS completes a Cost Segregation study before a retroactive change, ETS will update your report as a service. CPA Action: A retroactive change often only requires a quick adjustment in the tax return by the CPA.