Main Street Practitioner Blog

The Internal Revenue Service (IRS) today issued Revenue Procedure 2015-48, which provides guidance on last year's extension of the placed-in service date for property qualifying for the 50-percent additional first year depreciation deduction. The guidance also instructs on the extended application of Internal Revenue Code section 179(f).

These and extensions of numerous other temporary tax provisions were enacted late last year by the Tax Increase Prevention Act of 2014 (P.L. 113-295).

Another round of temporary tax extensions appears likely to be enacted later this year, even as the House Ways and Means Committee considers making some of these provisions permanent. A markup is planned in the Ways and Means Committee this week to make permanent several temporary tax provisions, including: bonus depreciation; the subpart F exemption for active financing income; CFC look-through rules; and the 15-year recovery period for qualified leasehold improvement property, restaurant property, and retail improvement property. This markup is scheduled for September 17, 2015.