The article reports on the guidance issued by the U S Internal Revenue Service (IRS) for late election of qualified improvement property (QIP) depreciation Also cited are the amendments included in the Coronavirus Aid, Relief and Economic Security (CARES) Act to fix the glitch in the Tax Cuts and Jobs Act (TCJA) of 2017 regarding the bonus depreciation for QIPs, and other topics like qualified leasehold improvement property and qualified restaurant property
Qualified Improvement Property