Depreciation Correction Catch-Up Offers Significant Deductions
By Bruce Bulloch, CPA and Julie M. Hardnock, CPA In certain situations, a taxpayer may be able to file amended returns and benefit from tax recovery plus interest. Under a blanket consent provided by Rev. Proc. 96-31, 1996-20 IRB 11, taxpayers now can correct certain erroneous depreciation methods that have provided less than the allowable …