bonus depreciation

alustgarten

I have a 1120 client with a 6/30 year end. He purchased and put in service capital equipment after 1/19/2025 and is entitled to 100% bonus depreciation according to OBBB. ProSeries will not permit this input without generating an error message because the prior law did not permit 100% bonus. Does the software need to be updated and will that be accomplished before next week's filing deadline?

sjrcpa

"Does the software need to be updated" Yes

"will that be accomplished before next week's filing deadline" I wouldn't bet on it.

Is Section 179 a viable option?

How about extensions?

The more I know the more I don’t know.

Just-Lisa-Now-

If his year ends on 6/30/25, is his due date really this month?

I dont work with any fiscal year filers, but that seems really quick

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Jim-from-Ohio · Two and a half months, so yes due 09.15.25, unless extension filed on time.

Two and a half months, so yes due 09.15.25, unless extension filed on time.

Just-Lisa-Now-

So they can still file an extension and have some time for the program to be updated....those OB3 updates will take some time.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

TaxGuyBill

Personally, I would just override.

If you override, you will need to disable error-checking when you e-file.