Updates
Bonus Depreciation Increased to 100%
IRS Issues Revenue Procedure 2011-14 for Change of Accounting Method
On January 10, 2011, the IRS issued revised guidance to the automatic consent procedures for specifically identified accounting method changes. Revenue Procedure 2011-14 is effective immediately and modifies and supersedes the prior guidance found in Revenue Procedure 2008-52 and Revenue Procedure 2009-39.

It makes changes to the automatic consent procedure and clarifies many previously unclear filing procedures and method changes. This could provide opportunities for taxpayers to correct improper methods or change to more favorable methods under the revised automatic procedures.
Effective dates September 9, 2010 through December 31, 2011. Qualifying property must have a recovery period of 20 years or less. Starting January 1, 2012 bonus depreciation reverts to 50%.
Cost Segregation Services
 
 Recovery
  Periods
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Domestic Production Activities Deduction is 9% for 2010 & 2011
To qualify, a business must manufacture, produce, grow or extract. Total credit cannot exceed 50% of W-2 wages. Construction, engineering, architecture, film, wine making, wholesale food preparation are a few of the qualifying activities.