Revenue Procedure 2022-23 provides guidance allowing a taxpayer to make late elections under §§ 168(j)(8) and 168(l)(3)(D) of the Internal Revenue Code for the taxpayer’s taxable year ending in 2018 or in 2019 for certain property placed in service by the taxpayer after December 31, 2017. This revenue procedure also provides guidance allowing a taxpayer to make a late election under § 181(a)(1) of the Code for the taxpayer’s taxable year ending in 2018 or in 2019 for certain film, television, or live theatrical productions commenced by the taxpayer after December 31, 2017.

Revenue Procedure 2022-23 will be published in Internal Revenue Bulletin 2022-18 on May 2, 2022.