No Penalty for Missed Section 179 Elections

The IRS had always claimed that taxpayers must make an election (on Form 4562) to claim the Section 179 deduction for specific assets on the originally filed return for the year the assets were placed in service.  If the election was missed, the IRS wouldn’t allow the taxpayer to fix the problem by making the election on an amended return.  No more.  For taxable years 2003-2009, you can make the Section 179 election on your original return or an amended one.