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Treasury, IRS issue proposed regulations on new 100 percent depreciation

Posted By Chris Greissing, Tuesday, August 7, 2018

Late last week, the Treasury Department and the Internal Revenue Service issued proposed regulations on the new 100% depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.  The proposal implements several provisions included in the Tax Cuts and Jobs Act that passed last December. 

The 100% depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property.  Machinery, equipment, computers, appliances and furniture generally qualify.

It is important to note that the deduction is retroactive and applies to all qualifying property acquired and placed in service after September 27, 2017.  The proposed regulations provide guidance on what property qualifies for the deduction. 

For more information, including the full IRS news release, click here.

To view Form 4562, click here.

To view the proposed regulations, click here.

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