Close
Close

IRS releases proposed bonus depreciation regulations

RFP
Tax Hot Topics newsletterThe IRS has proposed new regulations that provide guidance regarding the additional first-year depreciation deduction under Section 168(k). The proposed regulations reflect changes made by P.L. 115-97, commonly referred to as the Tax Cuts and Jobs Act (TCJA) and affect taxpayers with qualified depreciable property acquired and placed in service after Sept. 27, 2017.

The IRS allows taxpayers to rely on these proposed regulations, pending the issuance of final regulations, for qualified property acquired and placed in service after Sept. 27, 2017, for taxable years ending on or after Sept. 28, 2017, and ending before the taxable year that includes the date when the final regulations are published in the Federal Register.

For more information, read our Tax Flash.

Contact Sharon Kay
Partner, Accounting Methods
Washington National Tax Office
T +1 202 861 4140

John Suttora
Managing Director, Accounting Methods
Washington National Tax Office
T +1 202 521 1523

Grace Kim
Principal, Partnerships
Washington National Tax Office
T +1 202 521 1590

Jose Carrasco
Senior Manager, Partnerships
Washington National Tax Office
T +1 202 521 1552

Tax professional standards statement 
This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.