IRS releases proposed bonus depreciation regulations

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

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