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September 16, 2019

On Friday, September 13, the IRS released advance copies of final 100 percent bonus depreciation regulations and new, proposed 100 percent bonus depreciation regulations. Treasury Decision 9874 contains the final regulations for many TCJA 100 percent bonus depreciation...

August 5, 2019

On July 31, 2019, the IRS released Rev. Proc. 2019-33. This revenue procedure allows taxpayers to make or revoke certain elections for bonus depreciation under the Tax Cuts and Jobs Act of 2017 (TCJA) for the 2016 and 2017 tax years. The late and revoked elections crea...

February 14, 2018

Most taxpayers and tax practitioners view bonus depreciation in a straightforward manner. If an asset is placed-in-service between certain dates, it is eligible for that period’s bonus depreciation. With the passage of the Tax Cuts and Jobs Act, Public Law No. 115-97 (...

January 29, 2018

On December 22nd, 2017, the President signed Public Law Number 115-97, known as the Tax Cuts and Jobs Act. This wide-ranging act has changed many familiar provisions of the Internal Revenue Code and added new ones. Some of the more notable changes involve changes to de...

January 29, 2018

There has been confusion regarding the implications of the Tax Cuts and Jobs Act of 2017 (TCJA) Section 13301(a) on I.R.C. Section 163 Interest Expensing. Taxpayers’ interest deduction is generally limited to 30% of the adjusted taxable income plus floor plan financing...

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