What IRS wants you to know about the Tax Cuts and Jobs Act
The federal Tax Cuts and Jobs Act may have been almost nine months ago, but the IRS has just gotten around to letting you know how to implement several of its provisions.
And they hit on one of the biggies for Finance.
Specifically, your organization has just been handed proposed regulations on how to take advantage of the new 100% depreciation deduction.
What qualifies and when
The savings potential is massive: Your company can write off most depreciable business assets in the year they are placed in service.
And machinery, equipment, computers, appliances and furniture “generally qualify” says IRS.
Remember, the deduction is retroactive, applying to qualifying property your company acquired and placed in service after Sept. 27, 2017.
We’ll update you when the final version is released.
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