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.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
It’s December, and month-end still isn’t closed. Day six drags on with bank recs unfinished and support scattered across spreadsheets w...
There’s no need to panic if you or one of your staffers discover they’ve made mistakes with your company’s 401(k) plan.&nb...
Sales tax compliance is a demanding job for finance teams like yours. For example, comparing the number of tax rate changes across the U...
Seven months after its release, ChatGPT is being touted as a replacement for a range of occupations. Artificial Intelligence (AI) tools lik...
Companies seeking accountants to replace or reinforce their workforces will continue to find themselves stuck between a rock and a hard pla...
You can now file Form 1099 series information returns using the Information Returns Intake System (IRIS) online portal. Step one is enrolli...
