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What IRS wants you to know about the Tax Cuts and Jobs Act

Jennifer Azara
by Jennifer Azara
August 22, 2018
  • Accounting
1 minute read
  • SHARE ON

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.

 

Jennifer Azara
Jennifer Azara
Jennifer, a member of the CFO Daily News staff, has covered business and finance for more than 22 years. She has written for CFOs, credit and collections professionals and accounts payable practitioners and has spoken at industry conferences on sales and use tax compliance.

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CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

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