Eversheds Sutherland Tax Reform Law Blog
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IRS Releases Final Regulations under Section 168(k)

Today, Treasury and the IRS released final regulations under section 168(k). Amended by the Tax Cuts and Jobs Act, section 168(k) generally allows full expensing of certain depreciable property. The final regulations address the requirements to qualify for the additional depreciation deduction and elections related to the deduction. Read the final regulations: TD 9874 Read the proposed...

OIRA Completes Review of Second Set of Proposed Regulations under Section 168(k)

The Office of Information and Regulatory Affairs (OIRA) recently completed its review of a second set of proposed regulations under section 168(k). Amended by the Tax Cuts and Jobs Act, section 168(k) generally allows full expensing of certain depreciable property. OIRA has not released information as to the contents of the proposed regulations, and the release of this set of proposed...

IRS Allows Election Relief for Bonus Depreciation

On July 31, 2019, the IRS issued Rev. Proc. 2019-33, which allows taxpayers to change their elections regarding bonus depreciation for property acquired after September 27, 2017 and placed in service during the taxpayer’s 2016 or 2017 taxable year. Under the revenue procedure, a taxpayer may make late elections to use bonus depreciation on such property or revoke its election to use...

Proposed Full Expensing Regulations Released

The IRS has released regulations on the full expensing provisions under section 168(k), as amended by the Tax Cuts and Jobs Act.  That section allows businesses to fully expense certain business assets. Read more: REG-104397-18.

Full Expensing Regulations Ready for Publication

On July 30, 2018, the Office of Management and Budget (“OMB”) waived its review of the Internal Revenue Service’s (“IRS”) proposed regulations that implement the full expensing provisions of the 2017 tax act. The full expensing provisions allow temporary 100% expensing for certain business assets. With the OMB review complete, the IRS may publish the proposed regulations in the Federal...

GOP Releases Tax Reform Framework

The White House and Congressional Republicans have released the Unified Framework for Fixing Our Broken Tax Code. The goals for the Framework, which is described as a template for the tax-writing committees, include providing tax relief for the middle class; simplifying the tax filing process; providing tax relief for businesses (with an emphasis on small businesses); ending incentives...

Mnuchin Discusses Tax Reform

Treasury Secretary Steven Mnuchin, during an interview on the Fox News Channel’s “Special Report,” indicated that tax reform would be revenue neutral under the Administration’s growth assumptions.  In discussing specifics of the yet-to-be released tax reform plan, he stated that the estate tax would be eliminated, that there would be a one-time deemed...

Congressional Republicans Frustrated by Lack of Tax Reform Detail

With the vote for tax reform legislation looming, Congressional members of the GOP, including Freedom Caucus Chairman Mark Meadows, have expressed concern over the lack of clarity as to what the tax reform proposal is.  Speaking anonymously, a member of the House Ways and Means Committee suggested that the lack of detail was either to prevent media leaks or because there is simply not...

GOP Considers Hybrid Approach to Tax Reform

Congressional tax committee members and the White House are discussing tax reform that combines permanent revisions to the tax code with temporary rate cuts for individuals and businesses.  The proposal is a potential solution for Republicans if the party opts to utilize the reconciliation process, which limits the life of tax cuts adding 10 years to the federal deficit. (The effect of...