The U.S. Treasury Department and the Internal Revenue Service recently released final regulations and additional proposed regulations under a section of the Internal Revenue Code involving the new 100% additional first-year depreciation deduction.
This deduction allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
The regulations released on IRS.gov have been submitted to the Federal Register and may vary slightly from the published documents due to minor editorial changes, the IRS said in a news release. The documents published in the Federal Register will be the official documents.
The final regulations finalize the proposed regulations issued in August 2018 that implement several provisions included in the Tax Cuts and Jobs Act. The proposed regulations contain new provisions not addressed previously.
For more information, head to irs.gov