Treasury, IRS issue proposed regulations

The U.S. Treasury Department and the Internal Revenue Service issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.

The proposed regulations, available earlier this month in the Federal Register, implement several provisions included in the Tax Cuts and Jobs Act.

The 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.

The deduction is retroactive, applying to qualifying property acquired and placed in service after Sept. 27, 2017. For more, go to irs.gov