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Regulations: Additional first-year depreciation deduction (regulations released to Federal Register)

Additional first-year depreciation deduction

The U.S. Treasury Department and IRS today released for publication in the Federal Register final regulations (T.D. 9874) and proposed regulations (REG-106808-19) under section 168(k) relating to the 100% additional first-year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.

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The final regulations [PDF 486 KB] (43 pages as published in the Federal Register) and related proposed regulations [PDF 398 KB] (20 pages as published in the Federal Register) provide guidance concerning changes made by 2017 U.S. tax law (Pub. L. No. 115-97, or the law that is often referred to as the “Tax Cuts and Jobs Act” (TCJA)). The regulations are scheduled to be published in the Federal Register on September 24, 2019.

These regulations will be described in greater detail in a future report from KPMG LLP.

Advance versions of final and proposed regulations

The IRS and Treasury released advance versions of these final and proposed regulations on September 13, 2019. Those versions of the regulations were posted on the IRS website and included the following statement:

This document has been submitted to the Office of the Federal Register (OFR) for publication. The version of the final rule [or proposed rule] released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document.
 

  • Read a computer-generated document [PDF 504 KB] (an unofficial document produced by KPMG) that compares the September 13 version of the final regulations against the version submitted today to the Federal Register for publication.
  • Read a computer-generated document [PDF 298 KB] (an unofficial document produced by KPMG) that compares the September 13 version of the proposed regulations against the version submitted today to the Federal Register for publication.

These KPMG documents are intended to show what changes, if any, have been made to the final or proposed regulations before being released for publication in the Federal Register. These documents have not been reviewed for accuracy.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

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