The American Institute of CPAs requested immediate guidance Monday from the Internal Revenue Service and the Treasury Department on various provisions of the Tax Cuts and Jobs Act related to S corporations.
The Treasury Department and the Internal Revenue Service proposed regulations Friday to increase and expand the first-year depreciation deduction for qualified property from 50 to 100 percent, carrying out a provision of the Tax Cuts and Jobs Act.
The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service and the Treasury Department about the impact of last December’s tax code overhaul on accounting method changes for small businesses.
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