The IRS has issued final regs on the 100% additional first-year depreciation deduction. It allows businesses to write off most depreciable business assets in the year they’re placed in service. Changes from the regs proposed in August include qualified improvement property, leasehold improvement property, restaurant property, and retail improvement property.
A taxpayer may choose to apply the final regs, in their entirety, to qualified property acquired and placed in service after Sept. 27, 2017, in tax years ending on or after Sept. 28, 2017. Proposed regs on additional first-year depreciation also have been issued.
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