The Associated Equipment Distributors (AED) advised it is seeking feedback from equipment dealers after the U.S. Department of Treasury and Internal Revenue Service (IRS) issued proposed regulations regarding two key provisions from the new tax law that will affect dealers.
One proposed rule pertains to Section 199A of the statute (“Qualified Business Income Deduction”), which includes the 20% deduction for pass-through businesses. The other deals with the law’s 100% bonus depreciation provision.
AED is asking equipment dealers to consult with their CPA and tax attorneys to determine the impact on their businesses. The IRS is accepting public comment on the depreciation proposal until Oct. 9 and within 45 days of publication in the Federal Register for the deduction for pass-through businesses.
Any feedback and concerns should be directed to AED’s Vice President of Government Affairs Daniel B. Fisher as soon as possible.
Review the Section 199A proposal, a notice providing methods for calculating the deduction and a FAQ document here.
Review the 100% bonus depreciation proposal here.
For more information, visit www.aednet.org.