Treasury Releases Additional Guidance for Tax Compliance Under New Law
Posted @ Wednesday, August 15, 2018 3:12 PM by anonymous
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ABC News,Economics,Regulations
Earlier this month, the U.S. Department of Treasury and the Internal Revenue Service announced proposed rules to provide critical guidance on the implementation of the Tax Cuts and Jobs Act. The proposals would affect tax provisions affecting the construction industry, including
temporary 100 percent expensing
, the
20 percent deduction on qualified business income for pass-through entities
and the
implementation of the repatriation transition tax under section 965 as it relates to U.S. shareholders with accumulated foreign earnings
. ABC welcomes this guidance and will continue to review these proposed rules to determine their benefit to the construction industry.