On August 16, 2018, several Republican members of Congress wrote a letter to the Secretary of the Treasury and Acting Commissioner of the Internal Revenue Service to clarify Congressional intent for various provisions of the Tax Cuts and Jobs Act (TCJA). The members wished to provide insight on Congress’ intent to aid in the issuance of any future guidance by and enforcement efforts of the IRS.
The three specific provisions of the TCJA identified were the treatment of qualified improvement property, net operating loss deductions and expenses related to sexual misconduct settlements.
The letter comes on the heals of proposed regulations issued by the IRS under IRC 168 for new bonus and MACRS depreciation rules as well as IRC 199A for the new 20 percent pass-through deduction.
To view a copy of the letter, please see the attached link.