With less than a month remaining in the calendar year, tax matters are top of mind at the National Automobile Dealers Association.
NADA recapped that the IRS recently proposed a rule on the additional first year depreciation deduction provision that was included in the Tax Cuts and Jobs Act of 2017 (TCJA). In responsive comments that were prepared on NADA’s behalf by Crowe, NADA explained that the association raised several issues requiring clarification.
NADA also urged the IRS to allow dealers whose combined floor plan and business interest is under the 30 percent cap to take advantage of the bonus depreciation provisions provided in the TCJA.
Those complete assertions are available here.
Crowe further emphasized these points on NADA’s behalf in oral testimony that was presented to the IRS just after Thanksgiving. That testimony is available here.