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Tax Alerts

IRS Issues Guidance on Section 174 Ahead of Proposed Regulations

Sep 9, 2023Katherine Johnson, Esq


As business owners and tax professionals await action by Congress to delay or repeal the changes made to IRC § 174 by the Tax Cuts and Jobs Act (TCJA), the Internal Revenue Service (“IRS” or “the Service”) today issued interim guidance regarding the application of the law as it exists today. Notice 2023-63 provides direction on a number of topics that lacked clarity under § 174 and the outdated regulations currently in place.

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