Another consequence of congress’s decision to rush the Tax Cut and Jobs Act of 2017 is the large number of ‘typos’ and errors in the actual statutory text. Normally, congress would pass a technical corrections bill in the aftermath of such a large piece of legislation but the political climate in the nations capital is making that much more difficult than normal. As a result, we are still finding and addressing many ‘glitches’ in the nearly two-year piece of legislation.
The must recent glitch concerns the retail sector and prevents the 100% first year expensing intended by the congress on certain property common in the restaurant and retail industries. While the IRS could have minimized the problem with new rules, the Service decided against addressing this issue effectively sending it back to congress for correction.
In the interim, taxpayers may be denied a popular tax incentive unless congress can pass corrections before taxes are due next year.