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Two Tax Reform typos are costing retail millions

August 24, 2018 --

By National Retail Federation

The National Retail Federation  applauded Senate Finance Committee Republicans for clarifying the congressional intent of provisions of the federal tax reform law related to depreciation rules and “carryback” of operating losses. In a letter, the senators called on Treasury Secretary Steven Mnuchin and Internal Revenue Service Acting Commissioner David Kautter to reflect this congressional intent in any guidance they issue pertaining to these provisions and in the IRS enforcement of the law. The two errors in the law are costing the retail industry millions of dollars and delaying investments.

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