Businesses ‘Stuck’ With Retail Glitch Pending Congressional Fix

The IRS does not plan on issuing any guidance to address a prominent error in the 2017 tax law that barred retailers and restaurants from a coveted tax break, an official said.

“I think we’re stuck with the way 168(k) is written,” said Jaime Park, an IRS attorney, during a tax conference in Washington. “I’m not aware of any guidance we can do at this time,” and it’s up to Congress to pass a correction, she added.

• Lawmakers amended tax code Section 168(k) to allow businesses to fully and immediately write off the costs of certain capital expenses, but ...