Friday, June 7, 2019

Why Whataburger, J.C. Penney and other businesses are crying foul over this goof in 2017 tax revamp

The Dallas Morning News
Tax writers had intended to reward restaurateurs and retailers by allowing them to write off renovation costs immediately, rather than over 15 years. But a drafting error instead increased those businesses’ tax burdens, forcing them to depreciate such expenses over 39 years.

Heavyweight brands ranging from Whataburger to J.C. Penney to  Brinker International to Neiman Marcus, along with myriad franchise owners , are pushing Congress to fix what’s being called the “retail glitch.”. . . more