When your company purchases a fixed asset with an estimated lifetime exceeding one year, you cannot deduct the entire cost in the year of purchase. Rather, you must depreciate the asset by expensing a ...

It's not that Uncle Sam does not want your clients to deduct those big-ticket items that are critical to running almost any business. The less cynical among us would nod and agree with the Internal ...

If your business has fixed assets, generally accepted accounting principles, or GAAP, can serve as a guide to properly account for these long-term tangible assets on your accounting records. Specific ...

Assets like equipment, vehicles and furniture lose value as they age. Parts wear out and pieces break, eventually requiring repair or replacement. Depreciation helps companies account for the ...

ATLANTA, May 16, 2023 (GLOBE NEWSWIRE) -- Lucasys, the leading provider of tax technology and services for rate-regulated companies and other asset-intensive businesses, announces the release of its ...

In the area of fixed assets and the resultant depreciation there are some major differences between the GAAP rules codified in ASC Topic 360 and the IFRS rules in IAS 16. Processing Content In GAAP ...

Depreciation of durable means of production, e.g. machinery buildings, transport equipment, computers and software due to normal usage and economic obsolescence. Depreciation of intangible assets, e.g ...

Andriy Blokhin has 5+ years of professional experience in public accounting, personal investing, and as a senior auditor with Ernst & Young. Andy Smith is a Certified Financial Planner (CFP®), ...

Understanding the differences between depreciation and amortization is essential for managing assets and financial reporting. Both are methods of allocating the cost of an asset over its useful life, ...