Qualified Reuse and Recycling Property will be the discussion point for this post on bonus depreciation. In just over a week, the 2010 New Year will be here and it will be time for us all to make our new years resolutions. For many people, that may be exercising more, making the world a better [...]
As the year of 2009 comes to an end, we would like to remind you that so too do many opportunities to take advantage of extended bonus depreciation allowances. Recall that under the 2008 Economic Stimulus Act, allowable bonus depreciation was increased to the amount of 50%. This allowance was again extended through the end [...]
Depreciation Transfer Reports will be the type of report described in our fifth post on depreciation reporting. This report shows all of the transfer activity for a selected period or periods. It displays both sides (transferred out and transferred in) of the asset movement. The image at the bottom of the page shows a snap-shot [...]
Continuing from our asset acquisition reporting post, this post will address asset disposition reporting. This report displays all assets disposed between the selected period begin and end dates. Below, you will find the columns that should be included in such a report. Also, take a look at the sample report we have included to see [...]
Asset Acquisition Reporting will be the topic of our fourth depreciation reporting post.
This report displays all of the assets acquired between the selected period begin and end dates. The selected periods can be:
A single month
3 months or a quarter
6 months or half the year
12 months or the entire year
Any number of months to show year-to-date
When [...]
This will mark the third post in our coverage of depreciation reporting and will address the elements of monthly depreciation expense journal entries. This type of reporting is important to many professionals as most companies will report their depreciation expense on monthly financial statements. There are 2 main reasons to account for monthly depreciation expense:
To [...]
This next segment on bonus depreciation will address bonus depreciation in the Gulf Opportunity Zone, otherwise known as the GO Zone. A few years ago in 2005, Hurricanes Katrina, Rita and Wilma ripped through the United States Gulf Coast causing a natural catastrophe. Overall, the hurricane season of 2005 was one of the most severe [...]
Bonus Depreciation has become a hot topic and has seen many changes over the last decade. There are also continuing debates as to how effective it really is. However, we will attempt to clarify the issues of bonus depreciation by covering all the aspects and history. Continuing from the initial post on Bonus Depreciation and [...]
As is the case with Qualified Leasehold Property and Qualified Restaurant Property, a newly allowable 15 year recovery period will be usable when depreciating Qualified Retail Property. This is the first time this will be so, but can only occur if the given parameters are met.
1) Effective Date of 1/1/2009
2) Not Elective, if the qualifications [...]
One of the hardest hit industries as a result of the current recession has been the restaurant industry. Thus, it has been exceedingly difficult for many restaurants to maintain day-to-day operations, much less for them to make additions or improvements to their existing property. However, congress has provided some incentive to do so anyway, with [...]