Last Thursday, Congressman Tiahrt proposed a bill aimed at using bonus depreciation to help stimulate a suffering economy in Kansas. The bill would further extend for two years, the increased allowable bonus depreciation amounts under the American Recovery and Reinvestment Act of 2009. This would be aimed at helping an ailing economy and aviation industry [...]
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 [...]
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 [...]
In 1986, assets of different classes were given associated class lives. These class lives are formatted into tables that are viewable on the IRS website under Publication 946. Using these class life tables can be confusing to many. Such confusion may occur because the tables are lengthy, some assets have no class life with assigned [...]
Determining the correct monthly depreciation amounts for an asset requires the correct usage of recovery periods. Under MARCS, assets are assigned to a property class such as 3 year, 5 year, 7 year, nonresidential real property, etc. Associated with each property class is a recovery period in 12 month intervals (years).
The first actual recovery period [...]