Depreciation for Accounting and Tax Purposes

Patrick Haggerty is Keynote Speaker at ComplianceKey. He is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars a........


Nearly all businesses invest in assets that are used in operating the business. The cost of long lived assets is spread over the useful life of the asset and expensed against revenue for both accounting and tax purposes through a process called depreciation. However, the methods allowed under Generally Accepted Accounting Principles (GAAP) and the methods allowed for tax purposes are quite different. This webinar will cover the various methods of depreciation, which are allowed for tax purposes and which are allowed under GAAP, and why businesses must keep more than one set of books when it comes to accounting for fixed assets.

Why should you attend this webinar?

It is important from a compliance standpoint to understand that the purpose of depreciation from a financial accounting and reporting standpoint differs from the purpose from a tax standpoint. Those differences affect the methods allowable for each purpose and the methods are not compatible. Knowing which methods to use and how to apply those methods is important for assuring compliance in financial reporting and tax return preparation. Public companies can be sanctioned for failing to comply with financial reporting standards and even small businesses can experience difficulties in areas where compliant financial reports are required, such as loan applications. In the tax area, improper methods or errors in applying depreciation can lead to fines and penalties for improper tax computations, disallowance of deductions, or recapture of allowable, but not taken, depreciation as ordinary income upon disposal of the asset. The JCTA tax act enacted major changes to bonus depreciation and Section 179 Expensing. Understanding how those methods interact with and affect tax depreciation is critical.

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Webinar Id: CIFPH012

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Duration: 90 mins

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 Recorded: [Six month unlimited access]

 $167 (Single Attendee)  $599 (Unlimited Attendee)

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