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Monday, September 17, 2012

Depreciation - When things go Wrong

Sometimes we set up depreciation and the CPA firm decides it should have been done a different way. Of course, that information comes to us at least two years after we set it up. It's the nature of the beast; they're accountants, they can't help it.

The following scenarios will be covered over the course of four posts:
  • Wrong 1st yr Convention
  • Basis Reduction Required
  • Wrong Depreciation Method - fully depreciated as of previous year end
  • Wrong Depreciation Method - not fully depreciated as of previous year end
Stay tuned.

Until next post!

Leslie

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2 comments:

  1. Depreciation scheduleJanuary 2, 2013 at 5:21 AM

    The report should be meaningful and informative to the party concerned. Depreciation schedules are divided into major asset categories sometimes such as buildings, hardware, equipment and software. It is the best way to keep track of your depreciation.

    ReplyDelete
  2. Depreciation scheduleJuly 22, 2013 at 11:22 PM

    As "Small businesses are the backbone of our economy," We should provide them with the certainty they need to grow.

    ReplyDelete