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re: New Accountant Needs Help: § 179 Depreciation Deduction
Posted on 2/15/14 at 8:41 am to brmach
Posted on 2/15/14 at 8:41 am to brmach
Do you really think the construction company client is using a GAAP approved method of depreciation if their accounting records are kept on QuickBooks? Their accountants are the three person local accounting firm we are discussing. I doubt the client has anyone maintaining fixed assets regularly. The books are probably kept on a tax basis so any annual financial statements agree with the tax returns.
2
Posted on 2/15/14 at 8:58 am to Poodlebrain
Poodle, I was thinking the same thing. No chance they are issuing GAAP financial statements. Tax basis financials all the way.
However, the OP could ask the partner if the client is using GAAP basis for financials. That would be a way for the OP to kind of stick something back in the face of the obnoxious partner.
However, the OP could ask the partner if the client is using GAAP basis for financials. That would be a way for the OP to kind of stick something back in the face of the obnoxious partner.
Posted on 2/15/14 at 9:26 am to Poodlebrain
No, my first assumption would be cash basis, which would still negate the application of Section 179 in financial reporting and also explain why the boss is being such a d-bag.
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