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re: New Accountant Needs Help: § 179 Depreciation Deduction
Posted on 2/15/14 at 9:26 am to Poodlebrain
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.
2
Posted on 2/15/14 at 10:29 am to brmach
Interesting. If you assume cash basis, you are correct. I would assume income tax basis, that is what the vast majority of my small biz clients use for their books. One of the reasons is that they don't want to show a book/tax difference in depreciation.
Posted on 2/15/14 at 11:00 am to brmach
Given the OP did not mention any concerns about construction industry accounting methods for long-term contracts, I concluded the client was a home builder or small construction company that didn't have to use the percentage of completion method of accounting. This would allow cash basis accounting for income tax purposes, but I'd be willing to bet the company actually uses some hybrid form of accounting for internal purposes.
Posted on 2/15/14 at 3:19 pm to Poodlebrain
I bet Poodle is correct.
This post was edited on 2/16/14 at 10:20 am
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