re: New Accountant Needs Help: § 179 Depreciation Deduction

I posted this in the OT thread, but I believe it went unnoticed. Section 179 is an IRS rule and not a GAAP rule. Therefore, you CAN NOT book that whole amount in your journal entry into QB. You need to run a regular 5-yr MACRS calculation (or whatever the client's method of depreciation is) and book that amount as depreciation expense and accumulated depreciation. This will result in a temporary difference until the asset is fully depreciated.

Impress your boss and mention that this is covered in FIN 48. Them tell him to DIAF for being a dick.

And get out of public accounting before you lose your sanity and your eyesight. I and the voices in my head know from experience. Trust us.