Learn how the general depreciation system (GDS) works within MACRS, its methods, tax implications, and how it accelerates asset depreciation.

Learn about the Accelerated Cost Recovery System (ACRS), its benefits as a tax break for businesses, and the criticisms that led to its replacement by MACRS in 1986.

IRC section 446(e) requires that a taxpayer secure IRS consent to change its method of accounting. Treasury regulations section 1.446-1(e)(2)(i) specifies that a taxpayer do this before computing its ...

One of the more robust tax incentives over the past several years has been Bonus Depreciation. This tax provision allowed companies to accelerate depreciation on purchased equipment to the year it was ...