The U.S. Master Depreciation Guide (2022) offers tax and accounting professionals who work with businesses a one-stop resource for guidance in understanding and applying the complex depreciation rules to their fixed assets. This area is especially challenging, because bits and pieces of applicable information must be gathered from a maze of Revenue Procedures, IRS Tables, and IRS Regulations. The Guide pulls the pieces together, to help practitioners make sense of all the corresponding information and even information that may be outdated.
Features of the U.S. Master Depreciation Guide (2022)
The Guide presents a concise yet comprehensive discussion of the depreciation rules. It includes discussion of the historical background of depreciation and depreciation fundamentals. It also provides coverage of:
- (1)Modified Accelerated Cost Recovery System (MACRS), which applies to most tangible depreciable property in service after 1986;
- (2)Accelerated Cost Recovery System (ACRS) which applies to property placed in service after 1980 and before 1987;
- (3)General rules for pre-1981 property;
- (4)Asset Depreciation Range (ADR) system which dates back to 1971;
- (5)Code Sec. 179 expensing rules;
- (6)Amortization of intangibles, including 15-year section 197 intangibles; and
- (7)Luxury car depreciation cap rules and listed property depreciation rules.
The Guide also discusses accounting method changes required to comply with MACRS regulations dealing with general asset accounts and dispositions, including retirements of structural components. A handy reference chart of these changes is provided.
Benefits of U.S. Master Depreciation Guide (2022)
The U.S. Master Depreciation Guide includes several useful "quick reference tables", including
- Trucks, SUVs, and vans that are exempt from the luxury car caps because they weigh more than 6,000 pounds
- Trucks with a bed-length under six feet that are subject to a $25,000 section 179 depreciation cap
- States that conform to the federal bonus depreciation rules
- A comprehensive table of assets and corresponding recovery periods with cross references to the location of the related U.S. Master Depreciation Guide explanation
Published annually, this new edition is completely updated to reflect all depreciation rule changes through press time in December, including recent COVID-19 legislation is reflected throughout. A special Highlights section provides a quick overview of any new legislation, cases, rulings, and regulations occurring since last year's edition, with cross-references to the explanation paragraph in which they are reflected.
Additional helpful assistance is provided by Appendices which include final, temporary and proposed regulations relating to the Accelerated Cost Recovery System (ACRS), Modified Accelerated Cost Recovery System (MACRS), the Treasury Department's Asset Depreciation System (ADR), bonus depreciation, and Code Sec. 179 expensing.
The U.S. Master Depreciation Guide also includes a Case Table, Official Source Finding Lists that provide cross references to all cases and rulings contained in the text of the Guide, and detailed Table of Contents and Topical Indexes to help quickly locate needed information. It comes complete with Wolters Kluwer's exclusive Quick Facts Card for convenient, at-a-glance reference to key depreciation figures.
