Depreciation news

Here are some recent news articles and updates related to depreciation:

Tax Depreciation

• The IRS has issued new guidance on the depreciation of qualified improvement property (QIP) under the Tax Cuts and Jobs Act (TCJA). The guidance clarifies that QIP is not eligible for bonus depreciation, but can be depreciated over 15 years. (Source: IRS.gov)
• The IRS has also issued guidance on the depreciation of qualified film and television production expenses. The guidance provides rules for claiming bonus depreciation and expensing qualified production expenses. (Source: IRS.gov)

Asset Depreciation

• A recent study by the Equipment Leasing and Finance Association (ELFA) found that 71% of equipment finance companies reported an increase in asset depreciation in 2022, driven by inflation and supply chain disruptions. (Source: ELFA.org)
• The International Association of Amusement Parks and Attractions (IAAPA) has released a report on the depreciation of amusement park assets, including roller coasters, water rides, and other attractions. The report provides guidance on calculating depreciation and estimating useful life. (Source: IAAPA.org)

Depreciation and Tax Reform

• The Tax Foundation has released a report on the impact of the TCJA on depreciation and capital investment. The report finds that the law's changes to depreciation rules have increased the incentive for businesses to invest in capital assets. (Source: TaxFoundation.org)
• The National Association of Manufacturers (NAM) has released a report on the importance of depreciation and capital investment in the manufacturing sector. The report argues that depreciation reform is critical to promoting economic growth and job creation. (Source: NAM.org)

Depreciation and Accounting

• The Financial Accounting Standards Board (FASB) has issued a new standard on the accounting for leases, which requires lessees to recognize lease assets and liabilities on the balance sheet. The standard also provides guidance on the depreciation of lease assets. (Source: FASB.org)
• The International Accounting Standards Board (IASB) has issued a new standard on the accounting for intangible assets, including software and intellectual property. The standard provides guidance on the depreciation and amortization of intangible assets. (Source: IASB.org)

I hope these news articles and updates are helpful!