Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, ...

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 ...

Depreciation isn’t just an accounting concept—it’s a powerful tax strategy that can free up cash flow when used wisely. From MACRS schedules to Section 179 and bonus depreciation, knowing the right ...