Accelerated Cost Recovery System - ACRS

1. A method of allocating the cost of a tangible asset over its useful life. Businesses depreciate long-term assets for both tax and accounting purposes. 2. A decrease in an asset’s ...

The number of years, as set by the IRS, that depreciable business equipment or property is expected to be in use.

The new accelerated cost recovery system, created after the release of the Tax Reform Act of 1986, which allows for greater accelerated depreciation over longer time periods.

Any type of asset that is eligible for depreciation treatment. Depreciable property can include vehicles, real estate, computers and office equipment, machinery and heavy equipment, and ...

A United States government agency that is responsible for the collection and enforcement of taxes. The IRS was established in 1862 by President Lincoln and operates under the authority ...

The point in time when an asset that can be depreciated is first placed in use. The date the asset is placed in service marks the beginning of the depreciation period. The date of ...

A depreciation schedule with a straight-line recovery period that generally mirrors the class life of the asset's depreciation. Taxpayers who elect to use the alternative depreciation ...