Federal Tax System

Modified Accelerated Cost Recovery System (MACRS)
MACRS is a method of depreciation used in the United States to recover the cost of tangible property over a specified life span. Introduced by the Tax Reform Act of 1986, MACRS replaces the Accelerated Cost Recovery System (ACRS) and offers a faster depreciation schedule for tax purposes.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.