Fixed Assets - EBS (MOSC)

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Tax Book Depreciation and Accounting

edited Jan 18, 2018 4:01AM in Fixed Assets - EBS (MOSC) 12 commentsAnswered
Dear all,

First please excuse me for my very elementary question but it is a question that puzzled me for a long time. I understand tax books and corporate book can have different depreciation methods for an asset. In corporate books, every period depreciation is run and the corresponding Dr. depreciation expense/Cr. Accum. depreciation journal entries will be posted to GL. When depreciation run in tax books, does it also result in journal entries? If yes, how to prevent double dip in GL? If not, how to get the tax books depreciation information and use it for federal/state tax return?

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