2007-09-16 05:18:59 · 4 answers · asked by Raider 1 in Business & Finance ➔ Other - Business & Finance
If you did that, your boss couldn't say his accounts comply with GAAP. Your net income would be understated and your a/cs would not be true and fair.
2007-09-16 17:33:22 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
It may not be a problem. . . .I'm no CPA, but in certain recent years, the IRS has allowed the deduction of a truck purchase, up to a certain dollar amount. It incented people to buy trucks through their company, rather than company cars. I'm purely guessing that the amount of the allowable deduction also depends on the amount of other deductions taken for the company.
2007-09-16 12:27:04 · answer #2 · answered by Jonathan B 4 · 0⤊ 0⤋
For tax purposes, that could be done, but for financial reporting purposes (showing your statements to investors and creditors), that wouldn't fly.A vehicle is still considered an asset according to GAAP.
2007-09-16 12:43:43 · answer #3 · answered by Andy 3 · 0⤊ 0⤋
Better have a good excuse when the IRS visits.
2007-09-16 12:23:16 · answer #4 · answered by TheHumbleOne 7 · 1⤊ 0⤋