First National Capital

A defensive tax move many companies made to escape the old interest limits is irrevocable, and it quietly disqualifies new production buildings from full expensing.

Nobody made this election wrong. The rules chan...

The industry’s expensing culture made sense when deductions were scarce. Layer 100% bonus on top of IDCs and losses left over from the last downturn, and it has become a trap.

Oil and gas operators understand acc...

Congress made bonus depreciation permanent to encourage investment. It may have made companies worse at capturing it.

Deadlines are underrated management tools. Nothing focuses a capital planning process like a b...

A deduction is only worth what it saves. For capital-intensive operators carrying losses, the most celebrated provision in the OBBBA is a slow-motion write-down.

Worthless overstates it. Not by as much as you wou...

Two companies, two super-midsize jets, the same delivery quarter. One captures more than $4.6 million in year-one tax value. The other captures barely half its board was promised. The difference was settled before either aircraft left the factor...