October 2003

New Business

IRS extends depreciation deadline to December 31

10/1/2003 -

In March 2002, tax legislation was passed allowing businesses to take 30% bonus depreciation for new equipment purchases made after September 10, 2001. By the time they knew about the law, many businesses had already filed their 2001 tax returns. So the IRS allowed additional time for businesses to amend returns to claim the tax break.

Now the IRS has further extended the deadline for claiming the bonus depreciation on a 2001 tax return. Businesses who failed to take 30% bonus depreciation but who now wish to claim it for 2001 have until December 31, 2003, to do so on amended returns.

If you wish to review the advisability of amending your return to claim the deduction, call our office as soon as possible.