ICFiles
SOC 2

CPA Website Content

Secure File Transfer Soc 2 starts at $1 per month

Join Us

 

 
Financial Calculators
Financial Calculators
 
Federal Tax Links
Federal Tax Links
 
Financial Terms Glossary
Financial Terms Glossary
 
Cartoon of the Month
Cartoon of the Month
 

Some Tax Implications of Y2K

Tax and Financial News

April 1999

Some Tax Implications of Y2K

Have you considered how you would handle the costs incurred with correcting a Year 2000 computer-date problem? Currently, the tax law allows you to deduct most software development costs. However, not all costs involved in fixing the problem will be connected to software development. Some will be related to hardware, labor, and consulting, and will be more difficult to classify. Some could be considered replacement costs, such as replacing a computer chip. However, if you must replace an entire computer system, the IRS may consider it as part of a renovation plan and require the company to capitalize and amortize the costs.

The Year 2000 problem presents a wide range of issues to a business, including tax, professional liability, and operations issues that need to be analyzed and addressed before December 31, 1999. For tax purposes, make sure any fixes to your computer system are well documented and properly characterized.
 

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

Protected by Copyscape Plagiarism Finder

Dynamic Content Powered by Service2client.com
SEO Content Powered by DynamicPost.net

ICFiles
SOC 2

CPA Website Content

Secure File Transfer Soc 2 starts at $1 per month

Join Us

 

CPA Website Content

 
 
Financial Calculators
Financial Calculators
 
Federal Tax Links
Federal Tax Links
 
Financial Terms Glossary
Financial Terms Glossary
 
Cartoon of the Month
Cartoon of the Month
 
websites for cpas

MyWeb, WordPress Joomla, Drupal
1 Click Hosting
Install free themes

websites for cpas

Click

 
Tax Calendar
Tax Calendar
 
State Tax Links
State Tax Links
 
Track your Refund
Track your Refund
 
Library Articles
Library Articles
 
 
 

CLOSE