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More Tax Law
Revisions President Bush signed the Job Creation and Workers Assistance Act (JCWA) of 2002. Apparently, the President really likes accountants and wants to keep us fully employed by changing the rules even after the year is over! The JCWA contains revisions retroactive to 2001. A key change is a 30% depreciation increase on assets placed in service between September 11, 2001 and September 11, 2004. You can take advantage of this bonus depreciation by acquiring either computer software, water utility property, or property with a life of less than 20 years. A leasehold improvement may also qualify if the improvement is not an enlargement to a facility or an improvement to common areas (common areas apply to landlords). The JCWA act also permits a 5-year carry-back of net operating losses incurred in 2001 and 2002, as opposed to current rules that permit only a two-year carry-back of net operating losses. This is a unique opportunity to obtain a refund on taxes previously paid! Companies and individuals should try to maximize their losses to take full advantage of this change. CMC will review returns filed to determine if they need to be amended as a result of these tax law changes. Beginning in 2002, teachers can deduct out-of-pocket costs in excess of $250 for teaching materials, supplies, education and computers. The act also extends a variety of credits and has provisions specific to the New York area. If you have any questions, please contact Bill Martin at ext. 235. |
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847.850.5270
847.850.5271 - fax |
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