Scott Gottlieb, CPA


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Balance Budget Act 1997

 

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NEWS BYTES
February 1998

Editor: Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA

IRS DEFINES DEDUCTIONS FOR Y2K COSTS

Many business owners have Year 2000 conversion problems coming up.

Remember it is not just your PC's on your desktop, it can be your phone system, your billing programs, your alarm systems, and many of your software programs.

The IRS has decided that costs associated with fixing the Y2K problems must be deducted as if they were expenses (or deductions) related to the development, purchase, and lease of software.   The IRS Procedure 97-50 says Year 2000 conversion costs fall within the purview of Revenue Procedure 69-21.  The Financial Accounting Standard Board had already ruled the Y2K costs for "repairs" must be expensed the year they occur, while cost of equipment and software required for Y2K fixes can be capitalized and deducted in the way new equipment acquisitions are.

Make sure to contact us before you plan any major software/equipment purchases so we can work together on your office expenses.

 

Accounting Software tip of the month
Close all Excel Workbooks in One Step

Hold down the <Shift> key when you click on the File Menu and you'll see the Close All option in the menu.

December Words of Wisdom:

Never use the format command without backing up your data.  Make sure your backup worked and your data is not corrupted.  It might take a longer time, but keep in mind how long it would take to restore your data from scratch.

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Other issues of NewsBytes see our archives

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The materials on this Web site are for informational purposes only and are not intended and should not be construed as accounting advice. This information is not intended to create, and receipt of it does not constitute, a CPA-Client relationship. You should not act upon this information without seeking counsel from a Certified Public Accountant