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Last day to file taxes 2014 Publication 15 - Introductory Material Table of Contents Future Developments What's New Reminders Electronic Filing and Payment Forms in Spanish Hiring New Employees Paying Wages, Pensions, or Annuities Information Returns Nonpayroll Income Tax Withholding Recordkeeping Change of Business Address or Responsible Party Private Delivery Services Telephone Help Ordering Employer Tax Forms and Publications Filing Addresses Dishonored Payments Photographs of Missing Children Calendar Introduction Future Developments For the latest information about developments related to Publication 15 (Circular E), such as legislation enacted after it was published, go to www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/pub15. Last day to file taxes 2014 What's New Social security and Medicare tax for 2014. Last day to file taxes 2014  The social security tax rate is 6. Last day to file taxes 2014 2% each for the employee and employer, unchanged from 2013. Last day to file taxes 2014 The social security wage base limit is $117,000. Last day to file taxes 2014 The Medicare tax rate is 1. Last day to file taxes 2014 45% each for the employee and employer, unchanged from 2013. Last day to file taxes 2014 There is no wage base limit for Medicare tax. Last day to file taxes 2014 Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. Last day to file taxes 2014 Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation. Last day to file taxes 2014 2014 withholdng tables. Last day to file taxes 2014  This publication includes the 2014 Percentage Method Tables and Wage Bracket Tables for Income Tax Withholding. Last day to file taxes 2014 Withholding allowance. Last day to file taxes 2014  The 2014 amount for one withholding allowance on an annual basis is $3,950. Last day to file taxes 2014 Voluntary withholding on dividends and other distributions by an Alaska Native Corporation (ANC). Last day to file taxes 2014  A shareholder of an ANC may now request voluntary income tax withholding on dividends and other distributions paid by an ANC. Last day to file taxes 2014 A shareholder may request voluntary withholding by giving the ANC a completed Form W-4V, Voluntary Withholding Request. Last day to file taxes 2014 For more information see Notice 2013-77, 2013-50 I. Last day to file taxes 2014 R. Last day to file taxes 2014 B. Last day to file taxes 2014 632, available at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/irb/2013-50_IRB/ar10. Last day to file taxes 2014 html. Last day to file taxes 2014 Change of responsible party. Last day to file taxes 2014  Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party — Business, to report the latest change to its responsible party. Last day to file taxes 2014 Form 8822-B must be filed within 60 days of the change. Last day to file taxes 2014 If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. Last day to file taxes 2014 For a definition of “responsible party,” see the Form 8822-B instructions. Last day to file taxes 2014 Same-sex marriage. Last day to file taxes 2014  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Last day to file taxes 2014 For more information, see Revenue Ruling 2013-17, 2013-38 I. Last day to file taxes 2014 R. Last day to file taxes 2014 B. Last day to file taxes 2014 201, available at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/irb/2013-38_IRB/ar07. Last day to file taxes 2014 html. Last day to file taxes 2014 Notice 2013-61 provides special administrative procedures for employers to make claims for refunds or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. Last day to file taxes 2014 Notice 2013-61, 2013-44 I. Last day to file taxes 2014 R. Last day to file taxes 2014 B. Last day to file taxes 2014 432, is available at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/irb/2013-44_IRB/ar10. Last day to file taxes 2014 html. Last day to file taxes 2014 Reminders Additional Medicare Tax withholding. Last day to file taxes 2014  In addition to withholding Medicare tax at 1. Last day to file taxes 2014 45%, you must withhold a 0. Last day to file taxes 2014 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Last day to file taxes 2014 You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Last day to file taxes 2014 Additional Medicare Tax is only imposed on the employee. Last day to file taxes 2014 There is no employer share of Additional Medicare Tax. Last day to file taxes 2014 All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Last day to file taxes 2014 For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments , in section 15. Last day to file taxes 2014 For more information on Additional Medicare Tax, visit IRS. Last day to file taxes 2014 gov and enter “Additional Medicare Tax” in the search box. Last day to file taxes 2014 Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. Last day to file taxes 2014  The work opportunity tax credit is available for eligible unemployed veterans who began work on or after November 22, 2011, and before January 1, 2014. Last day to file taxes 2014 Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Last day to file taxes 2014 For more information, visit IRS. Last day to file taxes 2014 gov and enter “work opportunity tax credit” in the search box. Last day to file taxes 2014 Outsourcing payroll duties. Last day to file taxes 2014  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. Last day to file taxes 2014 The employer remains responsible if the third party fails to perform any required action. Last day to file taxes 2014 If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. Last day to file taxes 2014 gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. Last day to file taxes 2014 COBRA premium assistance credit. Last day to file taxes 2014  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008, and May 31, 2010, and to premiums paid for up to 15 months. Last day to file taxes 2014 See COBRA premium assistance credit under Introduction. Last day to file taxes 2014 Federal tax deposits must be made by electronic funds transfer. Last day to file taxes 2014  You must use electronic funds transfer to make all federal tax deposits. Last day to file taxes 2014 Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Last day to file taxes 2014 If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Last day to file taxes 2014 Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Last day to file taxes 2014 EFTPS is a free service provided by the Department of Treasury. Last day to file taxes 2014 Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Last day to file taxes 2014 For more information on making federal tax deposits, see How To Deposit in section 11. Last day to file taxes 2014 To get more information about EFTPS or to enroll in EFTPS, visit www. Last day to file taxes 2014 eftps. Last day to file taxes 2014 gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). Last day to file taxes 2014 Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. Last day to file taxes 2014 You must receive written notice from the IRS to file Form 944. Last day to file taxes 2014  If you have been filing Forms 941, Employer's QUARTERLY Federal Tax Return (or Forms 941-SS, Employer's QUARTERLY Federal Tax Return—American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U. Last day to file taxes 2014 S. Last day to file taxes 2014 Virgin Islands, or Formularios 941-PR, Planilla para la Declaración Federal TRIMESTRAL del Patrono), and believe your employment taxes for the calendar year will be $1,000 or less, and you would like to file Form 944, Employer's ANNUAL Federal Tax Return, instead of Forms 941, you must contact the IRS to request to file Form 944. Last day to file taxes 2014 You must receive written notice from the IRS to file Form 944 instead of Forms 941 before you may file this form. Last day to file taxes 2014 For more information on requesting to file Form 944, visit IRS. Last day to file taxes 2014 gov and enter “file employment taxes annually” in the search box. Last day to file taxes 2014 Employers can request to file Forms 941 instead of Form 944. Last day to file taxes 2014  If you received notice from the IRS and have been filing Form 944 but would like to file Forms 941 instead, you must contact the IRS to request to file Forms 941. Last day to file taxes 2014 You must receive written notice from the IRS to file Forms 941 instead of Form 944 before you may file these forms. Last day to file taxes 2014 For more information on requesting to file Form 944, visit IRS. Last day to file taxes 2014 gov and enter “file employment taxes annually” in the search box. Last day to file taxes 2014 Aggregate Form 941 filers. Last day to file taxes 2014  Agents must complete Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, when filing an aggregate Form 941. Last day to file taxes 2014 Aggregate Forms 941 may only be filed by agents approved by the IRS under section 3504 of the Internal Revenue Code. Last day to file taxes 2014 To request approval to act as an agent for an employer, the agent files Form 2678, Employer/Payer Appointment of Agent, with the IRS. Last day to file taxes 2014 Aggregate Form 940 filers. Last day to file taxes 2014  Agents must complete Schedule R (Form 940), Allocation Schedule for Aggregate Form 940 Filers, when filing an aggregate Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Last day to file taxes 2014 Aggregate Forms 940 can be filed by agents acting on behalf of home care service recipients who receive home care services through a program administered by a federal, state, or local government. Last day to file taxes 2014 To request approval to act as an agent on behalf of home care service recipients, the agent files Form 2678 with the IRS. Last day to file taxes 2014 Electronic Filing and Payment  Now, more than ever before, businesses can enjoy the benefits of filing and paying their federal taxes electronically. Last day to file taxes 2014 Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make filing and payment easier. Last day to file taxes 2014 Spend less time and worry about taxes and more time running your business. Last day to file taxes 2014 Use e-file and the Electronic Federal Tax Payment System (EFTPS) to your benefit. Last day to file taxes 2014 For e-file, visit www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/efile for additional information. Last day to file taxes 2014 For EFTPS, visit www. Last day to file taxes 2014 eftps. Last day to file taxes 2014 gov or call EFTPS Customer Service at 1-800-555-4477 or 1-800-733-4829 (TDD). Last day to file taxes 2014 For electronic filing of Forms W-2, Wage and Tax Statement, visit www. Last day to file taxes 2014 socialsecurity. Last day to file taxes 2014 gov/employer. Last day to file taxes 2014 If you are filing your tax return or paying your federal taxes electronically, a valid EIN is required. Last day to file taxes 2014 If a valid EIN is not provided, the return or payment will not be processed. Last day to file taxes 2014 This may result in penalties and delays in processing your return or payment. Last day to file taxes 2014 Electronic funds withdrawal (EFW). Last day to file taxes 2014  If you file Form 940, Form 941, Form 944, or Form 945 electronically, you can e-file and e-pay (electronic funds withdrawal) the balance due in a single step using tax preparation software or through a tax professional. Last day to file taxes 2014 However, do not use EFW to make federal tax deposits. Last day to file taxes 2014 For more information on paying your taxes using EFW, visit the IRS website at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/e-pay. Last day to file taxes 2014 A fee may be charged to file electronically. Last day to file taxes 2014 Credit or debit card payments. Last day to file taxes 2014  For information on paying your taxes with a credit or debit card, visit the IRS website at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/e-pay. Last day to file taxes 2014 However, do not use credit or debit cards to make federal tax deposits. Last day to file taxes 2014 Forms in Spanish You can provide Formulario W-4(SP), Certificado de Exención de Retenciones del Empleado, in place of Form W-4, Employee's Withholding Allowance Certificate, to your Spanish-speaking employees. Last day to file taxes 2014 For more information, see Publicación 17(SP), El Impuesto Federal sobre los Ingresos (Para Personas Físicas). Last day to file taxes 2014 For nonemployees, Formulario W-9(SP), Solicitud y Certificación del Número de Identificación del Contribuyente, may be used in place of Form W-9, Request for Taxpayer Identification Number and Certification. Last day to file taxes 2014 Hiring New Employees Eligibility for employment. Last day to file taxes 2014  You must verify that each new employee is legally eligible to work in the United States. Last day to file taxes 2014 This includes completing the U. Last day to file taxes 2014 S. Last day to file taxes 2014 Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification. Last day to file taxes 2014 You can get the form from USCIS offices or by calling 1-800-870-3676. Last day to file taxes 2014 Contact the USCIS at 1-800-375-5283, or visit the USCIS website at www. Last day to file taxes 2014 uscis. Last day to file taxes 2014 gov for more information. Last day to file taxes 2014 New hire reporting. Last day to file taxes 2014  You are required to report any new employee to a designated state new hire registry. Last day to file taxes 2014 A new employee is an employee who has not previously been employed by you or was previously employed by you but has been separated from such prior employment for at least 60 consecutive days. Last day to file taxes 2014 Many states accept a copy of Form W-4 with employer information added. Last day to file taxes 2014 Visit the Office of Child Support Enforcement website at www. Last day to file taxes 2014 acf. Last day to file taxes 2014 hhs. Last day to file taxes 2014 gov/programs/cse/newhire for more information. Last day to file taxes 2014 W-4 request. Last day to file taxes 2014  Ask each new employee to complete the 2014 Form W-4. Last day to file taxes 2014 See section 9. Last day to file taxes 2014 Name and social security number. Last day to file taxes 2014  Record each new employee's name and number from his or her social security card. Last day to file taxes 2014 Any employee without a social security card should apply for one. Last day to file taxes 2014 See section 4. Last day to file taxes 2014 Paying Wages, Pensions, or Annuities Correcting Form 941 or Form 944. Last day to file taxes 2014  If you discover an error on a previously filed Form 941 or Form 944, make the correction using Form 941-X, Adjusted Employer's QUARTERLY Federal Tax Return or Claim for Refund, or Form 944-X, Adjusted Employer's ANNUAL Federal Tax Return or Claim for Refund. Last day to file taxes 2014 Forms 941-X and 944-X are stand-alone forms, meaning taxpayers can file them when an error is discovered. Last day to file taxes 2014 Forms 941-X and 944-X are used by employers to claim refunds or abatements of employment taxes, rather than Form 843, Claim for Refund and Request for Abatement. Last day to file taxes 2014 See section 13 for more information. Last day to file taxes 2014 Income tax withholding. Last day to file taxes 2014  Withhold federal income tax from each wage payment or supplemental unemployment compensation plan benefit payment according to the employee's Form W-4 and the correct withholding table. Last day to file taxes 2014 If you have nonresident alien employees, see Withholding income taxes on the wages of nonresident alien employees in section 9. Last day to file taxes 2014 Withhold from periodic pension and annuity payments as if the recipient is married claiming three withholding allowances, unless he or she has provided Form W-4P, Withholding Certificate for Pension or Annuity Payments, either electing no withholding or giving a different number of allowances, marital status, or an additional amount to be withheld. Last day to file taxes 2014 Do not withhold on direct rollovers from qualified plans or governmental section 457(b) plans. Last day to file taxes 2014 See section 9 and Publication 15-A, Employer's Supplemental Tax Guide. Last day to file taxes 2014 Publication 15-A includes information about withholding on pensions and annuities. Last day to file taxes 2014 Zero wage return. Last day to file taxes 2014  If you have not filed a “final” Form 941 or Form 944, or are not a “seasonal” employer, you must continue to file a Form 941 or Form 944 even for periods during which you paid no wages. Last day to file taxes 2014 The IRS encourages you to file your “Zero Wage” Forms 941 or 944 electronically using IRS e-file at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/efile. Last day to file taxes 2014 Employer Responsibilities Employer Responsibilities: The following list provides a brief summary of your basic responsibilities. Last day to file taxes 2014 Because the individual circumstances for each employer can vary greatly, responsibilities for withholding, depositing, and reporting employment taxes can differ. Last day to file taxes 2014 Each item in this list has a page reference to a more detailed discussion in this publication. Last day to file taxes 2014   New Employees: Page     Annually (By January 31 of the current year, Page □ Verify work eligibility of new employees 3     for the prior year):   □ Record employees' names and SSNs from     □ File Form 944 if required (pay tax with return if     social security cards 4     not required to deposit) 29 □ Ask employees for Form W-4 3     Annually (see Calendar for due dates):     Each Payday:     □ Remind employees to submit a new Form W-4   □ Withhold federal income tax based on each       if they need to change their withholding 20   employee's Form W-4 20   □ Ask for a new Form W-4 from employees   □ Withhold employee's share of social security       claiming exemption from income tax     and Medicare taxes 23     withholding 20 □ Deposit:     □ Reconcile Forms 941 (or Form 944) with Forms     • Withheld income tax       W-2 and W-3 31   • Withheld and employer social security taxes     □ Furnish each employee a Form W-2 7   • Withheld and employer Medicare taxes 24   □ File Copy A of Forms W-2 and the transmittal     Note:Due date of deposit generally depends       Form W-3 with the SSA 8   on your deposit schedule (monthly or semiweekly)     □ Furnish each other payee a Form 1099 (for example, Form 1099-MISC, Miscellaneous Income) 7   Quarterly (By April 30, July 31, October 31, and January 31):     □ File Forms 1099 and the transmittal Form   □ Deposit FUTA tax if undeposited amount       1096 8   is over $500 35   □ File Form 940 7 □ File Form 941 (pay tax with return if not     □ File Form 945 for any nonpayroll income tax     required to deposit) 29     withholding 8 Information Returns You may be required to file information returns to report certain types of payments made during the year. Last day to file taxes 2014 For example, you must file Form 1099-MISC, Miscellaneous Income, to report payments of $600 or more to persons not treated as employees (for example, independent contractors) for services performed for your trade or business. Last day to file taxes 2014 For details about filing Forms 1099 and for information about required electronic filing, see the General Instructions for Certain Information Returns for general information and the separate, specific instructions for each information return you file (for example, Instructions for Form 1099-MISC). Last day to file taxes 2014 Generally, do not use Forms 1099 to report wages and other compensation you paid to employees; report these on Form W-2. Last day to file taxes 2014 See the General Instructions for Forms W-2 and W-3 for details about filing Form W-2 and for information about required electronic filing. Last day to file taxes 2014 If you file 250 or more Forms 1099, you must file them electronically. Last day to file taxes 2014 If you file 250 or more Forms W-2, you must file them electronically. Last day to file taxes 2014 SSA will not accept Forms W-2 and W-3 filed on magnetic media. Last day to file taxes 2014 Information reporting customer service site. Last day to file taxes 2014  The IRS operates the Enterprise Computing Center—Martinsburg, a centralized customer service site, to answer questions about reporting on Forms W-2, W-3, 1099, and other information returns. Last day to file taxes 2014 If you have questions related to reporting on information returns, call 1-866-455-7438 (toll free), 304-263-8700 (toll call), or 304-267-3367 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability). Last day to file taxes 2014 The center can also be reached by email at mccirp@irs. Last day to file taxes 2014 gov. Last day to file taxes 2014 Do not include tax identification numbers (TINs) or attachments in email correspondence because electronic mail is not secure. Last day to file taxes 2014 Nonpayroll Income Tax Withholding Nonpayroll federal income tax withholding (reported on Forms 1099 and Form W-2G) must be reported on Form 945, Annual Return of Withheld Federal Income Tax. Last day to file taxes 2014 Separate deposits are required for payroll (Form 941 or Form 944) and nonpayroll (Form 945) withholding. Last day to file taxes 2014 Nonpayroll items include: Pensions (including distributions from tax-favored retirement plans, for example, section 401(k), section 403(b), and governmental section 457(b) plans) and annuities. Last day to file taxes 2014 Military retirement. Last day to file taxes 2014 Gambling winnings. Last day to file taxes 2014 Indian gaming profits. Last day to file taxes 2014 Certain government payments, such as unemployment compensation, social security, and Tier 1 railroad retirement benefits, subject to voluntary withholding. Last day to file taxes 2014 Payments subject to backup withholding. Last day to file taxes 2014 For details on depositing and reporting nonpayroll income tax withholding, see the Instructions for Form 945. Last day to file taxes 2014 All income tax withholding reported on Form W-2 must be reported on Form 941, Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, Form 944, or Schedule H (Form 1040), Household Employment Taxes. Last day to file taxes 2014 Distributions from nonqualified pension plans and deferred compensation plans. Last day to file taxes 2014  Because distributions to participants from some nonqualified pension plans and deferred compensation plans (including section 457(b) plans of tax-exempt organizations) are treated as wages and are reported on Form W-2, income tax withheld must be reported on Form 941 or Form 944, not on Form 945. Last day to file taxes 2014 However, distributions from such plans to a beneficiary or estate of a deceased employee are not wages and are reported on Forms 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Last day to file taxes 2014 ; income tax withheld must be reported on Form 945. Last day to file taxes 2014 Backup withholding. Last day to file taxes 2014  You generally must withhold 28% of certain taxable payments if the payee fails to furnish you with his or her correct taxpayer identification number (TIN). Last day to file taxes 2014 This withholding is referred to as “backup withholding. Last day to file taxes 2014 ” Payments subject to backup withholding include interest, dividends, patronage dividends, rents, royalties, commissions, nonemployee compensation, and certain other payments you make in the course of your trade or business. Last day to file taxes 2014 In addition, transactions by brokers and barter exchanges and certain payments made by fishing boat operators are subject to backup withholding. Last day to file taxes 2014 Backup withholding does not apply to wages, pensions, annuities, IRAs (including simplified employee pension (SEP) and SIMPLE retirement plans), section 404(k) distributions from an employee stock ownership plan (ESOP), medical savings accounts, health savings accounts, long-term-care benefits, or real estate transactions. Last day to file taxes 2014 You can use Form W-9 or Formulario W-9(SP) to request payees to furnish a TIN and to certify the number furnished is correct. Last day to file taxes 2014 You can also use Form W-9 or Formulario W-9(SP) to get certifications from payees that they are not subject to backup withholding or that they are exempt from backup withholding. Last day to file taxes 2014 The Instructions for the Requester of Form W-9 or Formulario W-9(SP) includes a list of types of payees who are exempt from backup withholding. Last day to file taxes 2014 For more information, see Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). Last day to file taxes 2014 Recordkeeping Keep all records of employment taxes for at least 4 years. Last day to file taxes 2014 These should be available for IRS review. Last day to file taxes 2014 Your records should include the following information. Last day to file taxes 2014 Your EIN. Last day to file taxes 2014 Amounts and dates of all wage, annuity, and pension payments. Last day to file taxes 2014 Amounts of tips reported to you by your employees. Last day to file taxes 2014 Records of allocated tips. Last day to file taxes 2014 The fair market value of in-kind wages paid. Last day to file taxes 2014 Names, addresses, social security numbers, and occupations of employees and recipients. Last day to file taxes 2014 Any employee copies of Forms W-2 and W-2c returned to you as undeliverable. Last day to file taxes 2014 Dates of employment for each employee. Last day to file taxes 2014 Periods for which employees and recipients were paid while absent due to sickness or injury and the amount and weekly rate of payments you or third party payors made to them. Last day to file taxes 2014 Copies of employees' and recipients' income tax withholding allowance certificates (Forms W-4, W-4P, W-4(SP), W-4S, and W-4V). Last day to file taxes 2014 Copies of employees' Earned Income Credit Advance Payment Certificates (Forms W-5 and W-5(SP)). Last day to file taxes 2014 Dates and amounts of tax deposits you made and acknowledgment numbers for deposits made by EFTPS. Last day to file taxes 2014 Copies of returns filed and confirmation numbers. Last day to file taxes 2014 Records of fringe benefits and expense reimbursements provided to your employees, including substantiation. Last day to file taxes 2014 Change of Business Address or Responsible Party To notify the IRS of a change in business address or responsible party, file Form 8822-B. Last day to file taxes 2014 Do not mail Form 8822-B with your employment tax return. Last day to file taxes 2014 Private Delivery Services You can use certain private delivery services designated by the IRS to mail tax returns and payments. Last day to file taxes 2014 The list includes only the following: DHL Express (DHL): DHL Same Day Service. Last day to file taxes 2014 Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. Last day to file taxes 2014 United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. Last day to file taxes 2014 M. Last day to file taxes 2014 , UPS Worldwide Express Plus, and UPS Worldwide Express. Last day to file taxes 2014 For the IRS mailing address to use if you are using a private delivery service, go to IRS. Last day to file taxes 2014 gov and enter “private delivery service” in the search box. Last day to file taxes 2014 Your private delivery service can tell you how to get written proof of the mailing date. Last day to file taxes 2014   Private delivery services cannot deliver items to P. Last day to file taxes 2014 O. Last day to file taxes 2014 boxes. Last day to file taxes 2014 You must use the U. Last day to file taxes 2014 S. Last day to file taxes 2014 Postal Service to mail any item to an IRS P. Last day to file taxes 2014 O. Last day to file taxes 2014 box address. Last day to file taxes 2014 Telephone Help Tax questions. Last day to file taxes 2014   You can call the IRS Business and Specialty Tax Line with your employment tax questions at 1-800-829-4933. Last day to file taxes 2014 Help for people with disabilities. Last day to file taxes 2014  You may call 1-800-829-4059 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability) with any tax question or to order forms and publications. Last day to file taxes 2014 You may also use this number for assistance with unresolved tax problems. Last day to file taxes 2014 Recorded tax information (TeleTax). Last day to file taxes 2014  The IRS TeleTax service provides recorded tax information on topics that answer many individual and business federal tax questions. Last day to file taxes 2014 You can listen to up to three topics on each call you make. Last day to file taxes 2014 Touch-Tone service is available 24 hours a day, 7 days a week. Last day to file taxes 2014 TeleTax topics are also available on the IRS website at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/taxtopics. Last day to file taxes 2014 Most tax topics listed below are also available in Spanish. Last day to file taxes 2014 For a complete list of TeleTax topics in Spanish, visit the IRS website at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/Spanish/Índice-de-Temas-Tributarios-Año-2013. Last day to file taxes 2014 A list of employment tax topics is provided next. Last day to file taxes 2014 Select, by number, the topic you want to hear and call 1-800-829-4477. Last day to file taxes 2014 For the directory of all topics, select Topic 123. Last day to file taxes 2014 Teletax Topics Topic No. Last day to file taxes 2014 Subject 751 Social Security and Medicare Withholding Rates 752 Form W-2—Where, When, and How to File 753 Form W-4—Employee's Withholding Allowance Certificate 755 Employer Identification Number (EIN)—How to Apply 756 Employment Taxes for Household Employees 757 Form 941 and Form 944—Deposit Requirements 758 Form 941—Employer's QUARTERLY Federal Tax Return and Form 944—Employer's ANNUAL Federal Tax Return 759 Form 940—Employer's Annual Federal Unemployment (FUTA) Tax Return—Filing and Deposit Requirements 760 Reporting and Deposit Requirements for Agricultural Employers 761 Tips—Withholding and Reporting 762 Independent Contractor vs. Last day to file taxes 2014 Employee 763 The “Affordable Care Act” of 2010 Offers Employers New Tax Deductions and Credits Additional employment tax information. Last day to file taxes 2014  Visit the IRS website at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/businesses and click on the Employment Taxes link under Businesses Topics. Last day to file taxes 2014 Ordering Employer Tax Forms and Publications You can order employer tax forms and publications and information returns online at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/businesses. Last day to file taxes 2014 To order 2013 and 2014 forms, click on the Online Ordering for Information Returns and Employer Returns link. Last day to file taxes 2014 You may also order employer tax forms and publications and information returns by calling 1-800-TAX-FORM (1-800-829-3676). Last day to file taxes 2014 Instead of ordering paper Forms W-2 and W-3, consider filing them electronically using the Social Security Administration's (SSA) free e-file service. Last day to file taxes 2014 Visit the SSA's Employer W-2 Filing Instructions & Information website at www. Last day to file taxes 2014 socialsecurity. Last day to file taxes 2014 gov/employer to register for Business Services Online. Last day to file taxes 2014 You will be able to create Forms W-2 online and submit them to the SSA by typing your wage information into easy-to-use fill-in fields. Last day to file taxes 2014 In addition, you can print out completed copies of Forms W-2 to file with state or local governments, distribute to your employees, and keep for your records. Last day to file taxes 2014 Form W-3 will be created for you based on your Forms W-2. Last day to file taxes 2014 Filing Addresses Generally, your filing address for Forms 940, 941, 943, 944, 945, and CT-1 depends on the location of your residence or principal place of business and whether or not you are including a payment with your return. Last day to file taxes 2014 There are separate filing addresses for these returns if you are a tax-exempt organization or government entity. Last day to file taxes 2014 See the separate instructions for Forms 940, 941, 943, 944, 945, or CT-1 for the filing addresses. Last day to file taxes 2014 Dishonored Payments Any form of payment that is dishonored and returned from a financial institution is subject to a penalty. Last day to file taxes 2014 The penalty is $25 or 2% of the payment, whichever is more. Last day to file taxes 2014 However, the penalty on dishonored payments of $24. Last day to file taxes 2014 99 or less is an amount equal to the payment. Last day to file taxes 2014 For example, a dishonored payment of $18 is charged a penalty of $18. Last day to file taxes 2014 Photographs of Missing Children The IRS is a proud partner with the National Center for Missing and Exploited Children. Last day to file taxes 2014 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Last day to file taxes 2014 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Last day to file taxes 2014 Calendar The following is a list of important dates. Last day to file taxes 2014 Also see Publication 509, Tax Calendars. Last day to file taxes 2014   If any date shown below for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, use the next business day. Last day to file taxes 2014 A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. Last day to file taxes 2014 However, a statewide legal holiday does not delay the due date of federal tax deposits. Last day to file taxes 2014 See Deposits on Business Days Only in section 11. Last day to file taxes 2014 For any filing due date, you will meet the “file” or “furnish” requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U. Last day to file taxes 2014 S. Last day to file taxes 2014 Postal Service on or before the due date, or sent by an IRS-designated private delivery service on or before the due date. Last day to file taxes 2014 See Private Delivery Services under Reminders for more information. Last day to file taxes 2014 Introduction This publication explains your tax responsibilities as an employer. Last day to file taxes 2014 It explains the requirements for withholding, depositing, reporting, paying, and correcting employment taxes. Last day to file taxes 2014 It explains the forms you must give to your employees, those your employees must give to you, and those you must send to the IRS and SSA. Last day to file taxes 2014 This guide also has tax tables you need to figure the taxes to withhold from each employee for 2014. Last day to file taxes 2014 References to “income tax” in this guide apply only to “federal” income tax. Last day to file taxes 2014 Contact your state or local tax department to determine if their rules are different. Last day to file taxes 2014 Additional employment tax information is available in Publication 15-A. Last day to file taxes 2014 Publication 15-A includes specialized information supplementing the basic employment tax information provided in this publication. Last day to file taxes 2014 Publication 15-B, Employer's Tax Guide to Fringe Benefits, contains information about the employment tax treatment and valuation of various types of noncash compensation. Last day to file taxes 2014 Most employers must withhold (except FUTA), deposit, report, and pay the following employment taxes. Last day to file taxes 2014 Income tax. Last day to file taxes 2014 Social security tax. Last day to file taxes 2014 Medicare tax. Last day to file taxes 2014 FUTA tax. Last day to file taxes 2014 There are exceptions to these requirements. Last day to file taxes 2014 See section 15 for guidance. Last day to file taxes 2014 Railroad retirement taxes are explained in the Instructions for Form CT-1. Last day to file taxes 2014 Comments and suggestions. Last day to file taxes 2014   We welcome your comments about this publication and your suggestions for future editions. Last day to file taxes 2014   You can write to us at the following address: Internal Revenue Service Tax Forms & Publications Division 1111 Constitution Ave. Last day to file taxes 2014 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Last day to file taxes 2014 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Last day to file taxes 2014   You can also send us comments from www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/formspubs. Last day to file taxes 2014 Click on More Information and then click on Comment on Tax Forms and Publications. Last day to file taxes 2014   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. Last day to file taxes 2014 Federal Government employers. Last day to file taxes 2014   The information in this publication, including the rules for making federal tax deposits, applies to federal agencies. Last day to file taxes 2014 State and local government employers. Last day to file taxes 2014   Payments to employees for services in the employ of state and local government employers are generally subject to federal income tax withholding but not FUTA tax. Last day to file taxes 2014 Most elected and appointed public officials of state or local governments are employees under common law rules. Last day to file taxes 2014 See chapter 3 of Publication 963, Federal-State Reference Guide. Last day to file taxes 2014 In addition, wages, with certain exceptions, are subject to social security and Medicare taxes. Last day to file taxes 2014 See section 15 for more information on the exceptions. Last day to file taxes 2014   If an election worker is employed in another capacity with the same government entity, see Revenue Ruling 2000-6 on page 512 of Internal Revenue Bulletin 2000-6 at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/pub/irs-irbs/irb00-06. Last day to file taxes 2014 pdf. Last day to file taxes 2014   You can get information on reporting and social security coverage from your local IRS office. Last day to file taxes 2014 If you have any questions about coverage under a section 218 (Social Security Act) agreement, contact the appropriate state official. Last day to file taxes 2014 To find your State Social Security Administrator, visit the National Conference of State Social Security Administrators website at www. Last day to file taxes 2014 ncsssa. Last day to file taxes 2014 org. Last day to file taxes 2014 Disregarded entities and qualified subchapter S subsidiaries (QSubs). Last day to file taxes 2014   Eligible single-owner disregarded entities and QSubs are treated as separate entities for employment tax purposes. Last day to file taxes 2014 Eligible single-member entities that have not elected to be taxed as corporations must report and pay employment taxes on wages paid to their employees using the entities' own names and EINs. Last day to file taxes 2014 See Regulations sections 1. Last day to file taxes 2014 1361-4(a)(7) and 301. Last day to file taxes 2014 7701-2(c)(2)(iv). Last day to file taxes 2014 COBRA premium assistance credit. Last day to file taxes 2014   The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) provides certain former employees, retirees, spouses, former spouses, and dependent children the right to temporary continuation of health coverage at group rates. Last day to file taxes 2014 COBRA generally covers multiemployer health plans and health plans maintained by private-sector employers (other than churches) with 20 or more full and part-time employees. Last day to file taxes 2014 Parallel requirements apply to these plans under the Employee Retirement Income Security Act of 1974 (ERISA). Last day to file taxes 2014 Under the Public Health Service Act, COBRA requirements apply also to health plans covering state or local government employees. Last day to file taxes 2014 Similar requirements apply under the Federal Employees Health Benefits Program and under some state laws. Last day to file taxes 2014 For the premium assistance (or subsidy) discussed below, these requirements are all referred to as COBRA requirements. Last day to file taxes 2014   Under the American Recovery and Reinvestment Act of 2009 (ARRA), employers are allowed a credit against “payroll taxes” (referred to in this publication as “employment taxes”) for providing COBRA premium assistance to assistance eligible individuals. Last day to file taxes 2014 For periods of COBRA continuation coverage beginning after February 16, 2009, a group health plan must treat an assistance eligible individual as having paid the required COBRA continuation coverage premium if the individual elects COBRA coverage and pays 35% of the amount of the premium. Last day to file taxes 2014   An assistance eligible individual is a qualified beneficiary of an employer's group health plan who is eligible for COBRA continuation coverage during the period beginning September 1, 2008, and ending May 31, 2010, due to the involuntarily termination from employment of a covered employee during the period and elects continuation COBRA coverage. Last day to file taxes 2014 The assistance for the coverage can last up to 15 months. Last day to file taxes 2014   Employees terminated during the period beginning September 1, 2008, and ending May 31, 2010, who received a severance package that delayed the start of the COBRA continuation coverage, may still be eligible for premium assistance for COBRA continuation coverage. Last day to file taxes 2014 For more information see Notice 2009-27, 2009-16 I. Last day to file taxes 2014 R. Last day to file taxes 2014 B. Last day to file taxes 2014 838, available at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/irb/2009-16_irb/ar09. Last day to file taxes 2014 html. Last day to file taxes 2014   Administrators of the group health plans (or other entities) that provide or administer COBRA continuation coverage must provide notice to assistance eligible individuals of the COBRA premium assistance. Last day to file taxes 2014   The 65% of the premium not paid by the assistance eligible individuals is reimbursed to the employer maintaining the group health plan. Last day to file taxes 2014 The reimbursement is made through a credit against the employer's employment tax liabilities. Last day to file taxes 2014 For information on how to claim the credit, see the Instructions for Form 941 or the Instructions for Form 944. Last day to file taxes 2014 The credit is treated as a deposit made on the first day of the return period (quarter or year). Last day to file taxes 2014 In the case of a multiemployer plan, the credit is claimed by the plan, rather than the employer. Last day to file taxes 2014 In the case of an insured plan subject to state law continuation coverage requirements, the credit is claimed by the insurance company, rather than the employer. Last day to file taxes 2014   Anyone claiming the credit for COBRA premium assistance payments must maintain the following information to support their claim, including the following. Last day to file taxes 2014 Information on the receipt of the assistance eligible individuals' 35% share of the premium, including dates and amounts. Last day to file taxes 2014 In the case of an insurance plan, a copy of invoice or other supporting statement from the insurance carrier and proof of timely payment of the full premium to the insurance carrier required under COBRA. Last day to file taxes 2014 In the case of a self-insured plan, proof of the premium amount and proof of the coverage provided to the assistance eligible individuals. Last day to file taxes 2014 Attestation of involuntary termination, including the date of the involuntary termination for each covered employee whose involuntary termination is the basis for eligibility for the subsidy. Last day to file taxes 2014 Proof of each assistance eligible individual's eligibility for COBRA coverage and the election of COBRA coverage. Last day to file taxes 2014 A record of the SSNs of all covered employees, the amount of the subsidy reimbursed with respect to each covered employee, and whether the subsidy was for one individual or two or more individuals. Last day to file taxes 2014   For more information, visit IRS. Last day to file taxes 2014 gov and enter “COBRA” in the search box. Last day to file taxes 2014 Prev  Up  Next   Home   More Online Publications
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Safeguards Program

The Safeguards Program and staff are responsible for ensuring that federal, state and local agencies receiving federal tax information protect it as if the information remained in IRS’s hands.

These agencies and their contractors receiving federal tax information must protect the confidentiality of return information and are periodically reviewed by Safeguards personnel to ensure they meet the safeguarding requirements of IRC 6103(p)(4). These requirements include employee awareness programs, proper disposal, secure storage and computer security among others.

Publication 1075, Tax Information Security Guidelines for Federal, State and Local Agencies (PDF)
This document contains specific requirements for safeguarding federal tax information. This revision becomes effective on Jan. 1, 2014.

Publication 1075, Tax Information Security Guidelines for Federal, State and Local Agencies (PDF)
This revision of 1075 became effective on Aug. 24, 2010 and is superceded by the Jan. 1, 2014 version.

Comments and suggestions on the revised Publication 1075 can be forwarded to the safeguards mailbox at: safeguardreports@irs.gov.

Additional Requirements for Publication 1075
Safeguarding requirements may be supplemented or modified between editions of Publication 1075 by guidance issued by the Office of Safeguards.
 

ALERTS

See “Safeguards Alert Memorandums” below for trending security concerns.


Publication 1075

Recommendations on How to Become Compliant with the New Requirements
Given the significant changes in technical safeguards requirements found in Sections 4, 5 and 6, the IRS has some recommendations for agencies to become compliant with the new requirements.

Reporting Requirements
Publication 1075 requires agencies to use approved report templates and to transmit the reports electronically. These reports must be encrypted and submitted to the safeguardreports@irs.gov mailbox.

Reporting Unauthorized Accesses, Disclosures or Data Breaches
Local, state and federal agencies receiving federal tax information must follow the revised provisions of Section 10 of Publication 1075 (PDF) upon discovering a possible improper inspection or disclosure of FTI, including breaches and security incidents. Agencies must contact Treasury Inspector General for Tax Administration and the IRS Office of Safeguards immediately, but no later than 24-hours after identification of a possible issue involving federal tax information. Agencies are not to wait until after their own internal investigation as been conducted.

Contacting TIGTA is critical to expedite the recovery of compromised data and identify potential criminal acts. The IRS Office of Safeguards investigation focuses on identifying processes, procedures or systems within the agency with inadequate security controls which led to the incident.

Internal Inspections Reports
Section 6.3 of Publication 1075, Tax Information Security guidelines for Federal, State and Local Agencies and Entities, requires that agencies receiving federal tax information (FTI) establish a review cycle for internal inspections of headquarters offices and all local/field offices that receive FTI. The Internal Inspections Report – Headquarters Office and Internal Inspections Report – Field Office are for these inspections. 

In addition, these agencies must also include an internal inspection of IT operations, using the Internal Inspections Report – IT Operations. Internal inspections of contractors with access to FTI and any off-site storage facilities must also be completed. All scheduled and completed internal inspections should be provided to the IRS Office of Safeguards on the Internal Inspections Implementation Report.

Safeguards Technical Assistance by Topic
The IRS has recommendations and discussions on various Safeguards Program topics available for agencies to help stay in compliance. These documents may assist with preparation of reports, protecting federal tax information, and knowing the legalities of the Safeguards Program.

IRS Disclosure Awareness Videos
IRS Disclosure Awareness training videos are available for local, state and federal governmental agencies that receive federal tax information (FTI). The IRS Office of Safeguards created videos (with captions in English and Spanish) to help explain several key concepts in protecting the confidentiality of FTI.

References/Related Topics

Physical Security and Disclosure References/Related Topics
Publication 1075 requirements pertaining to the protection of FTI in a physical environment and the disclosure of FTI to other persons are available in the Safeguard Disclosure Security Evaluation Matrix.

Document

Version

Release Date

Safeguard Disclosure Security Evaluation Matrix (SDSEM) (XLS)

3.0

9/12/2012


Safeguards Alert Memorandums
The following resources address recent security trends regarding the protection of FTI.

Document

Version

Release Date

Alert Memo – Multi-factor Authentication Implementation

N/A

6/17/2013

Alert Memo – Protecting FTI On Mainframes with Open Port 23

N/A

6/17/2013


Computer Security Compliance References/Related Topics
The following Computer Security Evaluation Matrix (SCSEM) downloads are available for use in preparing an IT environment that will receive, process, or store FTI.

Document

Version

Release Date

Application – Generic Application SCSEM (XLS)

1.3

9/26/2013

Application – GenTax SCSEM (XLS)

1.3

9/26/2013

Application – Internet Explorer SCSEM (XLS)

1.2

9/26/2013

Database – DB2 SCSEM (XLS)

1.2

2/12/2013

Database – Oracle 11g SCSEM (XLS)

1.1

9/26/2013

Database – Oracle 10g SCSEM (XLS)

1.3

9/26/2013

Database – Oracle 9i SCSEM (XLS)

1.2

2/12/2013

Database – SQL Server 2000 SCSEM (XLS)

1.2

2/12/2013

Database – SQL Server 2005 SCSEM (XLS)

1.2

2/12/2013

Mainframe – ACF2 SCSEM (XLS)

1.3

9/26/2013

Mainframe – i5 OS SCSEM (XLS)

1.3

9/26/2013

Mainframe – RACF SCSEM (XLS)

1.3

9/26/2013

Mainframe – Top Secret SCSEM (XLS)

1.3

9/26/2013

Mainframe – UNISYS SCSEM (XLS)

2.4

9/26/2013

Management, Operational and Technical (MOT) (XLS)

2.0

9/27/2013

MOT Appendix – Data Warehouse SCSEM (XLS)

1.3

2/12/2013

MOT Appendix – Multi-functional Device SCSEM (MFD) (XLS)

2.2

2/12/2013

Network – Cisco IOS SCSEM (XLS)

1.2

9/26/2013

Network – Firewall SCSEM (XLS)

1.2

9/26/2013

Network – Network Assessment SCSEM (XLS)

1.2

9/26/2013

Network – Storage Area Network SCSEM (SAN) (XLS)

1.2

9/26/2013

Network – Virtual Private Network (VPN) SCSEM (XLS)

1.2

9/26/2013

Network – Voice Over Internet Protocol (VoIP) SCSEM (XLS)

1.2

9/26/2013

Network – Wireless Local Area Network (LAN) SCSEM (XLS)

1.2

9/26/2013

Other – Cloud Computing SCSEM (XLS)

1.0

4/1/2013

Other - Oracle Public Sector Revenue Management (PSRM) (formerly Enterprise Taxation and Policy Management (ETPM))

1.1

2/5/2014

Other – Generic Operating System SCSEM (XLS)

1.3

2/12/2013

Other – Mobile Devices SCSEM (XLS)

1.0

4/1/2013

Other – OpenVMS SCSEM (XLS)

1.2

9/26/2013

Other - RSI Revenue Premier

1.0

9/23/2013

Other - Teradata

1.0

9/23/2013

Other – Web Server SCSEM (XLS)

1.3

9/26/2013

UNIX and Linux – Solaris, HP-UX, AIX, Red Hat, SuSE SCSEM (XLS)

1.4

2/12/2013

Virtualization – VMWare ESX 4.x SCSEM (XLS)

1.2

2/12/2013

Virtualization – VMWare ESXi 5.x SCSEM (XLS)

1.1

3/7/2013

Microsoft Windows 7 SCSEM (XLS)

1.2

2/12/2013

Microsoft Windows Server 2003 SCSEM (XLS)

1.2

2/12/2013

Microsoft Windows Server 2008 and 2008 R2 SCSEM (XLS)

1.2

2/12/2013

Microsoft Windows Vista SCSEM (XLS)

1.2

2/12/2013

Microsoft Windows XP SCSEM (XLS)

1.2

2/12/2013

 

Page Last Reviewed or Updated: 25-Mar-2014

The Last Day To File Taxes 2014

Last day to file taxes 2014 Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. Last day to file taxes 2014 Publication 946, How To Depreciate Property, contains information on depreciation. Last day to file taxes 2014 However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Last day to file taxes 2014 The new provisions are in the Supplement to Publication 946, which is reprinted below. Last day to file taxes 2014 Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Last day to file taxes 2014 The new law made several changes in the tax rules explained in the publication. Last day to file taxes 2014 Some of the changes apply to property placed in service during 2001. Last day to file taxes 2014 This supplemental publication describes those changes and explains what you should do if you are affected by them. Last day to file taxes 2014 The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. Last day to file taxes 2014 The new law contains the following provisions. Last day to file taxes 2014 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. Last day to file taxes 2014 An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Last day to file taxes 2014 A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Last day to file taxes 2014 An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Last day to file taxes 2014 If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. Last day to file taxes 2014 If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. Last day to file taxes 2014 See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. Last day to file taxes 2014 Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Last day to file taxes 2014 The allowance is an additional deduction of 30% of the property's depreciable basis. Last day to file taxes 2014 To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Last day to file taxes 2014 See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Last day to file taxes 2014 The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Last day to file taxes 2014 There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Last day to file taxes 2014 In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Last day to file taxes 2014 Example 1. Last day to file taxes 2014 On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Last day to file taxes 2014 You did not elect to claim a section 179 deduction. Last day to file taxes 2014 You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Last day to file taxes 2014 You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Last day to file taxes 2014 Example 2. Last day to file taxes 2014 The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. Last day to file taxes 2014 You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Last day to file taxes 2014 You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Last day to file taxes 2014 Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Last day to file taxes 2014 It is new property of one of the following types. Last day to file taxes 2014 Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Last day to file taxes 2014 See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Last day to file taxes 2014 Water utility property. Last day to file taxes 2014 See 25-year property on page 22 in Publication 946. Last day to file taxes 2014 Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Last day to file taxes 2014 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Last day to file taxes 2014 ) Qualified leasehold improvement property (defined later). Last day to file taxes 2014 It meets the following tests (explained later under Tests To Be Met). Last day to file taxes 2014 Acquisition date test. Last day to file taxes 2014 Placed in service date test. Last day to file taxes 2014 Original use test. Last day to file taxes 2014 It is not excepted property (explained later under Excepted Property). Last day to file taxes 2014 Qualified leasehold improvement property. Last day to file taxes 2014    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. Last day to file taxes 2014 The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Last day to file taxes 2014 That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Last day to file taxes 2014 The improvement is placed in service more than 3 years after the date the building was first placed in service. Last day to file taxes 2014   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Last day to file taxes 2014 The enlargement of the building. Last day to file taxes 2014 Any elevator or escalator. Last day to file taxes 2014 Any structural component benefiting a common area. Last day to file taxes 2014 The internal structural framework of the building. Last day to file taxes 2014   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. Last day to file taxes 2014 However, a binding commitment between related persons is not treated as a lease. Last day to file taxes 2014 Related persons. Last day to file taxes 2014   For this purpose, the following are related persons. Last day to file taxes 2014 Members of an affiliated group. Last day to file taxes 2014 The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). Last day to file taxes 2014 An executor and a beneficiary of the same estate. Last day to file taxes 2014 Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Last day to file taxes 2014 Acquisition date test. Last day to file taxes 2014    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. Last day to file taxes 2014   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. Last day to file taxes 2014 Placed in service date test. Last day to file taxes 2014   Generally, the property must be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Last day to file taxes 2014   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Last day to file taxes 2014 Original use test. Last day to file taxes 2014   The original use of the property must have begun with you after September 10, 2001. Last day to file taxes 2014 “Original use” means the first use to which the property is put, whether or not by you. Last day to file taxes 2014 Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Last day to file taxes 2014 Excepted Property The following property does not qualify for the special depreciation allowance. Last day to file taxes 2014 Property used by any person before September 11, 2001. Last day to file taxes 2014 Property required to be depreciated using ADS. Last day to file taxes 2014 This includes listed property used 50% or less in a qualified business use. Last day to file taxes 2014 Qualified New York Liberty Zone leasehold improvement property (defined next). Last day to file taxes 2014 Qualified New York Liberty Zone leasehold improvement property. Last day to file taxes 2014   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Last day to file taxes 2014 The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Last day to file taxes 2014 The improvement is placed in service after September 10, 2001, and before January 1, 2007. Last day to file taxes 2014 No written binding contract for the improvement was in effect before September 11, 2001. Last day to file taxes 2014 Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Last day to file taxes 2014 If you make this election for any property, it applies to all property in the same property class placed in service during the year. Last day to file taxes 2014 To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Last day to file taxes 2014 When to make election. Last day to file taxes 2014   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Last day to file taxes 2014   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Last day to file taxes 2014 Attach the election statement to the amended return. Last day to file taxes 2014 At the top of the election statement, write “Filed pursuant to section 301. Last day to file taxes 2014 9100–2. Last day to file taxes 2014 ” Revoking an election. Last day to file taxes 2014   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Last day to file taxes 2014 A request to revoke the election is subject to a user fee. Last day to file taxes 2014 Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. Last day to file taxes 2014 The rules apply to returns for the following years. Last day to file taxes 2014 2000 fiscal years that end after September 10, 2001. Last day to file taxes 2014 2001 calendar and fiscal years. Last day to file taxes 2014 Claiming the allowance. Last day to file taxes 2014   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. Last day to file taxes 2014 File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. Last day to file taxes 2014 Write “Filed Pursuant to Rev. Last day to file taxes 2014 Proc. Last day to file taxes 2014 2002–33” at the top of the amended return. Last day to file taxes 2014 File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Last day to file taxes 2014 Your return must be filed by the due date (including extensions). Last day to file taxes 2014 Write “Automatic Change Filed Under Rev. Last day to file taxes 2014 Proc. Last day to file taxes 2014 2002–33” on the appropriate line of Form 3115. Last day to file taxes 2014 You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. Last day to file taxes 2014 For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. Last day to file taxes 2014 Example 1. Last day to file taxes 2014 You are an individual and you use the calendar year. Last day to file taxes 2014 You placed qualified property in service for your business in December 2001. Last day to file taxes 2014 You filed your 2001 income tax return before April 15, 2002. Last day to file taxes 2014 You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Last day to file taxes 2014 You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Last day to file taxes 2014 Proc. Last day to file taxes 2014 2002–33” at the top of the amended return. Last day to file taxes 2014 You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Last day to file taxes 2014 Example 2. Last day to file taxes 2014 The facts concerning your 2001 return are the same as in Example 1. Last day to file taxes 2014 In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Last day to file taxes 2014 You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Last day to file taxes 2014 Proc. Last day to file taxes 2014 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Last day to file taxes 2014 You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Last day to file taxes 2014 Electing not to claim the allowance. Last day to file taxes 2014   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. Last day to file taxes 2014 The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Last day to file taxes 2014 The statement can be either attached to or written on the return. Last day to file taxes 2014 You can, for example, write “not deducting 30%” on Form 4562. Last day to file taxes 2014 Deemed election. Last day to file taxes 2014   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. Last day to file taxes 2014 You will be treated as making the election if you meet both of the following conditions. Last day to file taxes 2014 You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. Last day to file taxes 2014 You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Last day to file taxes 2014 See Claiming the allowance, earlier. Last day to file taxes 2014 Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. Last day to file taxes 2014 Generally, the limit is increased from $3,060 to $7,660. Last day to file taxes 2014 However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). Last day to file taxes 2014 Table 1 shows the maximum deduction amounts for 2001. Last day to file taxes 2014 Table 1. Last day to file taxes 2014 Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Last day to file taxes 2014 11 Placed in Service After Sept. Last day to file taxes 2014 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. Last day to file taxes 2014 Election not to claim the allowance. Last day to file taxes 2014   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. Last day to file taxes 2014 New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Last day to file taxes 2014 They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. Last day to file taxes 2014 Area defined. Last day to file taxes 2014   The New York Liberty Zone is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York, New York. Last day to file taxes 2014 Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. Last day to file taxes 2014 The allowance is an additional deduction of 30% of the property's depreciable basis. Last day to file taxes 2014 To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Last day to file taxes 2014 See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Last day to file taxes 2014 The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Last day to file taxes 2014 There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Last day to file taxes 2014 In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Last day to file taxes 2014 You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Last day to file taxes 2014 Qualified property is eligible for only one special depreciation allowance. Last day to file taxes 2014 Example 1. Last day to file taxes 2014 On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. Last day to file taxes 2014 You did not elect to claim a section 179 deduction. Last day to file taxes 2014 You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Last day to file taxes 2014 You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Last day to file taxes 2014 Example 2. Last day to file taxes 2014 The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. Last day to file taxes 2014 (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Last day to file taxes 2014 You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Last day to file taxes 2014 You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Last day to file taxes 2014 Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. Last day to file taxes 2014 It is one of the following types of property. Last day to file taxes 2014 Used property depreciated under MACRS with a recovery period of 20 years or less. Last day to file taxes 2014 See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Last day to file taxes 2014 Used water utility property. Last day to file taxes 2014 See 25-year property on page 22 in Publication 946. Last day to file taxes 2014 Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Last day to file taxes 2014 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Last day to file taxes 2014 ) Certain nonresidential real property and residential rental property (defined later). Last day to file taxes 2014 It meets the following tests (explained later under Tests to be met). Last day to file taxes 2014 Acquisition date test. Last day to file taxes 2014 Placed in service date test. Last day to file taxes 2014 Substantial use test. Last day to file taxes 2014 Original use test. Last day to file taxes 2014 It is not excepted property (explained later under Excepted property). Last day to file taxes 2014 Nonresidential real property and residential rental property. Last day to file taxes 2014   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. Last day to file taxes 2014 Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. Last day to file taxes 2014   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. Last day to file taxes 2014 Otherwise, the property is considered damaged real property. Last day to file taxes 2014 For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. Last day to file taxes 2014 Tests to be met. Last day to file taxes 2014   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Last day to file taxes 2014 Acquisition date test. Last day to file taxes 2014   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. Last day to file taxes 2014   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Last day to file taxes 2014   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. Last day to file taxes 2014 Placed in service date test. Last day to file taxes 2014   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). Last day to file taxes 2014   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Last day to file taxes 2014 Substantial use test. Last day to file taxes 2014   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. Last day to file taxes 2014 Original use test. Last day to file taxes 2014   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Last day to file taxes 2014   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Last day to file taxes 2014 Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. Last day to file taxes 2014 Excepted property. Last day to file taxes 2014   The following property does not qualify for the special Liberty Zone depreciation allowance. Last day to file taxes 2014 Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Last day to file taxes 2014 Property required to be depreciated using ADS. Last day to file taxes 2014 This includes listed property used 50% or less in a qualified business use. Last day to file taxes 2014 Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Last day to file taxes 2014 Example. Last day to file taxes 2014 In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Last day to file taxes 2014 New office furniture with a MACRS recovery period of 7 years. Last day to file taxes 2014 A used computer with a MACRS recovery period of 5 years. Last day to file taxes 2014 The computer had not previously been used within the Liberty Zone. Last day to file taxes 2014 Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Last day to file taxes 2014 Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. Last day to file taxes 2014 Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Last day to file taxes 2014 If you make this election for any property, it applies to all property in the same property class placed in service during the year. Last day to file taxes 2014 To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Last day to file taxes 2014 When to make the election. Last day to file taxes 2014   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Last day to file taxes 2014   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Last day to file taxes 2014 Attach the election statement to the amended return. Last day to file taxes 2014 At the top of the election statement, write “Filed pursuant to section 301. Last day to file taxes 2014 9100–2. Last day to file taxes 2014 ” Revoking an election. Last day to file taxes 2014   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Last day to file taxes 2014 A request to revoke the election is subject to a user fee. Last day to file taxes 2014 Returns filed before June 1, 2002. Last day to file taxes 2014   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. Last day to file taxes 2014 Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Last day to file taxes 2014 For tax years beginning in 2000, that limit was $20,000. Last day to file taxes 2014 For tax years beginning in 2001 and 2002, that limit is generally $24,000. Last day to file taxes 2014 If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. Last day to file taxes 2014 Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Last day to file taxes 2014 The increase is the smaller of the following amounts. Last day to file taxes 2014 $35,000. Last day to file taxes 2014 The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Last day to file taxes 2014 If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. Last day to file taxes 2014 Qualified property. Last day to file taxes 2014   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. Last day to file taxes 2014 Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Last day to file taxes 2014 Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Last day to file taxes 2014 For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. Last day to file taxes 2014 Example 1. Last day to file taxes 2014 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Last day to file taxes 2014 Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). Last day to file taxes 2014 Example 2. Last day to file taxes 2014 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Last day to file taxes 2014 Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). Last day to file taxes 2014 Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. Last day to file taxes 2014 However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. Last day to file taxes 2014 Example. Last day to file taxes 2014 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Last day to file taxes 2014 Your increased dollar limit is $59,000 ($35,000 + $24,000). Last day to file taxes 2014 Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). Last day to file taxes 2014 Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. Last day to file taxes 2014 Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. Last day to file taxes 2014 This rule applies to returns for the following years. Last day to file taxes 2014 2000 fiscal years that end after September 10, 2001. Last day to file taxes 2014 2001 calendar and fiscal years. Last day to file taxes 2014 On the amended return, write “Filed Pursuant to Rev. Last day to file taxes 2014 Proc. Last day to file taxes 2014 2002–33. Last day to file taxes 2014 ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Last day to file taxes 2014 This means that it is depreciated over a recovery period of 5 years. Last day to file taxes 2014 For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Last day to file taxes 2014 The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Last day to file taxes 2014 Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Last day to file taxes 2014 Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. Last day to file taxes 2014 Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Last day to file taxes 2014 Your 2001 calendar or fiscal year return. Last day to file taxes 2014 On the amended return, write “Filed Pursuant to Rev. Last day to file taxes 2014 Proc. Last day to file taxes 2014 2002–33. Last day to file taxes 2014 ” Table 2. Last day to file taxes 2014 Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. Last day to file taxes 2014 See the text for definitions and examples. Last day to file taxes 2014 Do not rely on this chart alone. Last day to file taxes 2014 IF you want to. Last day to file taxes 2014 . Last day to file taxes 2014 . Last day to file taxes 2014 THEN you. Last day to file taxes 2014 . Last day to file taxes 2014 . Last day to file taxes 2014 BY. Last day to file taxes 2014 . Last day to file taxes 2014 . Last day to file taxes 2014 claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. Last day to file taxes 2014 elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). Last day to file taxes 2014 deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. Last day to file taxes 2014 use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. Last day to file taxes 2014 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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