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How To File An Ammended Return

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How To File An Ammended Return

How to file an ammended return 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. How to file an ammended return Publication 946, How To Depreciate Property, contains information on depreciation. How to file an ammended return However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. How to file an ammended return The new provisions are in the Supplement to Publication 946, which is reprinted below. How to file an ammended return 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. How to file an ammended return The new law made several changes in the tax rules explained in the publication. How to file an ammended return Some of the changes apply to property placed in service during 2001. How to file an ammended return This supplemental publication describes those changes and explains what you should do if you are affected by them. How to file an ammended return 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. How to file an ammended return The new law contains the following provisions. How to file an ammended return 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. How to file an ammended return An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. How to file an ammended return A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. How to file an ammended return An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. How to file an ammended return 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. How to file an ammended return 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. How to file an ammended return 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. How to file an ammended return Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. How to file an ammended return The allowance is an additional deduction of 30% of the property's depreciable basis. How to file an ammended return 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. How to file an ammended return See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. How to file an ammended return The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. How to file an ammended return There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. How to file an ammended return 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. How to file an ammended return Example 1. How to file an ammended return On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. How to file an ammended return You did not elect to claim a section 179 deduction. How to file an ammended return You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. How to file an ammended return You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. How to file an ammended return Example 2. How to file an ammended return 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. How to file an ammended return You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). How to file an ammended return You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. How to file an ammended return Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. How to file an ammended return It is new property of one of the following types. How to file an ammended return Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. How to file an ammended return See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. How to file an ammended return Water utility property. How to file an ammended return See 25-year property on page 22 in Publication 946. How to file an ammended return Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. How to file an ammended return (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. How to file an ammended return ) Qualified leasehold improvement property (defined later). How to file an ammended return It meets the following tests (explained later under Tests To Be Met). How to file an ammended return Acquisition date test. How to file an ammended return Placed in service date test. How to file an ammended return Original use test. How to file an ammended return It is not excepted property (explained later under Excepted Property). How to file an ammended return Qualified leasehold improvement property. How to file an ammended return    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. How to file an ammended return 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. How to file an ammended return That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. How to file an ammended return The improvement is placed in service more than 3 years after the date the building was first placed in service. How to file an ammended return   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. How to file an ammended return The enlargement of the building. How to file an ammended return Any elevator or escalator. How to file an ammended return Any structural component benefiting a common area. How to file an ammended return The internal structural framework of the building. How to file an ammended return   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. How to file an ammended return However, a binding commitment between related persons is not treated as a lease. How to file an ammended return Related persons. How to file an ammended return   For this purpose, the following are related persons. How to file an ammended return Members of an affiliated group. How to file an ammended return 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). How to file an ammended return An executor and a beneficiary of the same estate. How to file an ammended return Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. How to file an ammended return Acquisition date test. How to file an ammended return    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. How to file an ammended return   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. How to file an ammended return Placed in service date test. How to file an ammended return   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. How to file an ammended return   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. How to file an ammended return Original use test. How to file an ammended return   The original use of the property must have begun with you after September 10, 2001. How to file an ammended return “Original use” means the first use to which the property is put, whether or not by you. How to file an ammended return Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. How to file an ammended return Excepted Property The following property does not qualify for the special depreciation allowance. How to file an ammended return Property used by any person before September 11, 2001. How to file an ammended return Property required to be depreciated using ADS. How to file an ammended return This includes listed property used 50% or less in a qualified business use. How to file an ammended return Qualified New York Liberty Zone leasehold improvement property (defined next). How to file an ammended return Qualified New York Liberty Zone leasehold improvement property. How to file an ammended return   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. How to file an ammended return The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). How to file an ammended return The improvement is placed in service after September 10, 2001, and before January 1, 2007. How to file an ammended return No written binding contract for the improvement was in effect before September 11, 2001. How to file an ammended return Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. How to file an ammended return If you make this election for any property, it applies to all property in the same property class placed in service during the year. How to file an ammended return 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. How to file an ammended return When to make election. How to file an ammended return   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. How to file an ammended return   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). How to file an ammended return Attach the election statement to the amended return. How to file an ammended return At the top of the election statement, write “Filed pursuant to section 301. How to file an ammended return 9100–2. How to file an ammended return ” Revoking an election. How to file an ammended return   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. How to file an ammended return A request to revoke the election is subject to a user fee. How to file an ammended return 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. How to file an ammended return The rules apply to returns for the following years. How to file an ammended return 2000 fiscal years that end after September 10, 2001. How to file an ammended return 2001 calendar and fiscal years. How to file an ammended return Claiming the allowance. How to file an ammended return   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. How to file an ammended return 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. How to file an ammended return Write “Filed Pursuant to Rev. How to file an ammended return Proc. How to file an ammended return 2002–33” at the top of the amended return. How to file an ammended return File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. How to file an ammended return Your return must be filed by the due date (including extensions). How to file an ammended return Write “Automatic Change Filed Under Rev. How to file an ammended return Proc. How to file an ammended return 2002–33” on the appropriate line of Form 3115. How to file an ammended return 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. How to file an ammended return 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. How to file an ammended return Example 1. How to file an ammended return You are an individual and you use the calendar year. How to file an ammended return You placed qualified property in service for your business in December 2001. How to file an ammended return You filed your 2001 income tax return before April 15, 2002. How to file an ammended return You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. How to file an ammended return You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. How to file an ammended return Proc. How to file an ammended return 2002–33” at the top of the amended return. How to file an ammended return You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. How to file an ammended return Example 2. How to file an ammended return The facts concerning your 2001 return are the same as in Example 1. How to file an ammended return In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. How to file an ammended return You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. How to file an ammended return Proc. How to file an ammended return 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. How to file an ammended return You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. How to file an ammended return Electing not to claim the allowance. How to file an ammended return   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. How to file an ammended return The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. How to file an ammended return The statement can be either attached to or written on the return. How to file an ammended return You can, for example, write “not deducting 30%” on Form 4562. How to file an ammended return Deemed election. How to file an ammended return   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. How to file an ammended return You will be treated as making the election if you meet both of the following conditions. How to file an ammended return 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. How to file an ammended return You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. How to file an ammended return See Claiming the allowance, earlier. How to file an ammended return 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. How to file an ammended return Generally, the limit is increased from $3,060 to $7,660. How to file an ammended return 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). How to file an ammended return Table 1 shows the maximum deduction amounts for 2001. How to file an ammended return Table 1. How to file an ammended return Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. How to file an ammended return 11 Placed in Service After Sept. How to file an ammended return 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. How to file an ammended return Election not to claim the allowance. How to file an ammended return   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. How to file an ammended return New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). How to file an ammended return 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. How to file an ammended return Area defined. How to file an ammended return   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. How to file an ammended return 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. How to file an ammended return The allowance is an additional deduction of 30% of the property's depreciable basis. How to file an ammended return 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. How to file an ammended return See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. How to file an ammended return The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. How to file an ammended return There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. How to file an ammended return 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. How to file an ammended return 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. How to file an ammended return Qualified property is eligible for only one special depreciation allowance. How to file an ammended return Example 1. How to file an ammended return 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. How to file an ammended return You did not elect to claim a section 179 deduction. How to file an ammended return You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. How to file an ammended return You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. How to file an ammended return Example 2. How to file an ammended return 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. How to file an ammended return (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). How to file an ammended return You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). How to file an ammended return You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. How to file an ammended return 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. How to file an ammended return It is one of the following types of property. How to file an ammended return Used property depreciated under MACRS with a recovery period of 20 years or less. How to file an ammended return See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. How to file an ammended return Used water utility property. How to file an ammended return See 25-year property on page 22 in Publication 946. How to file an ammended return Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. How to file an ammended return (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. How to file an ammended return ) Certain nonresidential real property and residential rental property (defined later). How to file an ammended return It meets the following tests (explained later under Tests to be met). How to file an ammended return Acquisition date test. How to file an ammended return Placed in service date test. How to file an ammended return Substantial use test. How to file an ammended return Original use test. How to file an ammended return It is not excepted property (explained later under Excepted property). How to file an ammended return Nonresidential real property and residential rental property. How to file an ammended return   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. How to file an ammended return 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. How to file an ammended return   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. How to file an ammended return Otherwise, the property is considered damaged real property. How to file an ammended return 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. How to file an ammended return Tests to be met. How to file an ammended return   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. How to file an ammended return Acquisition date test. How to file an ammended return   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. How to file an ammended return   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. How to file an ammended return   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. How to file an ammended return Placed in service date test. How to file an ammended return   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). How to file an ammended return   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. How to file an ammended return Substantial use test. How to file an ammended return   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. How to file an ammended return Original use test. How to file an ammended return   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. How to file an ammended return   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. How to file an ammended return 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. How to file an ammended return Excepted property. How to file an ammended return   The following property does not qualify for the special Liberty Zone depreciation allowance. How to file an ammended return Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. How to file an ammended return Property required to be depreciated using ADS. How to file an ammended return This includes listed property used 50% or less in a qualified business use. How to file an ammended return Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). How to file an ammended return Example. How to file an ammended return In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. How to file an ammended return New office furniture with a MACRS recovery period of 7 years. How to file an ammended return A used computer with a MACRS recovery period of 5 years. How to file an ammended return The computer had not previously been used within the Liberty Zone. How to file an ammended return Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. How to file an ammended return 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. How to file an ammended return Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. How to file an ammended return If you make this election for any property, it applies to all property in the same property class placed in service during the year. How to file an ammended return 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. How to file an ammended return When to make the election. How to file an ammended return   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. How to file an ammended return   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). How to file an ammended return Attach the election statement to the amended return. How to file an ammended return At the top of the election statement, write “Filed pursuant to section 301. How to file an ammended return 9100–2. How to file an ammended return ” Revoking an election. How to file an ammended return   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. How to file an ammended return A request to revoke the election is subject to a user fee. How to file an ammended return Returns filed before June 1, 2002. How to file an ammended return   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. How to file an ammended return 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. How to file an ammended return For tax years beginning in 2000, that limit was $20,000. How to file an ammended return For tax years beginning in 2001 and 2002, that limit is generally $24,000. How to file an ammended return 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. How to file an ammended return Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. How to file an ammended return The increase is the smaller of the following amounts. How to file an ammended return $35,000. How to file an ammended return The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. How to file an ammended return 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. How to file an ammended return Qualified property. How to file an ammended return   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. How to file an ammended return Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. How to file an ammended return Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. How to file an ammended return 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. How to file an ammended return Example 1. How to file an ammended return In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. How to file an ammended return 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). How to file an ammended return Example 2. How to file an ammended return In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. How to file an ammended return 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). How to file an ammended return 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. How to file an ammended return 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. How to file an ammended return Example. How to file an ammended return In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. How to file an ammended return Your increased dollar limit is $59,000 ($35,000 + $24,000). How to file an ammended return 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). How to file an ammended return 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. How to file an ammended return 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. How to file an ammended return This rule applies to returns for the following years. How to file an ammended return 2000 fiscal years that end after September 10, 2001. How to file an ammended return 2001 calendar and fiscal years. How to file an ammended return On the amended return, write “Filed Pursuant to Rev. How to file an ammended return Proc. How to file an ammended return 2002–33. How to file an ammended return ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. How to file an ammended return This means that it is depreciated over a recovery period of 5 years. How to file an ammended return For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. How to file an ammended return The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. How to file an ammended return Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. How to file an ammended return 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. How to file an ammended return Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). How to file an ammended return Your 2001 calendar or fiscal year return. How to file an ammended return On the amended return, write “Filed Pursuant to Rev. How to file an ammended return Proc. How to file an ammended return 2002–33. How to file an ammended return ” Table 2. How to file an ammended return 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. How to file an ammended return See the text for definitions and examples. How to file an ammended return Do not rely on this chart alone. How to file an ammended return IF you want to. How to file an ammended return . How to file an ammended return . How to file an ammended return THEN you. How to file an ammended return . How to file an ammended return . How to file an ammended return BY. How to file an ammended return . How to file an ammended return . How to file an ammended return 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. How to file an ammended return 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). How to file an ammended return 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. How to file an ammended return 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. How to file an ammended return 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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Security Forms

IRS Contractor Investigation Risk Assessment Checklist (RAC)

IRS contractors who require a background investigation prior to starting work on an IRS contract must complete the RAC xls spreadsheet. The spreadsheet is completed by the vendor and individual contractor, and should be forwarded to both the COTR of record and the Contractor Security Lifecycle Program (CSLP) office.

All fields on Tab 1 of the RAC must be completed. Tab 2 contains instructions for each field. The spreadsheet contains a variety of information required for entry into various IRS systems to initiate and/or update the contractor investigation. These systems include but are not limited to:

• PBIP (PIV Background Investigation Process) – the contractor lifecycle tracking system, which tracks personal, investigation, training, badge, and separation information.
• USAccess – government-wide system used to submit fingerprints to OPM for a criminal check.
• ABIS (Automated Background Investigation System) – the system used to initiate the actual IRS investigation.
• e-QIP – the OPM  system used to complete the SF85 or SF85P (Questionnaire for Public Trust Positions)

Other forms that may be required prior to the investigation initiation may include the Fair Credit Reporting Act (Form 13440), Tax Check Notice (Form 1379), and the Declaration for Federal Employment (OF 0306).  You will be notified regarding which forms are required when you are contacted about initiating investigations for a specific contract with the IRS.  

If you have questions or concerns please contact Contractor Security Lifecycle Program office.  Be sure to include the Contracting Officer’s Technical Representative (COTR) on any questions or communications with CSLP.

Risk Assessment Spreadsheet
13340 - Fair Credit Reporting Act
1379 - Tax Record Check Notice
OF-306 - Declaration for Federal Employment
Page Last Reviewed or Updated: 03-Feb-2014

The How To File An Ammended Return

How to file an ammended return 11. How to file an ammended return   How To Get Tax Help Table of Contents Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. How to file an ammended return Free help with your tax return. How to file an ammended return   You can get free help preparing your return nationwide from IRS-certified volunteers. How to file an ammended return The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. How to file an ammended return The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. How to file an ammended return Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. How to file an ammended return In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. How to file an ammended return To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. How to file an ammended return gov, download the IRS2Go app, or call 1-800-906-9887. How to file an ammended return   As part of the TCE program, AARP offers the Tax-Aide counseling program. How to file an ammended return To find the nearest AARP Tax-Aide site, visit AARP's website at www. How to file an ammended return aarp. How to file an ammended return org/money/taxaide or call 1-888-227-7669. How to file an ammended return For more information on these programs, go to IRS. How to file an ammended return gov and enter “VITA” in the search box. How to file an ammended return Internet. How to file an ammended return    IRS. How to file an ammended return gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. How to file an ammended return Download the free IRS2Go app from the iTunes app store or from Google Play. How to file an ammended return Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. How to file an ammended return Check the status of your 2013 refund with the Where's My Refund? application on IRS. How to file an ammended return gov or download the IRS2Go app and select the Refund Status option. How to file an ammended return The IRS issues more than 9 out of 10 refunds in less than 21 days. How to file an ammended return Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. How to file an ammended return You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. How to file an ammended return The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. How to file an ammended return Use the Interactive Tax Assistant (ITA) to research your tax questions. How to file an ammended return No need to wait on the phone or stand in line. How to file an ammended return The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. How to file an ammended return When you reach the response screen, you can print the entire interview and the final response for your records. How to file an ammended return New subject areas are added on a regular basis. How to file an ammended return  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. How to file an ammended return gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. How to file an ammended return You can use the IRS Tax Map, to search publications and instructions by topic or keyword. How to file an ammended return The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. How to file an ammended return When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. How to file an ammended return Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. How to file an ammended return You can also ask the IRS to mail a return or an account transcript to you. How to file an ammended return Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. How to file an ammended return gov or by calling 1-800-908-9946. How to file an ammended return Tax return and tax account transcripts are generally available for the current year and the past three years. How to file an ammended return Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. How to file an ammended return Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. How to file an ammended return If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. How to file an ammended return Check the status of your amended return using Where's My Amended Return? Go to IRS. How to file an ammended return gov and enter Where's My Amended Return? in the search box. How to file an ammended return You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. How to file an ammended return It can take up to 3 weeks from the date you mailed it to show up in our system. How to file an ammended return Make a payment using one of several safe and convenient electronic payment options available on IRS. How to file an ammended return gov. How to file an ammended return Select the Payment tab on the front page of IRS. How to file an ammended return gov for more information. How to file an ammended return Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. How to file an ammended return Figure your income tax withholding with the IRS Withholding Calculator on IRS. How to file an ammended return gov. How to file an ammended return Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. How to file an ammended return Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. How to file an ammended return gov. How to file an ammended return Request an Electronic Filing PIN by going to IRS. How to file an ammended return gov and entering Electronic Filing PIN in the search box. How to file an ammended return Download forms, instructions and publications, including accessible versions for people with disabilities. How to file an ammended return Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. How to file an ammended return gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. How to file an ammended return An employee can answer questions about your tax account or help you set up a payment plan. How to file an ammended return Before you visit, check the Office Locator on IRS. How to file an ammended return gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. How to file an ammended return If you have a special need, such as a disability, you can request an appointment. How to file an ammended return Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. How to file an ammended return Apply for an Employer Identification Number (EIN). How to file an ammended return Go to IRS. How to file an ammended return gov and enter Apply for an EIN in the search box. How to file an ammended return Read the Internal Revenue Code, regulations, or other official guidance. How to file an ammended return Read Internal Revenue Bulletins. How to file an ammended return Sign up to receive local and national tax news and more by email. How to file an ammended return Just click on “subscriptions” above the search box on IRS. How to file an ammended return gov and choose from a variety of options. How to file an ammended return Phone. How to file an ammended return    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. How to file an ammended return Download the free IRS2Go app from the iTunes app store or from Google Play. How to file an ammended return Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. How to file an ammended return gov, or download the IRS2Go app. How to file an ammended return Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. How to file an ammended return The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. How to file an ammended return Most VITA and TCE sites offer free electronic filing. How to file an ammended return Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. How to file an ammended return Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. How to file an ammended return Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. How to file an ammended return If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. How to file an ammended return The IRS issues more than 9 out of 10 refunds in less than 21 days. How to file an ammended return Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. How to file an ammended return Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. How to file an ammended return The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. How to file an ammended return Note, the above information is for our automated hotline. How to file an ammended return Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. How to file an ammended return Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. How to file an ammended return You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. How to file an ammended return It can take up to 3 weeks from the date you mailed it to show up in our system. How to file an ammended return Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). How to file an ammended return You should receive your order within 10 business days. How to file an ammended return Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. How to file an ammended return If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. How to file an ammended return Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. How to file an ammended return The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. How to file an ammended return These individuals can also contact the IRS through relay services such as the Federal Relay Service. How to file an ammended return Walk-in. How to file an ammended return   You can find a selection of forms, publications and services — in-person. How to file an ammended return Products. How to file an ammended return You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. How to file an ammended return Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. How to file an ammended return Services. How to file an ammended return You can walk in to your local TAC for face-to-face tax help. How to file an ammended return An employee can answer questions about your tax account or help you set up a payment plan. How to file an ammended return Before visiting, use the Office Locator tool on IRS. How to file an ammended return gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. How to file an ammended return Mail. How to file an ammended return   You can send your order for forms, instructions, and publications to the address below. How to file an ammended return You should receive a response within 10 business days after your request is received. How to file an ammended return Internal Revenue Service 1201 N. How to file an ammended return Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. How to file an ammended return The Taxpayer Advocate Service (TAS) is your voice at the IRS. How to file an ammended return Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. How to file an ammended return   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. How to file an ammended return We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. How to file an ammended return You face (or your business is facing) an immediate threat of adverse action. How to file an ammended return You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. How to file an ammended return   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. How to file an ammended return Here's why we can help: TAS is an independent organization within the IRS. How to file an ammended return Our advocates know how to work with the IRS. How to file an ammended return Our services are free and tailored to meet your needs. How to file an ammended return We have offices in every state, the District of Columbia, and Puerto Rico. How to file an ammended return   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. How to file an ammended return   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. How to file an ammended return If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. How to file an ammended return Low Income Taxpayer Clinics. How to file an ammended return   Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. How to file an ammended return Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. How to file an ammended return Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. How to file an ammended return Prev  Up  Next   Home   More Online Publications