Taxpayers use Form 4562 to: (1 claim a deduction for depreciation and/or amortization; (2) make a section 179 election to expense depreciable assets; and (3) answer questions regarding the use of automobiles and other listed property to substantiate the business use under section 274(d).
US Code:
26 USC 179
Name of Law: Election to expense certain depreciable business assets
US Code:
26 USC 274(d)
Name of Law: Disallowance of certain entertainment, etc., expenses
PL: Pub.L. 111 - 5 1201(b)(1)(B) Name of Law: American Recovery and Reinvestment Act
PL: Pub.L. 111 - 5 1201(a) Name of Law: American Recovery and Reinvestment Act
PL: Pub.L. 111 - 5 1201(b)(1) (A) Name of Law: American Recovery and Reinvestment Act
1) P.L. 111-5 section 1201(a) extended IRC section 168(k)(2) to include property placed in service before January 1, 2010. It extends a provision that allows taxpayers the ability to take a special depreciation allowance on the certain qualified property in addition to the depreciation deduction they normally take under the Modified Accelerated Cost Recovery System (MACRS). The impact to the filings of the 2008 Form 4562 would only affect fiscal year taxpayers whose tax years begin in 2008 and end in 2009. Therefore, we anticipate there would be no expected increase or decrease in the number of filers of the 2008 Form 4562 with this change.
2) P.L. 111-5 section 1201(b)(1)(A) extended IRC section 168(k)(4) to include property placed in service before January 1, 2010, for eligible qualified property (January 1, 2011, for certain aircraft and property with a long production period). This extension affects Forms 3800 and 8827 in making the election to accelerate research and minimum tax credits in lieu of special depreciation allowance during fiscal year 2008, not Form 4562. No expected increase or decrease in the filing of the 2008 Form 4562 with this change.
3) P.L. 111-5 section 1201(b)(1)(B) added new IRC section 168(k)(4)(H) which added special rules for extension property. As with item (2) above, the affects are seen on Forms 3800 and 8827 and not Form 4562. No expected increase or decrease in the filing of the 2008 Form 4562 with this change.
4) We added references to Revenue Procedures 2008-65 and 2009-16 to provide additional guidance in making the above mentioned election to accelerate certain credits in lieu of taking a special depreciation allowance. No expected increase or decrease in the filing of the 2008 Form 4562 with this change.
5) We updated the IRC section 280F limitation amounts for passenger automobiles and trucks and vans placed in service in 2009. The instructions usually advise taxpayers to research these limits themselves in the Internal Revenue Bulletins until the 2009 Instructions for Form 4562 are released in the latter part of 2009. This information would only affect fiscal year taxpayers whose tax years begin in 2008 and end in 2009. No expected increase or decrease in the filing of the 2008 Form 4562 with this change.
$39,100
No
No
Uncollected
Uncollected
Yes
Uncollected
Doris Williams 202 283-0413
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form 4562 Depreciation and Amortization (Including Information on Listed Property(
SSNFORM[1].doc
2009 Burden.PDF
Depreciation and Amortization (Including Information on Listed Property(