STRATEGIC ISSUES...ONLINE
For week of March 21,
2005, Issue #204
Featured Articles:
1. Vehicle Depreciation
Deduction Limits
2. What is Phishing?
3. Tech Tip Weekly: 10 Tips
for Effective Software Asset
Management
4. Compliance Calendar
1. Vehicle Depreciation
Deduction Limits
Tables indicating limitations
on depreciation deductions for
owners of passenger
automobiles, including
electric automobiles, trucks
and vans first placed in
service during calendar year
2005, have been issued by the
IRS. Also provided are tables
indicating the amounts to be
included in income for
vehicles first leased during
calendar year 2005.
For passenger automobiles
first placed in service in
2005, the depreciation
limitations for the three tax
years are $2,960, $4,700 and
$2,850, respectively. The
limitation is $1,675 for each
year thereafter. For trucks
and vans first placed in
service in 2005, the
depreciation limitations for
the three tax years are
$3,260, $5,200 and $3,150,
respectively. The limitation
is $1,875 for each year
thereafter. For electric
automobiles first placed in
service in 2005, the
depreciation limitations for
the three tax years are
$8,880, $14,200 and $8,450,
respectively. The limitation
is $5,125 for each year
thereafter.
Please call us if you leased a
new vehicle in 2005 and need
to know the lease inclusion
income amount.
2. What is Phishing?
“Phishing” is a form of
e-mail fraud. Criminals create
e-mails and websites that
closely resemble those of
legitimate companies. Their
goal is to entice you to
provide them with personal
information they can then use
to gain access to your assets
or other sensitive data.
One of the most common methods
is to e-mail a link to a
website that “spoofs” a
legitimate company’s site.
There, they hope to trick you
into entering your login
information. Once a criminal
has successfully “phished”
information from you and/or
your account, he/she can use
that information to steal your
money and your identity.
3. Tech Tip
Weekly: 10 Tips for Effective
Software Asset Management
Numbers 6. through 10.
(including some as suggested
by BSA Business Software
Alliance group):
6. Obtain original materials,
such as manuals, registration
cards, license agreements and
receipts with each purchase
and keep them in a centralized
file or location.
7. Have a clear policy on
Internet usage, including the
uploading and downloading of
software, and enforce it.
8. Establish a regularly
scheduled audit of the
company's software assets.
Know what programs reside on
your computers and network at
all times.
10. Remember that software
piracy is illegal and can
carry significant
consequences.
[Numbers 1. through 5. were
last week.]
4. Compliance
Calendar
March 23
-Employers deposit Social
Security, Medicare and
withheld income tax for
payments on March 16, 17, and
18.
March 25
-Employers deposit Social
Security, Medicare, and
withheld income tax for
payments on March 19, 20, 21,
and 22.
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has been compiled by
Prangley Marks, LLP
for our clients and
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persons. The
information presented
may or may not apply
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circumstances and
should not be acted
upon without
professional advice.
Prangley Marks, LLP
Accountants and Consultants
"The Way We Figure, We Are The Only CPA Firm You Will Ever Need"
333 Bridge Street, NW, 11th Floor Bridgewater Place, Grand Rapids, MI 49504-5356
Phone#: 616-774-9004, Fax#: 616-774-9081
