Gimme Shelter Uncle Sam can't solve your Y2K problems, but new tax deductions may make it easier to afford the protection you need.
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Making sure your company is Y2K-prepared doesn't start andend with updating your computer systems. You can also reap taxsavings for making those corrections and adjustments. The IRSrecently issued an announcement indicating that companies candeduct the cost of modifying or converting their existing softwareto make it Y2K-compliant.
The new IRS provision includes the costs of using eitherin-house personnel or an outside firm to search through thesoftware code and fix any date-related problems within existingsoftware programs. It's important to keep in mind, however,that the announcement doesn't cover the purchase of newsoftware or hardware, says Gary Juhnke, a CPA and tax partner withDeloitte & Touche LLP. Different tax provisions apply in thosecases, as we discuss later in this column.
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