Federal 2010: New Restaurant Property and/or Improvements Including Land
Certain customers, who had new restaurant property including land, may have filed an incorrect tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed a tax return prior to January 20, 2011, AND
- You had new restaurant property and/or improvements to the restaurant that included land, AND
- Your depreciation on Form 4562 included the total amount (restaurant and land).
If you are affected, you may have underpaid your federal tax. You will need to amend your federal tax return and may possibly need to amend your state tax return.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal 2010: New Restaurant Property and/or Improvements.