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  • 5 Reasons to Download the Latest Version of Sage Fixed Assets

    The Sage Fixed Assets team has been busy adding features, improving performance, and updating tax laws to Sage Fixed Assets Depreciation as well as Planning, Tracking, and Reporting. When is the last time you updated your Sage Fixed Assets software? If…

  • IRS Releases Qualified Improvement Property (QIP) Guidance

    Overview

    The IRS has issued guidance to address legislative changes in the CARES Act. QIP placed in service in 2018 and later is now eligible for bonus depreciation and has a GDS life of 15 years (20-years ADS).

    The CARES Act, signed into law on March…

  • How the CARES Act Changes QIP and Tax Returns

    Note:  This article is not meant to offer tax advice, nor is it meant to be taken as such.  Due to conditions caused by the coronavirus, updates to tax regulations and laws can occur at any time. As always, contact your tax advisor for specific information…

  • Passenger Vehicles: Actual Costs vs Standard Mileage

    Owning and using a vehicle in a business is very complicated when it comes to determining deductible expenses for tax purposes. It involves categorizing the vehicle in the right class (luxury auto, light truck and van, SUV or other); choosing the right…

  • Luxury Auto, Light Trucks and Vans Safe Harbor Rule Changes

    Luxury Auto, Light Trucks and Vans Safe Harbor Rule Changes

    With all the changes from the Tax Cut and Jobs Act (TCJA) of 2017, the IRS caught up one more piece of housekeeping on February 13, 2019 by issuing Rev. Proc. 2019-13. This is the long-awaited…

  • Sage Fixed Assets: A Great 2019 with More Coming in 2020

    Every year the Sage Fixed Assets team strives to bring you features, enhancements, and updates in our products to improve your ability to bring value and efficiency to your organization. Partly driven by customer requests and partly by tax changes, 2019…

  • Tax Depreciation for Autos With Bonus

    I have 3 questions related to this topic.

    1. Our company's tax advisor says that for luxury automobiles that have 100% Bonus (e.g. $18,000 for a car purchased in '18), they should have no more tax depreciation on them till year 7.  The way Sage software…
  • Import assets from newly acquired company

    Hello,  I am trying to import assets from a newly acquired company.  I received an excel file that contains all the critical fields.  It also contains a field for assets that have taken 179 bonus depreciation at 100% and some assets with 50% bonus.  These…

  • Luxury auto calcs wrong in years subsequent to a section 168 bonus election

    Bonus Depreciation on luxury autos. I have posted on this site regarding this issue before yet after 3 years, I still cannot get a straight answer. For a luxury auto placed in service in years with 50% bonus depreciation, the allowable section 168 bonus…

  • Bonus depreciation in version 2016.1

    We upgraded to version 2016.1 today.  At the end of 2015, we were told this upgrade would reflect the tax law passed in December 2015 that resurrected bonus depreciation.  Unfortunately, the software is still not calculating bonus depreciation on a luxury…

  • Section 168 bonus depreciation on luxury autos

    I know the final update reflecting 2015 tax law will not be released until version 2016.1 in early February 2016.  However, Bill and Lovisa have advised on this forum that updating depreciation methods in the TAX and AMT books to MA200 or MA150 will reflect…

  • Custom import: assets with 100% bonus

    I'm working on a custom import and I am having trouble with the beginning accumulated for assets with 100% Bonus depreciation. The field will not accept "0" but it also won't let me leave it blank or enter a value higher than "0" because it will then…

  • Is it really a good idea to extend bonus depreciation?

    There has been much talk in the last several months about the 50 plus tax provisions that expired at the end of 2013. (Be sure and follow my General Accounting blog on this site for more news on the extenders!) Of all these recently expired provisions…