We’re very pleased to announce the availability of Sage Fixed Assets 2023.1! This release includes important tax compliance updates for U.S. and Canadian companies to make it easy for businesses to stay compliant and take advantage of new tax benefits.
What’s new in Sage Fixed Assets 2023.1 highlights:
In this release, all Depreciation products have the following important tax compliance updates.
U.S. companies only
- IRS Form 4562–Depreciation and Amortization supports the 2022 tax year.
- The maximum Section 179 deduction increased by $80,000 to $1,160,000 for tax years beginning in 2023. You can use the Audit Advisor or the Tax Expense report to check how much Section 179 you have claimed across all assets in a tax year.
- The maximum Section 179 deduction for Sports Utility Vehicles (SUVs) increased by $1,900 to $28,900 for tax years beginning in 2023.
- The depreciation caps for Automobiles (property type A) and Light Trucks and Vans (property type T) increased for vehicles placed in service during 2023.
- The Audit Advisor has been updated for the 2023 tax year with two new validations for first-year bonus rules.
- The clean vehicle credit available under IRC Sections 30D and 45W per the Inflation Reduction Act of 2022 (IRA) is supported.
Canadian companies only
- Tax classes 57-60 added for Carbon Capture, Utilization, and Storage (CCUS) property.
2023.1 also includes these user-inspired enhancements:
- Group name added to Batch Report naming convention
- Check for duplicate general information field Titles
- Export individual reports to Excel .xlsx format from the Report Viewer
- Identify assets scanned multiple times
See the Sage Fixed Assets 2023.1 release notes for more information about this release.
Are you updating from Sage Fixed Assets release 2022.1?
Get ready to benefit from some great new features and enhancements that are part of the Sage Fixed Assets 2023.0 release from September 2022, including:
- the ability to save your favorite views of the Asset List, and
- integration with Sage Intacct Accounts Payable to instantly create assets from bills*
See the Sage Fixed Assets 2023.0 release notes for more information about this release.
Ready to learn more?
Stay tuned for details on the upcoming What's new in Sage Fixed Assets release 2023.1 webinar–coming later this month.
Have an idea for a feature or enhancement?
Many of our new features and enhancements come from customer suggestions. We’d love to hear yours! Share your ideas or vote on the ideas that others have submitted on Sage City.
Important: Before upgrading, consult with your business partner or Sage to ensure that this update is compatible with customizations, integrated applications, and other configuration options. If you install this update independently, you assume responsibility for any impact on your system.
If you're updating from Sage Fixed Assets 2022.1 or later, it is quick and easy to download the 2023.1 release via Sage Advisor Update. If you are using version 2022.0 or prior, follow the steps to download the release from the Sage Knowledgebase.
Sage Advisor Update (version 2022.1 or newer)
Sage Advisor Update may have already notified you about the availability of this release via a pop-up message in the Microsoft Windows system tray. Didn’t get the notification? No problem—follow the steps below to get the release via Sage Advisor Update:
- Go to Start, All Programs, Sage, and select Sage Advisor Update.
- If the 2023.1 release is not listed, click Check for Updates.
- After the release is found, select it, click Download & Installor Download Only and follow the prompts to complete the process.
To upgrade to Sage Fixed Assets 2023.1, download the product update from the Sage Knowledgebase or contact your Sage business partner:
- Click the following link to open the Download Portal article: Sage Fixed Assets Download Portal
- If you are not logged on, click Log in on the right-hand corner of the page.
- Select your product to download.
Visit the Sage Resource Center for options, including links to Sage Knowledgebase, Sage City, Sage University, and Sage Year-end Center, as well as Chat and Online Case submission.