| Fixed Asset Software: Asset Accounting and Asset Inventory Solutions |
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Sage FAS
2005 Tax Update - for SupportPlus members
The 2005.1 Tax Update contains changes to FAS Asset Accounting, FAS Asset Accounting for SQL Server, FAS FirstStep and FAS FirstStep for Peachtree, and FAS Asset Inventory.
This fall Congress passed both the America Jobs Creation Act of 2004 and the Working Families Tax Relief Act of 2004, which contain several provisions related to fixed assets. This tax update includes improvements to existing product features as well as changes to keep in compliance with the latest tax laws and IRS regulations.
The following changes apply to the FAS Asset Accounting, FAS Asset Accounting for SQL Server, FAS FirstStep, and FAS FirstStep for Peachtree programs:
- Sport Utility Vehicles: The Section 179 expense deduction for Sport Utility Vehicles (SUVs) is limited to $25,000 for SUVs placed in service after 10/22/04.
- Leasehold Improvement Property: Leasehold improvements and certain restaurant property placed in service after 10/22/04 must have an estimated life of 15 years (reduced from 39 years).
- Audit
Advisor: Audit Advisor has been updated to enable you
to comply with these two new IRS regulations:
- Sport Utility Vehicles
- Leasehold Improvements
- Clear Period Close: You can now set the period close fields to zero for a single asset or for a group of assets.
- Purging History When Restoring a Database: You can now delete history events from a backed-up database that you are restoring. This will reduce the size of the database and improve system performance.
- Indian Reservation Property: The shorter recovery periods for Indian Reservation property, which were set to expire in 2004, have been extended for qualifying property placed in service during 2005.
- Updated Tax Forms: The 2005.1 tax update includes the updated IRS Form 4562 - Depreciation and Amortization for 2004.
- Updated Limits: The 2005.1 tax update complies with the scheduled increase in the Section 179 limits and luxury auto limits.
The following change has been made to the FAS Asset Inventory and FAS Asset Inventory for SQL Server program:
- Inactivate and Reactivate Assets: You can now inactivate or reactivate a group of selected assets from Group View.
NEW Sage FAS Compliance Advisor - an easy to use reporting module that makes satisfying compliance requirements a breeze! 16 comprehensive reports that integrate with Sage FAS 100, 500 Asset Accounting. |
