A new update to Sage FAS Fixed Asset Solution is available for download from the Sage Software site.
This update includes important, new tax law changes that are now in place along with the latest rules, rates and IRS forms. Provisions made to your software include, but are not limited to, the following:
Tax Rules
* The Emergency Economic Stabilization Act of 2008, which offers adjustments to Section 179 limits, is now accounted for.
* The Heartland, Habitat, Harvest and Horticulture Act of 2008 (2008 Farm Act), which allows a 168k bonus and Section 179 expensing, is now included.
Tax Rates
* Updated Tax Limits. The 2009.1 tax update complies with the scheduled updates to the Section 179 limits and luxury auto limits. This includes a reduction in the Section 179 limit from $250,000 to $133,000.
* Updated ITC Credits. The Emergency Economic Stabilization Act of 2008 created new ITC credits and extended the dates or increased the percentage for existing credits. Included are new credits for historic properties, advanced coal projects, and green energy expenditures.
* Increased Section 179 Limits for Two New Property Zones. The 2009.1 tax update includes Section 179 dollar limits for two new property zones: the Qualified Disaster Zone and the Kansas Disaster Zone. The update also includes increased Section 179 limits for Gulf Opportunity Zone and Enterprise Zone property. Tax Forms
* Updated forms are now available, such as the 4562 and worksheets for your 3468, 4255, 4626 and 4797.
You may also be missing other recent software enhancements that are available in this update, like:
* Assets Snapshot. Get an at-a-glance graphical summary of important information for instant command over your fixed asset “portfolio”.
* Report Writer with Crystal Reports® XI . While still offering the ability to customize built-in standard reports, now you can more easily integrate Sage FAS data with data from other sources, specify run-time input parameters, create charts and graphs, and so much more.
* New IRS Form 4562-FY, which reflects recently instated depreciation and amortization allowances.
Need more details? Be sure to view the What’s New document for complete information!
This update will be automatically mailed to you on CD over the next few weeks. Or, you can download it now and get more information by visiting: www.sagefas.com/update.
