Users of Sage Fixed Assets may download version 2013.1 from Sage’s online portal.
This new update includes provisions for meeting The American Taxpayer Relief Act of 2012 which was enacted in January 2013 and extends many expired (or about to expire) fixed asset related tax provisions.
The latest edition of Sage Fixed Assets incorporates detailed modifications to ensure you are aware of all current exemptions and deductions for which your organization may qualify. With this new version, you can quickly identify assets that may be eligible for extra depreciation under recently enacted tax laws.
The Audit Advisor in Sage Fixed Assets is now updated to run queries for your previously claimed assets and ascertain if they qualify for the 2012 extended or retroactive provisions, including those under Section 179 such as:
- An extension of increased expensing limitation for Section 179 property to the 2011 $500,000 annual limit and the $2 million threshold limit.
- An extension of eligibility to expense qualifying leasehold improvements, restaurant property, and retail improvement property up to $250,000.
- An extension of expensing for off-the-shelf computer software.
- An extension for the designation of an empowerment zone and expensing an additional $35,000 (or the cost of the qualifying property, if less).
Audit Advisor also checks your assets against other important provisions in the American Taxpayer Relief Act of 2012 to see if they qualify for
- A one-year extension of 50% bonus depreciation for qualifying property and equipment.
- A one-year extension of $8,000 luxury vehicle deprecation for vehicles placed in service in 2013, including passenger automobiles, light duty trucks, and vans.
Download Sage Fixed Assets 2013.1