Sage announced today that version 2016.1 is now available for download.
According to Sage, changes include:
Among the tax changes that have been incorporated into Sage Fixed Assets 2016.1, most noteworthy is the inclusion of the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act of 2015). The provisions in the PATH act include the permanent extension of the $500,000 expensing amount for Section 179 and the 15-year life for qualified properties, the 5-year extension of bonus depreciation (168K special allowance), and the 2-year extension for several other special depreciation rules (for example shorter depreciable lives for property on an Indian reservation).
Sage Fixed Assets 2016.1 also introduces a new user management system which enables you to easily activate and deactivate your users from one central interface. This will not only help you to manage your users better, but it also ensures that only authorized users can access your system.
Users who are active on a maintenance plan may download Sage Fixed Assets 2016.1 from the Sage Portal here.
Sage’s internal website provides a more detailed list of what has been updated in Fixed Assets 2016.1:
With the passage of the Protecting Americans from Tax Hikes (PATH) Act of 2015 we are currently updating the program to include all of the following:
The 168 Bonus Allowance:
- Extend from 2015 through 2019 (with an additional year for certain property with a longer production period)
- Allowance of 50% for property placed in service 2015-2017. Reducing to 40% for 2018 and 30% for 2019
- Modify to include qualified improvement property
- Modify to permit certain trees, vines, and plants bearing fruits or nuts to be eligible for bonus depreciation when planted/grafted instead of when placed in service
Section 179 of $500,000:
- Extend the 2010-2014 expense amount of $500,000 permanently
- Extend the qualified real property expensing of up to $250,000 through 2015; the $250,000 cap is eliminated in 2016 and thereafter
- Start indexing the expense limitation and investment threshold for inflation in 2016 (rounding to the nearest $10,000)
- Air conditioning and heating units placed in service in 2016 and later are eligible for expensing
Other:
- 15-year depreciable life for qualified leasehold improvements; qualified restaurant buildings and qualified retail improvements. Extend permanently.
- Race horses – 3-year depreciable life if horse is 2 years or older Extend for 2 years – through 2016.
- Motorsports Complexes – 7 depreciable year life Extend for 2 years – through 2016.
- Shorter depreciable lives for property on an Indian Reservation Extend for 2 years – through 2016. And allow election out of the shorter lives.
- Empowerment zone tax incentives Extend for 2 years – through 2016.
- Enterprise zone businesses can deduct an additional $35,000 in Section 179 expense on zone property.
- Section 179D – Energy efficient commercial buildings deduction Extend for 2 years – through 2016.
- Section 179E – Election to Expense Mine Safety Equipment Extend for 2 years – through 2016.
User Management
Sage Fixed Assets 2016.1 also introduces a new user management system for customers with multiple licenses, which enables them to easily activate and deactivate users from one central interface. This will not only help these customers to manage their users better, it also ensure that only authorized users can access the system. This feature applies to Depreciation and Tracking (Network and Premier versions). Single user systems are not affected by this change.
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