By Kathleen Donaghy and Ann Donie
If you were busy with year-end, you may have missed some expired tax incentives and credits that were extended in the Bipartisan Budget Act of 2018 signed into law by the President on February 9, 2018. Typically, these tax breaks are extended yearly for one or two years at a time, usually right at year end. This year they were later than usual and rolled into the bipartisan budget act…
Involve All Departments
Although fixed asset management projects are typically initiated either by Finance, Tax or IT, they should involve all departments.
It is not uncalled for that each department may have their own set of lists and ideas about what qualifies for a capital asset versus expensed. In addition, everyone should be aware of the rules and processes for disposing, the differences between transferring or moving…
Construction in progress accounting for fixed asset management can have many names, but in the end, it's all the same. Tracking all costs associated with incoming 'pre-fixed assets' during your capital project. These can include both, intangible and tangible assets. Either way, they all need to be properly tracked, organized and accounted for.
Time and time again, I have witnessed assets getting missed when…
President Trump signed the Tax Cuts and Jobs Act (P.L. 115-97) (The Act) into law on December 22, 2017. The Act provides the most sweeping change to the U.S. tax code since 1986. This historic bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing and more. The final law varies from the first version passed…
About courtesy call back or virtual queueing
You spoke and we listened! Last year we implemented a new way for you to call Customer Services for help and hold your place in line by receiving a call back when it’s your turn. Here are some answers to frequently asked questions and some helpful tips for using the feature:
Regardless if your assets were purchased through Stock or Asset acquisition, the costs for the internal/GAAP assets will change. However, if your M&A was a stock purchase, all of your Federal Tax, State and AMT values need to remain as they are and continue forward with their original values, methods, lives and placed in service dates. Whereas an asset purchase, they all change.
When I review clients' data after an…
This is a question we get a lot in support from customers who are just starting to use the Sage Fixed Assets depreciation application.
This is something that can be done for all three types of entities: US Company, Gov/NP and Canadian Organization. Here we are discussing importing to a US company.
There are several things to keep in mind to successfully upload asset information into the Sage Fixed Assets depreciation…
Earlier this year, we announced the release of Sage Fixed Assets 2017.1.
We routinely get inquiries about how to update or download the 2017.1 version of Sage Fixed Assets Network Edition so we wanted to make sure you had the resources you need in one place. If you're looking to download or update to this version, make sure you're logged into the Sage Knowledgebase to access the following linked download articles…
Starting July 10, 2017, software notices for Sage Fixed Assets will come from [email protected] instead of [email protected].
What does this mean for me?
That’s a very good question and one we often get from our customers.
There are several reasons a client may not be able to connect; therefore, I’ve listed multiple items below that you can check for to ensure you have the correct setup.
Is the Fixed Assets service running on the server?
Is the windows firewall running…
Sage is pleased to announce the release of Sage Fixed Assets 2017.1, on January 17, 2017. Included in this release, U.S. and Canadian companies can get the latest tax updates. Now customers can benefit from vital tax depreciation law changes to ensure proper tax deductions. This release also offers customers the ability to copy user-specified customized reporting from another company. This feature removes the risk of…
What's new in Sage Fixed Assets 2017.1
This release includes new features and enhancements, including:
For more information, see the Sage Fixed Assets 2017.1 Release Notes.
Downloads
If you are using Sage Fixed Assets 2017.0, it is quick and easy to download the 2017.1 release via Sage Advisor Update. If you are using versions earlier than 2017…
Need a little extra help getting ready for year-end…who doesn’t?! Tax updates, for example, are often designed to work with the latest release…that’s why we’ve enlisted the help of our in-house experts!
Join me for a mini “prep session” on how to update your software so it’s on the latest version. This informal discussion will include a short overview followed by Q&A and, best of all, there…
Important information
In accordance with our support policy, Sage will only be supporting Sage Fixed Assets 2017, 2016 and 2015. We will no longer be providing support for Sage Fixed Assets 2014 or earlier versions. If you use a version that will not be supported, we encourage you to upgrade to one of the supported versions of the software.
What's new in Sage Fixed Assets 2017.0
This release includes new features and…
Thank you for being a Sage Fixed Assets customer!
Supported Versions for Sage Fixed Assets
Pursuant to our support policy, Sage will only be supporting Sage Fixed Assets 2017, 2016, and 2015 after Sage Fixed Assets 2017 is released later this year. After that release, we will no longer provide support for Sage Fixed Assets 2014 or earlier versions. If you are currently using a version that will not be supported, we encourage…
Is MACRS Depreciation Accurately Calculated for Personal Property in Sage Fixed Assets—Depreciation?
By Bob McElroy, Certified Trainer, Sage University
“I hold in my hand 1,379 pages of tax simplification.” -- former Rep Delbert Latta, (R, OH), from a debate on the House floor, 1985.
“Controlling complexity is the essence of computer programming.” -- Brian Kernighan, former Bell Labs computer scientist…
If you’re going to Sage Summit in Chicago this year, you’ll get your chance to discuss topics related to your Sage Fixed Assets with BTRON live and in-person! Join all the Sage City top contributors at “Roundtable Discussions” as they host informal conversations on topics like:
Important Notice: This is not a change to your current license agreement with Sage Fixed Assets. The application will still allow the installation of an unlimited number of clients, but only the named users will be able to access the fixed assets databases now.
This function will appear on Sage Fixed Assets Premier and Network Depreciation and Tracking only. Sage Fixed Assets Depreciation and Tracking Single user or Planning…
The Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed and signed into law on December 18. This Act makes over 20 tax relief provisions permanent and extends for 2 years or 5 years a number of other tax relief provisions that had expired at the end of 2014.
PATH highlightsShould you ask forgiveness (rather than permission) or is it better to be safe than sorry?!
We’ve all heard of the saying that it’s often easier to ask for forgiveness than it is to ask for permission. The question is whether this should apply to your dealings with the IRS.
Last month in my blog I wrote about the FAQs recently issued by the IRS to assist with the understanding of the final…
Should you need assistance within Sage Fixed Assets after hours or on days when the support department is closed, try searching for answers from our KnowledgeBase!
For example, if you need to download 2015.1;…
