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I have seen some things online about 100% bonus coming back for the 2023 tax year? Do you know if this is true or not? I am assuming not since Sage has it set at 80% still.
In need of any help or suggestions on how we change or track the below 2 changes in the system.
Issue 1: Recently any assets placed in service prior to 1/1/14, Federal and State were the same (in the system they are not) - Is there a way to have a…
I know the final update reflecting 2015 tax law will not be released until version 2016.1 in early February 2016. However, Bill and Lovisa have advised on this forum that updating depreciation methods in the TAX and AMT books to MA200 or MA150 will reflect…
The PATH act extending section 168 bonus deprecation into 2015 with a retroactive effective date of 1/1/15 passed on 12/18/15. When will the Sage Fixed Assets software update that includes the provisions of this legislation be released for install? We…
Bonus Depreciation on luxury autos. I have posted on this site regarding this issue before yet after 3 years, I still cannot get a straight answer. For a luxury auto placed in service in years with 50% bonus depreciation, the allowable section 168 bonus…
Hello all.
I am adding assets to a new company, I want to make sure I have the conventions right. For the 5 and 7 year equipment, this is what I have:
Tax MA 200 MACRS 200% DB with 168/179 bonus
AMT MA 150 MACRS 150% DB with 168/179 bonus
…
On my depreciation expense reports for the tax books, it does not include the 168 allowance for the current year in the current YTD expense amount. My assets are calculating a 168 allowance for the tax book, but it is not being included on the depreciation…
I have 3 questions related to this topic.
Our company's tax advisor says that for luxury automobiles that have 100% Bonus (e.g. $18,000 for a car purchased in '18), they should have no more tax depreciation on them till year 7. The way Sage software…
Does SAGE meet these three basic benchmarks after a change in cost , depreciation method or life ?
1-recalculation of the correct life-to-date depreciation for the current period based on the original in-service-date.
2-calculation of the necessary…
Hello, I am trying to import assets from a newly acquired company. I received an excel file that contains all the critical fields. It also contains a field for assets that have taken 179 bonus depreciation at 100% and some assets with 50% bonus. These…
Hi All,
I am facing the problem in Sage Tax & State book.
We are currently revalued all the Fixed Asset cost for internal book and we maintain the asset original cost for Tax & State book.
Since we have run the depreciation for Tax Book & State…
I have two assets that were placed in service in 2020 and the company was sold in 2020. When I depreciate - it is taking the whole amount and is not subjecting it to 280F(d)(7) luxury automobile limitations for TY20. Can you provide guidance on how to…
Hello,
We have a few assets that we set up in 2021 and took 100% bonus depreciation(Section 168) on the full cost at the time. I'll use $25k as an example for the original cost. Additional invoices were received in 2022 which increased the value of…