Sage recently issued Sage Fixed Assets Release 2020.1, which includes several Federal tax law updates, exciting new features to improve your fixed asset reporting, and a few bug fixes. Here are some highlights:
Federal Tax Law Compliance Updates
Sage Fixed Assets Release 2020.1 includes the following Federal tax law updates:
- Tax Extenders from the Further Consolidated Appropriations Act, 2020. See our related blog for additional information on these and other long-awaited tax extenders.
- Section 168 first-year 50% bonus depreciation for second generation cellulosic biofuel plant property.
- Enterprise Zone designation for tax incentives, including increased Section 179 expensing.
- Accelerated depreciation for qualified business property on Indian reservations.
- A shorter 7-year cost recovery period for motorsports entertainment complexes.
- A shorter 3-year cost recovery period for certain qualifying race horses.
- For U.S. companies only:
- The Section 179 expense deduction increased $20,000 to a maximum of $1,040,000 for tax years beginning in 2020. You can use the Tax Expense report to check how much Section 179 you have claimed across all assets in a tax year.
- The Section 179 expense deduction for Sports Utility Vehicles (SUVs) increased to a maximum of $25,900 for tax years beginning in 2020.
- Automobiles (property type A) and Light Trucks and Vans (property type T) depreciation caps remain the same in 2020 as in 2019.
- Form 4562 is updated to generate the 2019 Form 4562–Depreciation and Amortization.
- For Canadian companies only:
- Two new classes, 54 and 55 for zero-emission vehicles, have been added to the list of capital cost allowances.
New Features and Enhancements
There are several new features in Sage Fixed Assets Release 2020.1 designed to improve productivity and enhance fixed asset reporting. They include:
- A new link Sage Intacct GL posting link.
- New batch report file type options and printer setup options.
- New Global Task Manager batch output options.
- Enhancements for deleting groups, customizing book titles, naming files, and others.
Known Issue
Crystal Reports Compatibility – Sage Fixed Assets version 2018.1 through 2020.1 uses SAP Crystal Reports runtime SP21. This may cause an issue with older Crystal Reports runtime versions used by other products. If you are using certain Sage ERP systems, you may experience a compatibility issue after upgrading to Sage Fixed Assets 2020.1.
If you are unable to run reports in Sage Fixed Assets 2020.1, see Sage Knowledgebase article 89033 to resolve the issue.
Got Questions? Need Help?
For a more detailed explanation of these changes, download the Sage Fixed Assets 2020.1 Release Notes.
If you’re on a Sage Business Care plan, you can upgrade to this new Sage Fixed Assets version. Before you do so, be sure to contact Paragon’s fixed asset experts to ensure that this update is compatible with customizations, integrated applications, and other configuration options.
You can also contact us if you need assistance with this update or would like additional training – whether a refresher or for new users – to get the most out of your Sage Fixed Assets software.
(Source: Sage)
