Sage Fixed Assets Version 2019.1 – Tax Law Updates and User Enhancements

Sage Fixed Assets Version 2019.1 – Tax Law Updates and User Enhancements

Sage software has recently released Sage Fixed Assets version 2019.1 update. It contains a number of updates and changes to help you take advantage of changes under the Tax Cuts and Jobs Act of 2017 and increase your ROI. It also includes increased efficiency features, a few bug fixes and a fresh new look and feel.

Here are some key features of this new release:

Federal Tax Law Compliance Updates

The Sage Fixed Assets version 2019.1 includes these federal tax updates.

  • The Section 179 expense deduction increased by $20,000 to a maximum of $1,020,000 for tax years beginning in 2019. You can use the Audit Advisor report to check how much Section 179 you have claimed across all assets in a tax year.
  • Automobiles (property type A) have increased depreciation caps for vehicles placed in service in 2019 and later. The depreciation caps for Light Trucks and Vans (property type T) remains the same in 2019 as in 2018.
  • Form 4562 is updated for 2018, which adds a new line for reporting 30-year ADS property.
  • Tax Extenders from the Bipartisan Budget Act of 2018, as passed February 9, 2018 – The act extended Enterprise Zone Designations, the 50% first-year deduction for biofuel property, and the shorter lives for property used on Indian Reservations though 12/31/2017. The act also extended several Investment Tax Credits through 12/31/2021.
  • Proposed tax extenders in legislation introduced in December 2018 – The pending legislation extends the provisions noted above for one additional year, to 12/31/2018.

New Real Property Depreciation Methods

Two new Remaining Value over Remaining Life depreciation methods provide the ability to use either the Mid-month, Half-month and Mid-quarter averaging conventions, when changing the remaining life of existing assets. Now real property businesses and farming businesses will have the methods they need to accurately calculate ADS depreciation if electing out of the Code Sec. 163(j) business interest deduction limit. Additionally, the methods also provide more flexibility for GAAP compliance.

Bulk Edit of Critical Depreciation Fields

This new feature is sure to be a time saver. It provides a fast and easy method of changing the Estimated Life or the Depreciation Method for multiple assets and multiple depreciation books all at once. You can select one of three asset timeline dates for changing the assets: the placed-in-service date, the beginning date, or the current depreciation period. Assets can also be changed to the “None” Depreciation Method to cease depreciation, such as when held for sale.

As with any mass updating of a database, we strongly advise you to back up your files before using this new “bulk edit” feature. In case you forget, there is a handy little checkbox to remind you before you can proceed.

Other Updates Worth Noting in Sage Fixed Assets Version 2019.1

  • Updated Android mobile scanner app for Sage Fixed Assets Tracking.
    • This allows users to perform asset inventories with barcode asset tags using a newly designed, enhanced interface to the reader functions. It also has a great feature that lets you take photos of assets, and upload them to the asset record images tab.
    • SFA Tracking users with multiple facility locations will love the new remote transfer of inventory files using Microsoft OneDrive with the Android mobile scanner App. This eliminates the need to “dock and tether” the scanner for transferring inventory data. It instead lets you transfer the files using a cloud-based OneDrive file folder.
  • New color scheme and visual feel of the user interface, aligned with other Sage applications.
  • User-adjustable row height and font size of Asset List for personal viewing preferences.
  • One-click access to the Sage University education icon lets you quickly jump directly to on-topic videos and courses, and get immediate answers.
  • Bug fixes for disposals, editing book fields, merging companies, and image viewing.

Known Issues

  • Crystal Reports Compatibility – Sage Fixed Assets version 2019.1 uses SAP Crystal Reports runtime SP21. This may cause compatibility issues with Crystal Reports runtime versions used by other products, and some of the Sage 100, Sage 300, Sage 300 CRE, or Sage 500 versions. Check with Sage technical support or on the Sage Fixed Assets knowledgebase prior to installing the update.
  • Vehicle Safe Harbor Tax Changes – The IRS issued long-awaited changes to safe harbor rules on February 13, 2019, after the release of Sage Fixed Assets 2019.1. Sage is aware of these changes, and is already planning an update for these new rules. Click here to read more about the Vehicle Safe Harbor Tax Law Changes.

For a more detailed explanation of these changes, download the Sage Fixed Assets 2019.1 Release Notes.

Contact us if you need assistance with getting the most out of your Sage Fixed Assets software.

 

(Source: Sage)

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