Sage Fixed Assets Depreciation – v2018.1 Now Released
Before I get into the nitty-gritty of the newest release of Sage Fixed Assets Depreciation, v2018.1, I want to give a shout out to those at Sage Software, Fixed Asset division and let them know what an A-MAZING job they did getting this particular release out to the public – about (3) weeks earlier than usual. I know they worked long hours coding, testing and ensuring that all the calculations for the latest Tax Cuts and Jobs Act of 2017 were working. This is not an easy task! So many updates… and they STILL managed to update some important features and issues at the same time – on a tight timeline. So, kudos to all of you at #SageFixedAssets and a big THANK YOU from me personally, and my customers too!
On to the goods…
Up to this point, Sage Fixed Assets and us here at SWK have been alerting you via other posts, emails and tweets that v2018.1 was coming and in it would include all the new Tax Updates from 2017 and forward. This morning was the partner run down and here are the takeaways:
- Tax Cuts and Jobs Act of 2017
- 100% bonus for assets placed in service from 09/28/2017 and forward.
- Options to still take the 40% or 50% exist
- Depreciation methods that were used for 50% are still the same, now you get the option of 40, 50 or 100
- Section 179 expensing has increased to $1 million per year, starting in 2018 – now available in the system
- AMT for corporations is repealed, however, optional (starting in year 2018). Yes, Sage Fixed Assets Depreciation is still keeping the AMT depreciation book and allowing you to utilize going forward.
- Annual automobile depreciation caps have almost tripled for years 2018 and above!!! Whoa!
- Like-kind exchange disposal treatment
- More… please see the nice write up from Mrs. Ann Donie: https://sagecity.na.sage.com/support_communities/sage_fixed_assets/b/sage_fixed_assets_blog/posts/tax-law-update
- RV Depreciation Method Update: when electing to switch your depreciation method to RV (remaining value over remaining life), the estimated life field doesn’t automatically change/switch to the default life (typically this defaulted to 10 years). It now stays the same (unless you still want to adjust it in the future). This is a GREAT time saver to those who have to adjust your assets for impairments, less life on leases, force an adjustment, and more.
- Sage Reporting update to Crystal Reports 2016: Yes, other versions of Crystal are back to playing nice in the sand box together! For those of you Sage 100 users, you can now upgrade to FAS v2018.1 and it wont break any of your reports… or in some cases, take it down. 😃
- Security Enhancements: Now supports TLS v1.2. Meaning, for those of you who were using – or want to use TLS v1.2 in your environment, you can now safely update to FAS to v2018.1 and update to TLS v1.2 without any trouble.
NOTE: Keep in mind that although all these changes are now in the system, historical data still needs to roll forward for all previous years, so all the same functionality that was in the system is still there. These are just added to.
Overall… this is a GREAT release and just in time for the end of your tax prep. I’m always open for fixed asset discussions @ (973) 805-3342 or firstname.lastname@example.org.