We continually strive to develop our programs so that you can become more efficient. The enhancements made to Fixed Assets CS this year demonstrate this fact. The program is more robust and more intuitive than ever.
Following are some of these exciting enhancements:
- Simplified Home Office Option – This allows you to specify which home(s) will use the simplified deduction when calculating the business use of a home. This option can be accessed under the Setup > Activity menu within an activity’s asset list. Review the IRS webpage on this topic for more info.
- Mass Disposition of Section 179 Assets – Assets that previously took the Section 179 deduction may be disposed of en masse within S Corporation and Partnership clients. Mass dispositions are performed under Tasks > Mass Dispositions. Once a description for the mass disposition is added, mark the Include Section 179 as available assets option from within the Select Assets screen.
- Disposition of Assets Transferred in Current Year – Assets that were transferred to a new activity or location within a client can be disposed of within the year of their transfer.
- Easy Print Selection from Print Preview Screen – You can change the printer selection from the preview screen.
- Section 179 Elected When a C Corporation – This option applies to an S Corporation that was formerly a C Corporation. When such an entity disposes of Section 179 assets, you can elect to treat the Section 179 deduction as if taken by a C Corporation and report it on Form 1120S, Page 1. This option is in the Other tab when viewing asset details.
For more info, refer to User Bulletin FA-13-1-0, dated November 25, 2013. User Bulletins can be accessed within Fixed Assets under Help > Bulletins.