Tax & Accounting Blog

UltraTax CS and Fixed Assets CS Respond to the Tax Increase Prevention Act of 2014

CS Tax & Asset Management Solutions February 10, 2015

President Obama signed the Tax Increase Prevention Act of 2014 (HR 5771) into law on December 19, 2014. In the following days, we acted quickly to publish new updates to support this act in 2013 and 2014 UltraTax CS and Fixed Assets CS.

The updates below will help you support your clients when determining year-end purchasing decisions and any impact the act may have on their 2014 tax liability. Changes to UltraTax CS and Fixed Assets CS include: 

  • Enabling bonus first-year depreciation on qualified property placed into service between January 1, 2014 and December 31, 2014.
  • Increasing the Section 179 expense limit from $25,000 to $500,000 for the 2014 tax year.
  • Increasing the Section 179 investment limit from $200,000 to $2,000,000 for the 2014 tax year.
  • Enabling qualified real property for Section 179 deductions for the 2014 tax year.
  • Allowing a 15-year recovery period for leasehold, retail, and restaurant building improvements through 2014.
  • Allowing Indian Reservation Property to use accelerated depreciation through 2014. 

All of these changes are included in both 2013 and 2014 UltraTax CS and Fixed Assets CS.