Congress recently passed some impactful legislation known as the Protecting Americans from Tax Hikes (PATH) Act of 2015 law. And, for the second year in a row, Thomson Reuters has provided timely updates to UltraTax CS and Fixed Assets CS within two business days of the corresponding bill becoming a law at the last minute.
The new law impacts several aspects of the U.S. Tax Code concerning depreciable property—all of which are now available in both Thomson Reuters products. Here are a few of the most notable updates:
- The expanded Section 179 asset and investment limits have been extended and made permanent.
- Bonus depreciation is now available for new assets placed in service in tax years 2015 through 2019 (with the bonus percentage decreasing in tax years 2018 and 2019).
- The depreciable life of qualifying leasehold improvements was made permanent at 15 years.
“Expediency and accuracy are the core values we adhere to when building UltraTax CS,” said Jordan Kleinsmith, Tax Product Manager for Thomson Reuters. “We hope that by bringing these changes to market so swiftly after the passage of the bill, we can aid our customers in providing more accurate year-end projections to their clients—particularly if those clients may benefit by acting by December 31 to achieve a more advantageous tax position.”