Tax Center

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Good tax news for your businesses!

In early December the House passed bill HR 5771 and the Senate joined in passing the bill a few days later. President Obama then signed the bill into law on December 19 as the Taxpayer Increase Prevention Act of 2014 (TIPA).


TIPA Highlights

  • Nearly all the provisions that expired December 31, 2013 are extended through December 31, 2014.
  • TIPA is applied retroactively to January 1, 2014.
  • The 2013 179 expensing deduction amount and investment limits are retained ($500,000 and $2,000,000, respectively) and extended one more year.
  • The 50% Bonus for qualified property is extended through 12/31/2014 (or 12/31/2015 for certain property with longer production periods).
  • The $8,000 “bump-up” in depreciation deduction in the first year for qualified autos and trucks is extended.
  • Accelerated depreciation for Indian Reservation property is extended for one more year.
  • 15-year cost recovery period for qualified leasehold improvements, restaurant building and improvements, and retail improvements is extended through 12/31/2014.
  • Several other provisions were extended such as provisions for empowerment zones, race horses, motorsports complexes, mine safety equipment and many others.

Putting TIPA 2014 to work for you

  • Review all of your 2014 assets purchases and retroactively apply the 50% Bonus depreciation to all qualified assets, if doing so would maximize your tax situation.
  • Now review your assets with the 50% Bonus applied and determine how it would benefit you the most to apply the $500,000 Section 179 expensing deduction.
  • For Sage Fixed Assets desktop customers, the “168 Allowance Switch” and “Tax Expense” report are two features that will help you quickly apply the extended provisions.

The Sage Fixed Assets R&D team is currently working on implementing TIPA-related changes into the 2015.1 tax update for Sage Fixed Assets and Sage Fixed Assets Online, expected to be available to on-plan customers in mid-February 2015.


Articles:

What’s New:

Sage Fixed Assets 2014.1 includes:

  • Updated version of Form 4562.
  • Updated tax forms.
  • Streamlined export process for reports.
  • Updated limit increase for light truck and vans placed in service in 2014.
  • Support for Excel format .xlsx.

Help Videos: Sage Fixed Assets 2014.1 Videos
Download: Sage Fixed Assets 2014.1. For information visit our Download Center

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General Software Info :
Nexus: G-WEBCD2