Fixed Asset Mangement - 5 New Tax Laws

Do you know about the new tax laws?  As ERP Consultants we have many discussions with our customers about significant changes to tax laws during this time of year.   

The American Taxpayer Relief Act (ATRA) of 2012 brought with it some new or varied impacts on tax provisions related to managing fixed assets management and fixed asset depreciation   It’s always wise to confer with your CPA about how these changes may impact your business.   Now is a good time to consider Sage Fixed Assets which will help you manage as well as take advantage of these changes.   Sage has provided some great resources in coming up to speed.  See ADDITIONAL RESOURCES BELOW for more information.

Here is a summary of 5 ATRA fixed assets tax changes:

1. Bonus Depreciation – This is an extension of the 50% bonus depreciation through 2013.  For property that has a longer production period and certain aircraft, the extension is through 2014.
2. Section 179 Expensing – This extended the increased expensing limitation for Section 179 property.
3. MACRS Cost Recovery Periods – The 15 year cost recovery period for qualified leasehold improvements, restaurant property, and retail improvement property has been extended for property placed in service in 2012 and 2013.
4. Indian Reservation Property – This extends accelerated depreciation for qualified property that was place in service on an Indian reservation for the 2012 tax year.
5. Mine Safety Equipment – This extends the opportunity for making a Section 179E election to expense 50% of the cost of advanced safety equipment through 2013.

ADDITIONAL RESOURCES: 

Check out this great article in CPA Practice Advisor for more information on these new laws:

Check out the Sage Fixed Assets Tax Center for articles, webinars, and help videos

Sage is also offering an informative webcast entitled Taxpayer Relief Act of 2012 and Fixed Asset Management with live Q&A at the end.  REGISTER NOW and get some of your tax law questions answered.

Interested in how Fixed Assets Management could help you?  Contact Accounting Systems, Inc. (ASI) for a Business Process Review or Fixed Assets demo.

Jenn is an ERP consultant who brings to out team at Accounting Systems, Inc. (ASI) a unique background in accounting and business.  Jenn has fundamental knowledge of all the phases of an implementation project not only technical and functional experience but project management skills as well. She has worked as an end user as well as a consultant, giving her the perspective to understand system “pain points” and know how to analyze and present solutions.  Her project expertise includes:  Software Implementations and upgrades, Distribution/Inventory, Client Server Applications, Business Process Reviews and Optimization, as well as System Analysis and Design.  She also has experience in logistical project planning as well as technical experience with Crystal Reports and SQL.  Part of Jenn’s upgrade experience also includes upgrading Sage 100 ProvideX clients to Sage 100 SQL.  Please contact Jenn at jennifer.christon@asisucceed.com or find out more about what her team at ASI can do for your business visit www.ASISucceed.com