The moment has arrived for all you Sage FAS Asset Accounting users out there (over 300,000 active users). The release of version 2011.1! Yes, it incorporates tax law changes made during the year including the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and the Small Business Jobs Act of 2010.
This release is only available for CURRENT Sage Support members and new licenses. If you need to renew your support to take advantage of this slick automation and updated depreciation methods and provisions, call me now at (847) 2402981 ext: 164 or shoot me an email with the SUBJECT: RENEW.
The FAS 2011.1 Tax Update contains exciting new features and enhancements to your:
- Tax Law Updates: Sage has updated the Sage FAS program to comply with the latest tax law changes:
- Updated Tax Forms and Worksheets. The 2011.1 Tax Update includes the updated IRS Form 4562 – Depreciation and Amortization for 2010.
- Updated Tax Limits. The 2011.1 Tax Update complies with the scheduled updates to the Section 179 limits and luxury auto limits, including changes to allow up to $250,000 of the Section 179 deduction to be claimed for qualified real property.
- 168 Allowance of 100% for Certain Property. Assets placed in service after September 8, 2010 and before January 1, 2012 can take a 100% bonus deduction.
- Extension of Tax Provisions. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has extended several tax provisions, such as allowing a 15 year estimated life on qualified leasehold improvements, qualified restaurant property, and qualified retail improvement property.
2. Updated Audit Advisor. Sage FAS made the following updates to the Audit Advisor:
- Check for the increased Section 179 limits as stated above.
- Extend the check for Qualified Restaurant, Leasehold, and Retail Improvement Property.
- Added a new check for assets that claimed a 50% 168 Allowance when they are eligible to take the increased 100% depreciation allowance.
- Added a new check for real property that may be qualified for the Section 179 expense deduction.
3. New Sage Timberline Enterprise Link. We have added a new general ledger link that enables you to post depreciation expense and accumulated depreciation from Sage FAS to Sage Timberline Enterprise.
NOTE: Please note that no database conversion is required to upgrade from version 2010.1 of Sage FAS to version 2011.1. However, if you are currently using an older version of Sage FAS, you must first upgrade to version 2010.1 before installing Sage FAS version 2011.1.
If you DON’T have all the CDs or other material available for versions lower than 2010.1, you need a data schema upgrade. Contact me today for competitive rates.