The Path Act of 2015 allows you to claim bonus depreciation on qualified improvement 39-year property placed in service after 2015. Qualified improvement property is defined in Sec. 168(k)(3) as improvements to the interior of any nonresidential real property placed in service after the date the building was first placed in service.
Qualified improvement property does not include expenditures to enlarge a building, for any elevator or escalator, or for the internal structural framework of the building.
Further, qualified improvement property must be placed in service after the original building was placed in service. Contrast this change with the qualified leasehold improvement requirement that an improvement be placed in service at least three years after the building was originally placed in service. I
Tuesday, September 13, 2016
Bonus Depreciation and Section 179 Conformity by State
Most companies have all their assets in one state. In those cases, we always recommend that you assign a description of the two character abbreviation for the state or the full name of the state if it will fit in the allowed description area.
However, if you have a client that has assets in multiple states, then the most recent update to Asset Keeper Pro may make the process of calculating state depreciation a little bit easier.
By using one of the following two descriptions, AKPRO will be able to identify this method when you print your State Add-Back Report.
First, you would create a STATE method, which by default, does not allow for bonus depreciation. Then you would enter one of the following descriptions that applies to all the states listed.
STATE25K - (no bonus depreciation and section 179 limited to $ 25,000) - AR, CA, DC, GA, HI, IN, KY, MD, NH, NJ, and VA.
STATE500K - (no bonus depreciation and section 179 conforms to Federal) - ID, IA, ME, MA, MS, NY, RI, SC, VT, and WI.
On the State Add-Back Report's configuration screen, if you selected AR (for example) as the state rules you want to apply, the state method of assigned the description STATE25K would be automatically selected for you.
We have also compiled a handy reference guide showing the bonus depreciation and Section 179 conformity for all 50 states. You can find this here.
However, if you have a client that has assets in multiple states, then the most recent update to Asset Keeper Pro may make the process of calculating state depreciation a little bit easier.
By using one of the following two descriptions, AKPRO will be able to identify this method when you print your State Add-Back Report.
First, you would create a STATE method, which by default, does not allow for bonus depreciation. Then you would enter one of the following descriptions that applies to all the states listed.
STATE25K - (no bonus depreciation and section 179 limited to $ 25,000) - AR, CA, DC, GA, HI, IN, KY, MD, NH, NJ, and VA.
STATE500K - (no bonus depreciation and section 179 conforms to Federal) - ID, IA, ME, MA, MS, NY, RI, SC, VT, and WI.
On the State Add-Back Report's configuration screen, if you selected AR (for example) as the state rules you want to apply, the state method of assigned the description STATE25K would be automatically selected for you.
We have also compiled a handy reference guide showing the bonus depreciation and Section 179 conformity for all 50 states. You can find this here.
Thursday, September 8, 2016
Quick Trial Balance Pro - Reversing Journal Entries
In QTBPRO whenever you create a journal entry, you can mark a check box to archive it. Once a journal entry has been archived, you can select it as the template for a new journal entry in the current or subsequent years.
To reverse a journal entry after you reset for a new year, do the following.
1. Create a new journal entry.
2. Select the journal entry that you want to reverse from the archived list.
3. Mark the check box to include the amounts that were saved when the journal entry was archived.
4. You will be asked if you want to reverse the journal entry.
The entry will be retrieved from the archive and the amounts will be reversed.
To reverse a journal entry after you reset for a new year, do the following.
1. Create a new journal entry.
2. Select the journal entry that you want to reverse from the archived list.
3. Mark the check box to include the amounts that were saved when the journal entry was archived.
4. You will be asked if you want to reverse the journal entry.
The entry will be retrieved from the archive and the amounts will be reversed.
Quick Trial Balance Pro - Financial Ratios Added
One of the least used tools used to evaluate the performance of a company is financial ratios. Quick Trial Balance Pro now includes the ability to generate 28 relevant financial ratios. The process for setting up your data file so you can generate the ratios is explained in a How-To document that we created. You can find the How-To here.
ACA 1095 Reporting survey results
ACA 1095 Reporting is an application used to meet the information reporting mandate for all employers with 50 or more full-time employees.
We recently conducted a marketing survey for ACA 1095 Reporting. The goal was to determine how our users found out about ACA 1095 Reporting in order to expand our user base and allow more employers to take advantage of the features that ACA 1095 Reporting includes.
Two significant findings from this survey resulted.
1. The vast majority found out about ACA 1095 Reporting via the internet using a search engine.
2. Over 95% of our users have recommended or will recommend ACA 1095 Reporting to other employers.
With these findings we are trying to do more to make it easier for employers to find out about ACA 1095 Reporting, such as this blog, and we are responding to the suggestions of our users to increase the effectiveness of ACA 1095 Reporting for the 2016 filing year.
To all users who responded to our survey we would like to say Thank You!
We recently conducted a marketing survey for ACA 1095 Reporting. The goal was to determine how our users found out about ACA 1095 Reporting in order to expand our user base and allow more employers to take advantage of the features that ACA 1095 Reporting includes.
Two significant findings from this survey resulted.
1. The vast majority found out about ACA 1095 Reporting via the internet using a search engine.
2. Over 95% of our users have recommended or will recommend ACA 1095 Reporting to other employers.
With these findings we are trying to do more to make it easier for employers to find out about ACA 1095 Reporting, such as this blog, and we are responding to the suggestions of our users to increase the effectiveness of ACA 1095 Reporting for the 2016 filing year.
To all users who responded to our survey we would like to say Thank You!
Keeping up with our software.
If you've been a user of our software products, you probably are already aware of the number of enhancements that we make on a regular basis.
One of the reasons we adopted the subscription model was so that we could respond to the needs of our users more quickly and be assured that all users had access to updated software releases at all times.
The purpose of this blog is to provide one location where you can find more information about these changes for all of our software applications. Our goal is to do a better job of documenting those changes here so that this information is available to you as quickly as we release new updates.
One of the reasons we adopted the subscription model was so that we could respond to the needs of our users more quickly and be assured that all users had access to updated software releases at all times.
The purpose of this blog is to provide one location where you can find more information about these changes for all of our software applications. Our goal is to do a better job of documenting those changes here so that this information is available to you as quickly as we release new updates.
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