The Tax Cuts and Jobs Act of 2017 provides the most sweeping change to the U.S. tax code since 1986. The bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, boosting business expensing and more. Sage Fixed Assets-Depreciation release 2018.1 incorporates the new tax laws into the software, including most of the common provisions in the Act affecting depreciation and expense deductions for the U.S. taxation of business property (generally, fixed assets used in business).
Bonus Depreciation (Section 168(k) Allowance) In general, for qualified property acquired after 9/27/2017 and placed in service by 12/31/2022, the 50% bonus rate is increased to 100%, and then phased-out over the following years. Some used property also qualifies.
The Act expands expensing under Section 179 for business property placed in service in taxable years beginning on or after 1/1/2018
Changes to Recovery Periods for Real Property
Changes to Depreciation of Farm Property
Increased Depreciation caps on passenger automobiles
Other changes in the Sage Fixed Assets version 2018.1 release include:
Sage Fixed Assets Reporting update now uses the newer Crystal Reports version 2016.
Security and other enhancements.
Sage Fixed Assets 2018.1 now supports the newer Transport Layer Security (TLS) version 1.2, which is the latest and most secure version available of this communication protocol in Microsoft SQL Server.
Sage Fixed Assets 2018.1 uses the Crystal Reports 2016 runtime. If the Fixed Asset client is installed on a workstation that is running a Sage ERP version that is pre-Sage 100 2018 it will blow up forms and reports. Sage has issued a KB (Knowledgebase) bulletin on changes needed if you are running Sage 100 non-2018 versions with your 2018 Fixed Assets.