2011 Annual Update Changes

1.   2011 Form 4562 – The 2011 version of Internal Revenue Service Form 4562 (Depreciation and Amortization) has been included with this update.

2.   2011 State Form 4562 –The state report is printed on the Federal Form 4562 using state depreciation amounts. “STATE COPY” is printed at the top of the form.

3.   2011 Federal Section 179 Limitations – The 2011 Federal Section 179 limitations have been included with this update: $500,000 deduction limitation, and $2,000,000 phase-out limitation.

4.    2011 Federal Luxury Auto Annual Limitations – The 2011 Federal Annual Luxury Auto Limitations have been included: 1st Year - $11,060 (includes first year bonus depreciation of $8,000), 2nd Year - $4,900, 3rd Year - $2,950, 4th & Subsequent Years - $1,775.

5.    50% and 100% Bonus Depreciation – Depreciation Calculator has been updated to allow the 50% first-year bonus depreciation for qualified assets acquired on or after January 1, 2008 through September 8, 2010, and to allow 100% first-year bonus depreciation for qualified assets acquired after September 8, 2010 and before January 1, 2012.

6.    Next Year Depreciation Reports – These new reports allow the user to project the next year’s regular depreciation, AMT depreciation, and monthly book depreciation while still working on the current year. This is especially useful at the company’s year-end when you are still making adjustments to the current year’s general ledger balances, but you need to record depreciation for the new year. Once the current year adjustments have been made and the depreciation schedules have been reconciled to the general ledger, then you can perform the Year-End Update function to roll forward to the following year. This is one of the features that our users have requested most.

  

7.    Current Year Summary – A detailed analysis of the current depreciation amount has been added at the end of the Group Totals Summary and the Group/Dept Totals Summary reports. This detailed analysis shows how much of the current depreciation amount is amortization, section 179, bonus depreciation, and regular depreciation.

    

8.    Fully Depreciated Assets Reports – Three new reports were added:

a.       Fed Fully Depreciated Assets

b.       State Fully Depreciated Assets

c.        Books Fully Depreciated Assets

These reports list only those assets that are fully depreciated at the end of the report period. It lists the assets by number and name and shows the cost and accumulated depreciation.

9.    Print Only a Selected Group or Department – You now have the ability to include or all of the groups and departments, only a single group, or only a single department in the federal, state, and books regular and AMT depreciation reports. You will see the following dialog box prior to printing or previewing the federal, state, or books regular or AMT depreciation reports. If you select a single group or a single department to print or preview, a drop-down menu will appear at the bottom of this dialog box so you can make your group or department selection.

   

10.    State Mid-quarter Test – We have now included a state mid-quarter test to determine whether more than 40% of the current year acquisitions were added during the last three months of the year based upon the state cost basis.

 

11.   Changes to Books Monthly Depreciation Report – The monthly books reports now show the name of the month (Jan, Feb, etc.), rather than Month1, Month2, etc. across the top of the reports.

    

12.  Comparison Reports – We have added the ability to print the comparison reports for either the current year or the next year. The comparison reports were introduced in the prior year annual update, but the reports were only available for the current year. The comparison reports are: Fed/State Depr Comparison, Fed/Books Depr Comparison, State/Books Depr Comparison, Fed/State Accum Comparison, Fed/Books Accum Comparison, and State/Books Accum Comparison.
 

13.   Method Description– A description of the depreciation method (method and convention) that you selected is now displayed.

 

14.   Program Fixes – Various other behind-the-scenes changes have been made to enhance performance and fine tune calculations.