Changes Included In the 2009 Annual Update

1.    2009 Form 4562 – The 2009 version of Internal Revenue Service Form 4562 (Depreciation and Amortization) has been included with this update.

2.    2009 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.    2009 Federal Section 179 Limitations – The 2009 Federal Section 179 limitations have been included with this update: $250,000 deduction limitation, and $800,000 phase-out limitation.

4.    2009 Federal Luxury Auto Annual Limitations – The 2009 Federal Annual Luxury Auto Limitations have been included: 1^st Year - $10,960 (includes first year bonus depreciation), 2^nd Year - $4,800, 3^rd Year - $2,850, 4^th & Subsequent Years - $1,775.

5.    50% Bonus Depreciation – Depreciation Calculator has been updated to allow the 50% first-year bonus depreciation for qualified assets acquired on or after January 1, 2009 and before January 1, 2010.

6.    Partial Disposition – The option to make a partial disposition of an asset has been added to the program. For example, you may want to dispose of only 50% of an asset. Now you can easily do this by selecting Partial Disposition from the Disposition Type drop-down menu on the Dispositions screen. This will bring up a dialog box where you can enter the percentage of the original asset that you want to dispose.

A new asset will be created representing the portion of the original asset that you indicated has been sold. This asset will have a cost and prior accumulated depreciation equal to the percentage of the original asset that you have specified. Depreciation for this asset will be calculated from the beginning of the year through the date of the disposition. The original asset’s cost and prior accumulated depreciation will be reduced by the portion that was disposed, and depreciation will be calculated on this basis for the entire year.

7.    Re-arrangement of the fields on the Add / Edit Assets Screen – The input fields on the Add / Edit Assets screen have been slightly re-arranged in a vertical fashion to make input easier.

8.    Larger Fonts – Larger screen fonts have been used throughout the program to accommodate larger monitors with higher resolutions. This makes reading the input screens easier on larger monitors.

9.    Program Fixes – Various changes have been made to correct program calculations and performance.

10. Default Settings – You can set defaults for the state and books methods by selecting Default Settings… from the Options menu when your company file is open. Now when you select a property type from the Property Type drop-down menu, the state and books columns will be filled with the default methods you have specified.

11. View Menu – A View menu has been added to menu bar on the Add / Edit Assets screen. Use the View menu to switch between the different pages of the Add / Edit Assets screen. Or you can click on the various tabs on the Add / Edit Assets screen to switch to the various pages.
 
 Select from the View menu.

Or press the appropriate tab with your mouse.

12. Edit Trucks and Vans Annual Limits – The depreciation dollar limits for “passenger” trucks and vans weighing less than 6,000 pounds can now be edited by the user. To edit the annual limits for trucks and vans, select Edit Truck and Van Limitations from the Edit menu. The edit menu is located in the upper left-hand corner of the Main Menu screen. This is the second screen you see after you start the program.
 

13. State Section 179 Test – A test to see whether the state section 179 limitations have been exceeded has been added to the program. To start the state test for section 179, open the company file and then select State Section 179 Test… from the Options menu. The Options menu is located in the upper left-hand corner of the Add / Edit Assets screen.