Date Posted: 1/19/2009
Sage FAS Fixed Assets Version 2009.1 Now Available
Updated Tax Capabilities Bring Sage FAS Users Compliant with Current Tax Year
Herndon, Va. – January 19, 2009 – Sage North America announced today general availability of Sage FAS Fixed Assets version 2009.1 for all Sage FAS customers. Version 2009.1 provides updates to the latest tax rules, rates and IRS forms to help Sage FAS users comply with the important, new tax law changes that impact the current tax year. The Sage FAS Fixed Assets 2009.1 update is available for existing customers to download on the FAS SupportPlus Online web site at www.sagefas.com/update.
Easy to install, customize and use, Sage FAS solutions are comprehensive, integrated fixed asset management programs with versions suited for businesses of any size. Whether managing 100 assets or a system requiring the power of a Microsoft® SQL Server® infrastructure, Sage FAS saves time and improves data accuracy by organizing fixed assets in an easy-to-view format and performing complex depreciation calculations quickly and easily. Version 2009.1 includes important updates for the following rules, rates and IRS forms for the current tax year:
Tax Rules
Sage FAS 2009.1 includes updated tax rules resulting from the Emergency Economic Stabilization Act of 2008 and the Heartland, Habitat, Harvest, and Horticulture Act of 2008 (2008 Farm Act), which allows a 168k bonus and section 179 expensing. Among the updates are new 168 Allowance deductions and shorter recovery periods for certain property, plus the extension of many existing fixed asset provisions, such as special rules for Indian Reservation property, restaurant property and leasehold improvements.
Tax Rates
Updated tax rates in Sage FAS 2009.1 include:
Updated Tax Limits – Compliance with the scheduled updates to the Section 179 limits and luxury auto limits for 2009.
Updated ITC Credits – The Emergency Economic Stabilization Act of 2008 created new ITC credits and extended the dates or increased the percentage for existing credits, including new credits for historic properties, advanced coal projects, and green energy expenditures.
Increased Sec 179 Limits for Two New Property Zones – Support for increased dollar limits and phase-out thresholds for assets located in special zones, such as the new Qualified Disaster Zone and the Kansas Disaster Zone. Also included is continued support for Enterprise Zones and the extension of the Gulf Opportunity Zone.
Tax Forms
Sage FAS 2009.1 includes updated form 4562 and worksheets for forms 3468, 4255, 4626 and 4797.
"At Sage, we continually strive to provide high-quality solutions that deliver an outstanding user experience to our customers," said Chris Donie, senior vice president and general manager of Sage FAS. "With version 2009.1, our customers are able to maximize the tax benefits they derive from efficiently managing their fixed assets with the assurance that they are compliant with current tax laws."
About Sage FAS Solutions
For more information about the entire family of Sage FAS solutions for commercial, government, non-profit and Canadian businesses, please visit www.sagefas.com. In addition, Sage FAS features an online community at www.sagefas.com/community that makes it fast and easy for customers and tax professionals to find needed information or to interact with Sage FAS experts. The site includes four main content areas – Connect, Solve, Learn and Participate – to help visitors connect with peers, solve issues, learn more about depreciation, tax laws and product capabilities and participate in specific forums.
About Sage North America
Sage North America is part of The Sage Group plc, a leading global supplier of business management software and services. At Sage, we live and breathe business every day. We are passionate about helping our customers achieve their ambitions. Our range of business software and services is continually evolving as we innovate to answer our customers' needs. Our solutions support accounting, operations, customer relationship management, human resources, time tracking, merchant services and the specialized needs of the construction, distribution, healthcare, manufacturing, nonprofit and real estate industries. Sage North America employs approximately 5,000 people and supports nearly 2.9 million small and medium-size business customers. The Sage Group plc, formed in 1981, was floated on the London Stock Exchange in 1989 and now employs 14,800 people and supports 5.7 million customers worldwide. For more information, please visit the web site at www.sagenorthamerica.com or call 866-308-2378.
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