Sage FAS version 2006.1 Release

The 2006.1 Tax Update contains changes to your FAS solution.

New Product Names

We have given all of our products new names. Now that Best Software has changed its
name to Sage Software, we decided to rename all of our FAS products to be more
consistent with the names of the other Sage Software products. Only the names have been
changed. They are still the same great products.

Tax Law Changes

This summer Congress passed the Energy Tax Incentives Act of 2005, which contain
several provisions related to fixed assets. This tax update includes improvements to
existing product features as well as changes to keep in compliance with the latest tax laws
and IRS regulations.

The following changes apply to FAS 50 Asset Accounting, FAS 100 Asset
Accounting, FAS 500 Asset Accounting, FAS 50 Asset Accounting – Peachtree
Edition, and FAS for Peachtree by Sage:

• New Section 179 Deductions. You can now use the Section 179/Bonus field to
  enter deductions under Sections 179B, 179C, and 179D.
• Additional Investment Tax Credit Options. We have added additional
  Investment Tax Credit (ITC) options for entry in the ITC Amount field.
• New Links. We have added two more links to our Links menu since the previous
  tax update: the Sage CPA Accounting Link and the ProSystem fx Tax Link.

What's New in the Tax Update

Improved Form 4797: You can now select any of the seven books (Tax, Internal,
State, AMT, ACE, Book 6, or Book 7) when you create the Form 4797 – Sales of
Property Worksheet.

• Updated Tax Forms. The 2006.1 tax update includes the updated IRS Form 4562
  – Depreciation and Amortization for 2005.
• Updated Limits. The 2006.1 tax update complies with the scheduled increase in
  the Section 179 limits and luxury auto limits.
• Start Applications from a Common Desktop. You can now launch all of your
  Sage Software applications from one common desktop.
• Easy Access to Your Customer Number. You can now enter your customer
  number during the installation and view it from within the application when you
  call for technical support.

Download the full White Paper on version 2006.1 of FAS Software Solutions