Sage FAS version 2009.1 Release

Emergency Economic Stabilization Act of 2008.  Congress moved quickly to pass this historic financial markets rescue bill and the President immediately signed the bill on October 3, 2008.  The primary purpose of the Emergency Economic Stabilization Act of 2008 is to address the issue of frozen credit paralyzing the financial markets.  But it is also one of the largest tax bills in recent years, containing over 100 tax provisions, almost 300 Internal Revenue Code changes, and over $150 billion in separate tax incentives impacting individual and business taxpayers.  Two other less-publicized bills containing significant tax code modifications were also passed this summer; the Food, Conservation, and Energy Act of 2008 (June) and the Housing Assistance Tax Act of 2008 (July).  

Tax Law Updates

These new laws include the following provisions addressed in this release:

• Updated Tax Forms. The 2009.1 tax update includes the updated IRS Form 4562 – Depreciation and Amortization for 2008.
• Updated Tax Limits. The 2009.1 tax update complies with the scheduled updates to the Section 179 limits and luxury auto limits.  This includes a reduction in the Section 179 limit from $250,000 to $133,000.
• Increased Sec 179 Limits for Two New Property Zones. The 2009.1 tax update includes Section 179 dollar limits for two new property zones: the Qualified Disaster Zone and the Kansas Disaster Zone. The update also includes increased Section 179 limits for Gulf Opportunity Zone and Enterprise Zone property.
• Extensions for Section 179C, 179D, and 179E Property. Immediate expensing of Section 179C and 179D property has been extended to 12/31/2013. Immediate expensing of    Section 179E property has been extended to 12/31/2009.
• 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.  Included are new credits for historic properties, advanced coal projects, and green energy expenditures.
• Extended Indian Reservation Property Rules. Indian Reservation property must be placed in service before January 1, 2010, an extension of two years.
• Extended Leasehold Improvement and Restaurant Property Rules. The 15-year recovery period for leasehold improvements and restaurant property applies to property placed in service before January 1, 2010, an extension of two years.
• 15-Year Recovery Period Available for Retail Improvement Property.
• New 168 Allowance Available for Reuse and Recycling Property.

The majority of tax breaks in each of these new laws are designed to provide immediate relief in 2008 and 2009.  This means that year-end tax planning is more urgent than ever to maximize these new tax breaks. As expected, Sage FAS is right on top of these changes.  Sage FAS version 2009.1, incorporating these latest tax breaks and investment incentives, will be available to customers in December of 2008, just in time for their year end tax planning.

Support Ending Notices

Support Ending for Novell NetWare Network Edition
This tax update, Sage FAS Fixed Assets 2009.1, is the last release supporting the Novell NetWare platform. Product releases and updates beyond this version will not be available to customers running Sage FAS 100 Fixed Assets - Network Edition on a Novell NetWare platform. We are currently offering you the option to trade-over to Sage FAS 100 Fixed Assets Network Edition for Windows at no cost. Sage FAS 100 Fixed Assets Network Edition for Windows supports either Windows 2003 Server SP2 or Windows Server 2008. If, however, you would like to upgrade to our FAS 500 product, we are offering a preferred customer discount. After installing the software, a simple backup and recovery procedure will enable you to move your data from the NetWare platform to the Windows platform. To discuss this trade-over opportunity in more detail with a Sage FAS Support Representative, please call 858-679-8555.

Support for PPT 2700 and PPT 2800 Readers Ending
This tax update, Sage FAS Fixed Assets 2009.1, is the last release supporting the PPT-2700 and PPT-2800 barcode readers.

This is a summary of changes above tax and product related above, if you receive specific questions about any of these recently enacted laws, please feel free to forward them to me and I’ll help you get answers. 

Renew Your SupportPlus - only those with active support can receive the new update and tax changes.