Sage FAS Asset Accounting - Release of v2008.1.1

The Economic Stimulus Service Update (2008.1.1) contains changes to your FAS solution. These changes incorporate the provisions of the Economic Stimulus Act of 2008 relating to fixed assets. The changes in the update only affect assets placed in service in tax years beginning in 2008.

Please ensure that you have previously installed the full 2008.1 product before attempting to install this service update. If you are running a prior version of Sage FAS, you must install each annual update through 2008.1 before installing the 2008.1.1 Service Update. Previous versions of Sage FAS can be found on the SupportPlus Online web site in accordance with your Sage Support Plan.

Important Note: New customers installing Sage FAS for the first time should install the 2008.1.1 Service Update before adding any assets into the system and calculating depreciation.

1. Updated Section 179 Limits: The limit on the Section 179 Expense Deduction increased from $128,000 to $250,000. The Section 179 threshold amount increased from $510,000 to $800,000.
2. Expanded 168(k) Allowance: An additional depreciation allowance of 50% of the cost of an asset is allowed on qualified property placed in service after December 31, 2007 and before January 1, 2009. The 50% allowance is extended an additional year – to December 31, 2009 – for certain property with longer production periods and for certain aircraft.
3. Increased Luxury Auto Limits: The luxury automobile depreciation limits increased from $2,960 to $10,960 for year one for passenger autos placed in service in 2008. The increased depreciation limit applies only if you select a Plus 168(k) depreciation method.
4. Increased Depreciation Limits for Light Trucks and Vans: The depreciation limit increases from $3,160 to $11,160 in year one for light trucks and vans placed in service in 2008. The increased depreciation limit applies only if you select a Plus 168(k) depreciation method.

[download White Paper on version 2008.1.1]