Tax Reports Features and Functions
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- Adds assets and copies transactions to tax depreciation books
- Associates tax data with individual assets
- Tax depreciation reserve for current and past fiscal years maintained with depreciation expense changes
- Default depreciation rules based on initial service date for asset
- Examine depreciation costs and expense ceilings
- Calculates the gain and loss of a disposed asset for book and tax purposes
- Automatically calculates tax adjustments when an asset is disposed
- Generates book and tax depreciation using IRS tax tables
- Assigns and calculates investment tax credit rates and a basis reduction rate for an asset in the tax books
- Short tax year accounting
- Deferred depreciation
- ACE reporting
- Generates forms required for IRS reports
- Calculates tax depreciation in compliance with US federal tax books, ACRS, ADR, and CLS
- Group or composite tax depreciation accounting
- Uses municipal and state/province/territory codes when reporting property tax
- Assessment of gains and losses for property disposition
- FASB 13 compliant
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Fixed Assets Features and Functions
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