ATX Form 4562

[Lee B]

Posted by ATXWendi today:

"The Tax Cuts and Jobs Act changed bonus depreciation to 100% for qualified assets placed in service after 9/27/207 (before that date it will remain 50%). In the current program version 50% is the default for all 2017 dates. A program update will come out in a week or two that will properly default to 100% for the appropriate dates. 

The message is a warning that the current program version is using 50% for all 2017 dates and has not been updated to default to 100% when date appropriate. 

The tax act also provided an election to for assets placed in service after 9/27/2017 to elect to use 50% bonus depreciation instead of 100%. If you want to use 50% for assets after 9/27/2017, there is an election on the elections form that has to be manually marked"

 

Looks like it be another week or two before ATX has a fully functional 4562.

[Yardley CPA]

Quote

Thanks very much for posting this. 

 

[Lee B]

Posted this morning by ATXWendi:

 

"You may want to call into customer support to have them address this issue. The section 179 limits have likely been dropped from Fixed Assets. 

If you are comfortable, this KB link from last year gives the steps to correct the issue (substitute 2017 in place of 2016), but it involves deleting program files so they can be re-downloaded. These are the steps customer service will do for you if you call in. 

https://support.cch.com/sfs/solution/000057508 

Alternatively, you can type in the limits, but they will then be treated as overrides and may not update if we have to issue updates (which happens as the states legislate in the spring). The limits are in Fixed Assets, Asset Global Settings for federal and then click on the State Calcs tab for the state data."

[Abby Normal]

Since ATX refuses to delete the Temp folder Sfs.Cache, you can put a shortcut to the Temp parent folder (\AppData\Local\Temp) and just delete Sfs.Cache folder every day or as needed.

We boot our computers every morning and have CCleaner run automatically, and have it set to delete temp folders regardless of how new they are.

I had to delete FAMStaticData folder last year to get the 179 limits to update. Added it to my How To notes for ATX.

 

[WITAXLADY]

hhmm - how do I do that?

[Lee B]

ATXWendi reposted this this morning:

"You may want to call into customer support to have them address this issue. The section 179 limits have been dropped from Fixed Assets. 

If you are comfortable, this KB link from last year gives the steps to correct the issue (substitute 2017 in place of 2016), but it involves deleting program files so they can be re-downloaded. These are the steps customer service will do for you if you call in. 

https://support.cch.com/sfs/solution/000057508 

Alternatively, you can type in the limits, but they will then be treated as overrides and may not update if we have to issue updates (which happens as the states legislate in the spring). The limits are in Fixed Assets, Asset Global Settings for federal and then click on the State Calcs tab for the state data"

 

Apparently update 17.3 did not fix all of the Form 4562 problems !