Category: Sage Fixed Assets News

Cautionary Ruling on the Classification of Leasehold Improvements

In March of 2013, the IRS issued a significant private letter ruling* (CCA 201310028) on whether an HVAC (heating, ventilation, and air conditioning) unit could be considered a qualified leasehold improvement (QLIP). This is an important issue as it concerns whether such a unit can qualify for a much shorter 15-year recovery period for depreciation instead of the usual 39-years assigned to nonresidential real property. *Note: An IRS private letter ruling (PLR) is given to a taxpayer who requests an interpretation of the tax law as it pertains to a particular set of facts or circumstances. The purpose of the…

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What it Takes to Be an Industry Leader in 2013

To be a successful business, it’s understood that you need capital, a solid workforce, marketable and desirable goods or services, among a few other business fundamentals. But today, in this high-tech, ever changing world-business climate, what does it really take to stay on top and be a leader? Take a look at some of the ins and outs of industry leadership. Find out what your business can do to move towards the top and how Sage Fixed Assets can help you get there in this eye-opening infographic.

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Five Fun Facts About Fixed Asset Management

1.  The bonus depreciation election is an election not to claim it. While most tax elections allow you to do something (such as claim Section 179 expense or use the MACRS Alternative Depreciation System <ADS>), the bonus depreciation election is an election not to claim it. This is because claiming the deduction for bonus depreciation is not optional; if you place qualifying property in service in a year in which bonus depreciation is allowed, the deduction is mandatory unless an election not to claim it is made. To make the election not to claim bonus depreciation, attach a statement to…

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Tracking Property for SMBs

  Fixed asset management solutions help small and medium size businesses (SMBs) with tracking property effectively. Software provides them with the ability to stay on top of financial reports, cut unnecessary costs and maximize efficiency in every aspect of business, from operations to administrative work. Incorporating a barcode scanning system into inventory tracking solutions and processes can help businesses save even more time and access property information with just the click of a mouse. Sportsvision, which creates visual enhancements like the NFL’s “yellow line” in broadcasted sports and entertainment events, began using a barcode scanning system to track its items several…

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Keep track of property during a business move

In search for economic efficiency, companies actually expect to hire at a modest rate this year. Coupled with the fact that new businesses continue to emerge, a significant amount of U.S. entities will likely relocate to new offices and factories. When companies move operations and workplaces to new locations, the task to keep track of property will be daunting yet critical — particularly as they seek to make the most of their resources to maintain efficient operations. Equipment managers and other decision makers have the responsibility of ensuring each fixed asset is properly packed, stored, shipped, unpacked, and put back to use. Items owned by a…

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