Sage Software has unveiled its annual tax update release for its Sage FAS Fixed Assets product line.
Sage FAS version 2007.1 includes enhancements and some changes to assist with tax law, Internal Revenue Service compliance and forms, such as Form 4562.
Tax updates have also been made to the Sage FAS 50 Fixed Assets, Sage FAS 100 Fixed Assets and Sage FAS 500 Fixed Asset products -- Sage’s asset accounting and asset inventory systems. Also revamped is Audit Advisor, a FAS feature that helps facilitate a final check of fixed assets to look for areas of noncompliance with IRS regulations.
“Most important to our customers is keeping up with the rules rates and tax forms to comply with the most up-to-date regulations,” said director of product management for Sage FAS, Kelly Clark. “The current ball we were thrown this year was that a new law was passed in Congress at the end of the session, so we had some last-minute changes. It was really important that we get this included in this new tax update.”
FAS Asset Accounting product updates for the 2007 tax year include new Section 179 and Luxury Auto limits, as well as updated Section 179 rules and extended rules for Native American Reservation property, both part of the Tax Relief and Health Care Act of 2006. Additional Audit Advisor validations, as well as several security features allowing more flexibility in password set-up, were also added to FAS Asset Accounting.
FAS Asset Inventory product updates include two new reports -- the Asset Listing Report displays information about the assets in the current company or organization, while the new Readers Report displays information about a company, or organization’s bar code readers.
The Sage FAS 2007 tax update is available now for active Sage FAS SupportPlus customers to download at www.sagefas.com/update.
Sage also announced the availability of Sage TimeSheet MAS 90 Edition, a comprehensive ERP solution that integrates TimeSheet into Sage MAS 90 and MAS 200. The new integration is aimed at facilitating business processes such as project management, employee time tracking, job costing, accounts payable and receivable, and payroll using a single data entry point.
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