Sage North America has updated its Sage FAS Fixed Assets Software with the latest tax rules, rates and Internal Revenue Service forms.

Version 2009.1 includes updated tax rules resulting from the Emergency Economic Stabilization Act of 2008 and the Heartland, Habitat, Harvest and Horticulture Act of 2008, which expands Section 168k bonus depreciation and Section 179 expensing. Among the updates are new Sec. 168 allowance deductions and shorter recovery periods for certain property, plus the extension of many existing fixed asset provisions, including special rules for Indian reservation property, restaurant property and leasehold improvements.

The software updates tax rates to comply with the scheduled updates to the Section 179 limits and luxury auto limits for 2009. It also takes into account new investment tax credits in the Emergency Economic Stabilization Act. The EESA also extended the dates or increased the percentage for some existing credits, and included new credits for historic properties, advanced coal projects, and green energy expenditures.

The software includes these changes, as well as increased Section 179 limits for two new property zones. It provides support for increased dollar limits and phase-out thresholds for assets located in special zones, such as the new Qualified Disaster Zone and the Kansas Disaster Zone. Also included is continued support for Enterprise Zones and the extension of the Gulf Opportunity Zone.

In addition, Sage FAS 2009.1 includes the updated Form 4562 and worksheets for Forms 3468, 4255, 4626 and 4797. For more information, visit www.sagefas.com.

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