Activity(ies) dialog

Alerts and notices

Fixed Assets CS uses activities to categorize all assets related to a client's business or profession. Use the Activities dialog to add, modify, or delete a business activity.

To open this dialog, choose Setup > Activities. (When the Asset List window is active and you click a multiple-unit activity folder that is currently empty, the Activities dialog opens automatically.)

Special information

Fields & buttons

This shows the form or schedule, activity unit number, description, and situs for all multiple-unit activities that have already been set up for the open client.

Fixed Assets CS allows you to define up to 250 business activities for each form or schedule that is capable of having more than one activity.

This shows the form or schedule for the selected activity.

Adding an activity: Click the arrow to the right of this field (or press F4) to open the drop-down list of multiple-unit forms and schedules available for this client, based on the client's entity type. Click a form or schedule to select it.

This shows the unit number of the selected business activity.

Adding an activity: Enter a unique number (1 - 250) to designate this activity so that you may easily distinguish among multiple units.

If all assets entered in this multiple-unit activity are in the same situs, choose the appropriate situs from the drop-down list.

Note: This field is available only if you are adding or editing a multiple-unit activity with the exception of 1065 business and COGS activities.

This shows the description of the selected business activity.

Adding an activity: Enter a description of the business activity, using up to 35 characters.

Choose whether the selected activity will use the asset classes for General, Farm, Indian Reservation, Indian Reservation Farm, or Governmental.

Based on the option you choose here, during asset data entry, the Method/Life Wizard Method/Life Wizard button button in the Depreciation tab opens a list of asset classes specific to General assets, Farm assets, Indian Reservation assets, Indian Reservation Farm assets, or Governmental assets.

Select the economic type of the selected activity. The economic type enables the Method/Life Wizard to select the correct lives to use when Machinery, equipment or fixture is chosen as the asset class.

If this activity is a real property trade or business or an electing farm business, then select the tax year that you made the election in. This only applies for 2018 or later tax years. This field is left blank by default.

If a you are electing out of 163(j)(7)(B) for a Farming business or Real property, you must do this for each activity. Once you enter a year in this field, then the Change of Use when Electing 163(j)(7)(B) or (C) statement will be available from the Tasks menu for these certain types of property.

  • 1040 - Business, Bus COGS, Rental, Farm, Farm Rent
  • 1041 - Business, Bus COGS, Rental, Farm, Sch K-1
  • 1120C - Business, COGS, Farm, Farm Rent, Rental
  • 1120S - Business, COGS, Farm, Farm Rent, Rental
  • 1065 - Business, COGS, Farm, Farm Rent, Rental
  • 990 - OP, OP COGS, Rental

Select the type of trade or business of the activity. This field is only available if a tax year is selected in the Election under 163(j)(7)(B) or (C) field.

Real Property Trade or Business

If the activity is real property trade or business, then the Change of Use when Electing 163(j)(7)(B) or (C) statement is available to you for MACRS real property assets. You can find this statement in the Tasks menu when you edit an asset.

When you place an asset from the following list in service in the tax year or a later tax year of the election, Fixed Assets CS will use the MACRS SL ADS method and ADS life by default.

  • Improvement Property (qualified)
  • Leasehold improvement (not qualified)
  • Leasehold improvement (qualified)
  • Office in home
  • Real property (nonresidential)
  • Real property (residential)
  • Restaurant building improvement
  • Retail Improvement

Farming Business

If the activity is a farming business, then the Change of Use when Electing 163(j)(7)(B) or (C) statement is available to you for prior year MACRS assets that have a life of 10 or greater. This statement is in the Tasks menu when you edit an asset.

When you place a farming business asset in service in the current tax year of the election and the asset has a life of ten years or greater, Fixed Assets CS will use the MACRS SL ADS method and ADS life by default when you use the Method/Life Wizard.

Select Yes from the dropdown to indicate the activity qualifies as a trade or business for Section 199A, or choose No to indicate that it does not qualify. This only applies for tax years ending 2018 and later. This field is left blank by default. For COGS and Bus COGS activities, the field is grayed out. To enter Yes/No for COGS or Bus COGS, go to the Business activity (or create one if it doesn’t exist) and fill out the field, which will automatically transfer to the COGS or Bus COGS activity.

Note: This is only available for the following entities/activities.

  • 1040 - Business, Bus COGS*, Rental, Farm, Farm Rent
  • 1041 - Business, Bus COGS*, Rental, Farm, Sch K-1
  • 1120S - Business, COGS*, Farm, Farm Rent, Rental
  • 1065 - Business, COGS*, Farm, Farm Rent, Rental
  • 990 - OP, OP COGS, Rental

Click this button to open the Vacation Home Percentage dialog, in which you can enter vacation home usage to calculate the allowed depreciation percentage for rental activities.

Note: This button is available only for 1040 clients when Rental is selected in the Form / Schedule field .

Click this button to open the Ohio Addback dialog, in which you can select an addback amount for 1040 Ohio activities in the open client.

Note: This button is available only for 1040 clients when Ohio is selected in the Setup > Situses dialog.

Click this button to open the Simplified Home Office dialog, where you can specify the home to which you want to apply the simplified home office deduction. (Home offices are entered in the Home Office tab of the Asset Detail dialog.)

Note: This button is available only for 1040 clients.

Click this button to open the 168(i)(4) Election dialog, where you can apply the section 168(i)(4) election to activities on Form 4562, Part III.