Fixed Assets CS: Alerts and notices

Alerts and notices
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This topic compiles important information related to your software, such as the status of known issues, recently corrected problems, and answers to common questions.

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Reported Date Category Reported Version Status Modified Date Fixed Version Synopsis
08/09/18 Platform N/A Notice 08/09/18 N/A User experience enhancements for CS Professional Suite

As a CS Professional Suite customer, we are informing you that as part of our ongoing efforts to address the evolving cybersecurity landscape, in early August 2018 we will update UltraTax CS to include multi-factor authentication (MFA) user experience improvements, enhancements to our file encryption-at-rest process, and updates for global data privacy requirements. This update follows our implementation of MFA in all CS Professional Suite products in February 2017, with further enhancements in 2018 including requiring MFA to electronically file tax returns. This update will require no action on your part.

There will be an "Encrypting data sharing" dialog that appears the first time a customer opens UltraTax 2017. If customers ask about this dialog, our positioning statement is: "This is part of our file encryption-at-rest process enhancements related to this update." This is a one-time process that will take 3 seconds/client for desktop installations and a little longer for VO/SaaS.

With this update, data sharing information out of UltraTax CS 2017 to other CS applications will be collected and held until an update later this month, at which point the information collected will be data shared as usual.

As part of this update, customers may be prompted to update .NET framework or their web browser. If so, have them follow the prompts on their screen. Customers will be given a link to Installing an updated .NET Framework. Direct customers to their IT professional if they need additional assistance updating .NET or their web browser.

04/03/18 Platform 2017 Released 05/03/18 17.1.8 Tax Law Change for Like-Kind Exchange Rules

On 5/3/18 Fixed Assets CS update 17.1.8 was released to comply with the changes for like-kind exchanges that occur after 12/31/17 as a result of the Tax Cut and Jobs Act.

2/23/18 Platform 2017 Released 03/02/18 17.1.7 Qualified Indian reservation property

To comply with the extender provisions in the Budget Act, on February 28th Fixed Assets CS  released an update for the qualified Indian reservation property placed in service during 2017.

12/20/17 Platform 2017 Notice 08/02/18 N/A Tax Law Changes

Fixed Assets CS was updated in January to include changes for qualified improvement property, farm and farm rental assets, real property – residential rental, increased Section 179 limits, increased luxury auto limits, and first-year bonus depreciation. Fixed Assets CS was updated in May to include the change to like-kind exchange rules for exchanges that occur after 12/31/17. For details, see the Fixed Assets User Bulletins by opening the program and going to Help > Bulletins.

In the future (date TBD), we will release an update that will include changes for the corporate AMT being repealed for tax years beginning after 12/31/17.  We are awaiting guidance from the IRS on these changes.  

In November 2018, Fixed Assets CS will be updated to include a report for the 20% deduction for qualified business income.

This alert will be updated as information becomes available.

12/29/17 Platform 2017 Notice 12/29/17 17.1.2 GO Zone / 168(k) (force) field set to Property not qualified
For used assets acquired after 9/27/17 and entered prior to the 17.1.2 update, the GO Zone / 168(k) (force) field was automatically filled with the selection Prop not qualified – GO Zone/168(k). This field will have to manually be cleared for all used assets to calculate bonus with a date acquired after 9/27/17. 

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