Fixed Assets CS is calculating the current-year acquisitions' current depreciation differently after I entered a current-year asset

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

The client's current-year MACRS acquisitions may now be calculating using the mid-quarter convention instead of the half-year convention. If 40% or more of the qualified current-year acquisitions were acquired in the last three months, the application uses the mid-quarter convention to calculate depreciation. For MACRS assets that are calculated using the mid-quarter convention, the words "Mid-quarter" appear in blue at the top of the Depreciation tab in the Asset Detail dialog. Also, if the mid-quarter convention applies for a specific treatment, that treatment column heading appears in blue.

To view a summary of how many assets were placed in service each quarter, see the MACRS mid-quarter group box on the Tax Summary tab of the Client Summary Information dialog.

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