New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Note that entering detailed asset data in the asset module is the application default, as indicated by the checkmark in the Enter asset detail information checkbox in the File > Client Properties > Advanced Properties > Enter Asset Detail tab.

1. Open the Asset List window for an activity.

   Note: Any assets you have already entered for this activity appear in the asset list. The default columns for this window are Asset #, Description, In Service (date), Disposal Method, Tax Cost/Basis, Tax Current Depr, and Group. However, you can customize the column settings.

2. In the Asset List window, you can do the following tasks.

   • Add an asset by clicking the Add button. This opens a new record in the Asset Detail dialog.

     Note: By default, the next available asset number is automatically assigned to the new asset, but you can change how assets are automatically numbered.

   • Modify an existing asset by highlighting an asset and clicking the Modify button. This opens the asset's record in the Asset Detail dialog.
   • Delete an existing asset by highlighting an asset and clicking the Delete button.
3. When you click the Add or Modify button, the Asset Detail dialog opens. Use the fields and tabs in the Asset Detail dialog to enter or modify the information for the asset.

4. When you finish entering data for the asset, perform either of the following steps.

   • Click the Add Asset button on the toolbar (or press CTRL+A) to save the information and move to the next record in the Asset Detail dialog.
   • Click the button to save the information and return to the Asset List window. Then, click any input screen tab to return to tax data entry. UltraTax CS automatically calculates and transfers asset data to the appropriate tax forms.

After you enter asset information, UltraTax CS does the following:

• Calculates the depreciation for each asset.
• Transfers the depreciation totals to each business activity, for example, to the Farm and/or to Page 1 of an 1120 return.
• Transfers tax preference amounts to the appropriate form.
• Transfers asset sale information to Form 4797.
• Transfers asset like-kind exchange information to Form 8824.
• Transfers home office information to Form 8829 and/or the Home Office Worksheet.
• Transfers casualty/theft information to Form 4684.
• Transfers asset depreciation and vehicle information to Form 4562 and/or to the Auto Worksheet or Form 2106.
• Prints an individual Form 4562 for each corresponding business activity, when required.
• Prints detail reports enumerating federal, state, AMT, and ACE amounts.
• Prints a detail report showing the AMT and ACE adjustments.

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