This user bulletin describes enhancements and other information related to the initial release of 2019 Fixed Assets CS.

Enhancements

Mass change of use when electing out of 163(j) limitation under Section 163(j)(7)(B) or (C)

For tax years 2019 and later, a new option allows you to calculate change of use on multiple assets at once when making an election under section 163(j)(7)(B) or (C). To access this option, first make the election in Setup > Activities > Election under 163(j)(7)(B) or (C), and then choose Tasks > Mass Change of Use When Electing 163(j).

For more information, see Mass Change of Use in our Help & How-To Center.

Summary change of use

This option shows all methods/lives that are available for change of use for the selected assets within the selected activity.

Detail change of use

This option allows you to confirm the change of use for each selected asset.

Personal property exchange changes

• For tax years 2019 and later, you can dispose of Arkansas and Indiana section 1245 assets as a like-kind exchange when an asset is disposed of using the method Sold/Scrapped for tax purposes.
• Book calculations are available for section 1245 assets that are disposed of as a like-kind exchange when an asset is disposed of using the method Sold/Scrapped for tax purposes.
• An option allows you to take Election 1.168(I)-6(I) and treat the entire basis as a current year acquisition.

Solar energy credit construction began in 2020

With this release, you can select code U from the Credit menu for the solar energy credit when the construction began in 2020.

Installment Sale Property Codes

You can now select the installment sale property code that corresponds to the transaction using the Property Code field.

Section 743(b) Adjustment

A new option in the Other tab allows you to mark an asset as Section 743(b) adjustment. This option is only applicable for 1065 clients.

Updated Forms 4562, 4797, and 4255

These forms have been updated for 2019.

Report changes

Only Print Current Section 179 Amounts for Tax Asset Detail Report

With the new print option in File > Print > Options > Asset Detail tab, you can choose to display only current Section 179 amounts for the Tax Asset Detail Report. This print option is not marked by default. When it is marked, the Tax Asset Detail report will print only current-year Section 179 amounts in the Section 179 column.

Print Date Acquired on the Property Detail Report

To display Date Acquired for the Property Detail Report, use the new print option in the File > Print > Options > Property Detail tab. This print option is not marked by default. When it is marked, the Property Detail report will print the Date Acquired instead of the Date in Service.

Multi-factor authentication information

Thomson Reuters Authenticator Display Card

Thomson Reuters Authenticator Display Cards allow customers of the CS Professional Suite and Onvio product lines that have multi-factor authentication enabled an alternate method of multi-factor authentication for their software. The cards, which are the size of a credit card, allow users to utilize a second factor of authentication to gain access to the Fixed Assets CS software. When prompted for multi-factor authentication, use the Thomson Reuters Authenticator Display Card to generate and key in the 6-digit code generated. These cards are a great option for those who do not wish to use a mobile app on their personal devices, or as a backup to authenticating via their mobile device (for example, in the instance of a lost or broken smartphone).

For more information, see the Multi-factor authentication overview. For details on pricing and ordering, visit the Forms CS website.