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

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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.

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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