Fixed Asset Manager

[SunTaxMan]

I am working on my first 2009 return and lo, and behold, Asset History is gone, with a wonderful note from CCH, that I need to buy the Fixed Asset Manager.

What an interesting way, read that as "back door approach" to increasing the cost of ATX this year. A $395 "increase" by "coaxing" us to buy an ancilliary product is still an increase in price for the same product we had last year.

I wonder what other "surprises" CCH will have for us......

Comments?

I saw one comment about CMI Fixed Asset Manager. Anyone use it?

[Maribeth]

You know, we bought the Fixed Asset Manager this year. Not because of what CCH did with ATX, but because of other needs here in the office. We have been using it with our year end work and we really like it. It is a good product and it links with ATX extremely well.

Maribeth

[Lynn EA USTCP in Louisiana]

SunTaxMan - I've heard others who purchased the F. A. M. and were offered the software at half price. If you must have the asset history, ask for the 1/2 price deal that others received.

Lynn Jacobs, EA, NP

Kenner, LA

[SunTaxMan]

I have never thought about the "need" for Asset History, just miss it now that I don't have it.

I am interested in why I would need a Fixed Asset Manager in addition to the calculations in the ATX program.

Comments?

Thanks,

[Lynn EA USTCP in Louisiana]

I don't have an answer to 'that' question. But I never even realized there was an Asset History section to the deprecation reports, until this year when everyone is talking about it not being there in the 2009 program. My question to you is, of what use is the Asset History?

Lynn Jacobs, EA, NP

Kenner, LA

[elfling]

Interesting that word "need" . . . I'm not SunTaxMan but can answer that question from my own point of view.

The Asset History truly wasn't needed, but I did find it occassionally useful for the client who was having a hard time understanding the concept/dynamics of depreciation. By printing just the Asset History page for the item they were asking about, they had a clearer picture of how much would be deducted year-by-year for that asset on the schedule being used in their return. It made them a happy customer on that point and happy customers make my life easier.

Granted, we can also show that to a limited degree with the depreciation report printable from the 4562 tabs. I believe it will be easy enough to replicate the Asset History on an ordinary spreadsheet using a Windows Works, Excel, or Office program. Going to set it up when I have a few extra minutes.

Yeah, right!!!

Elfling

[SunTaxMan]

Perhaps I should re-phrase my question.

Is there any advantage in maintaining a "Fixed Asset Manager" APART from the tax return and the reportable form, i.e., 2106, 4562, C, S-Corp, C-Corp, 1065, etc.?

In what circumstance(s) would a "Fixed Asset" listing, as a report of owned assets (and the accompanying report of asset history, depreciation history, depreciation in future years) be needed or even useful? It would seem that the only function of these components of asset property would be their input and effect on the tax return.

The only possibility that comes to my mind quickly would be "moving" the assets from one return to another, e.g., if/when the taxpayer would change from Sole Proprietorship to an S-Corp.

Am I missing something? Or am I just "thinking about it more than necessary?"

Thanks,

[Gail in Virginia]

In some instances, a business might choose a different method of depreciation for purposes of internal and external income reporting than that which they are required by law to use for taxes, or that which they find more advantageous to use for tax purposes. This would make a fixed asset manager useful. Also, in some cases in the state of Virginia, the local commissioner taxes business property and it might be easier to print a report from a fixed asset manager. Also, if depreciation is managed from a separate program than the tax program, changing tax software is less stressful.

[elfling]

That is a good example, transfer of or change in a business structure, of when it may come in handy.

For years we got along well enough without the Asset History or even the ATX Asset Entry page (which took a bit of getting used to.) For those of us in this business long enough we kept paper records in journals. Entries were made directly on form 4562 both then and in the early years of software programs.

Going back to the original post by SunTaxMan, I agree with his thoughts about this change possibly being a CCH marketing strategy. Sorry, I won't be taking that bait. The history was interesting to have but not at all vital.

Elfling

[Booger]

You know, we bought the Fixed Asset Manager this year. Not because of what CCH did with ATX, but because of other needs here in the office. We have been using it with our year end work and we really like it. It is a good product and it links with ATX extremely well.

Maribeth

Maribeth, does the FA Manager program calculate ACE Depreciation for AMT purposes?

Booger

[Margaret CPA in OH]

I just noticed that my reply was not correctly posted. I guess I don't know how to do the quote thing and have my reply posted beneath it. Somehow, it got imbedded in the original post. Sorry! I hope SunTaxMan gets to read it.

[Booger]

I just noticed that my reply was not correctly posted. I guess I don't know how to do the quote thing and have my reply posted beneath it. Somehow, it got imbedded in the original post. Sorry! I hope SunTaxMan gets to read it.

Margaret, thanks for re-responding. Been looking for an affordable FA program that calculates more than 3

depreciation methods (Fed, AMT and State).

Booger

[Lion EA]

If you have a few clients with many assets that add and dispose of assets throughout the year, you can update your free-standing asset manager when you have time without changing the tax return you just filed. I don't have that many to worry about, so deal with depreciation within the tax program once per year only.