Fixed Asset Manager 2021

[KarimB]

When is the expected release date for Fixed Asset Manager 2021?

[IRonMaN]

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/2021-fixed-asset-manage...

[Greta]

What is the fixed asset manager? Is it the depreciation report?

[IRonMaN]

It's an add on depreciation product.  It's a little more flexible than the standard stuff that comes with the tax software itself.

[Greta]

All these years I've only been printing the depreciation reports for C, F, E. Where do I find the FAM (say in the 2020 software?)

[IRonMaN]

You don't find it in ProSeries - it is an add on product - you have to purchase it.

[Greta]

Thank you. Both your replies have answered my question.

[dd4vols]

I've been using FAM for years and years.  It's really great 99.9% of the time. The only downside is, and there have been countless threads on this (and many linked to mods at Intuit), it will just occasionally corrupt a file, and you have to re-enter from the last good file. 

It is a standalone that imports into ProSeries. When you set up the assets in the FAM client you indicate which form (1040. 1065, etc), it will import to, and then further to which schedule in the ProSeries client (C, E,F etc). Where it is great is in being able to print the dreaded Personal Property schedule by year of acquisition, for all the local taxing authorities.  It rolls over info each year just like ProSeries.  I would literally be lost without it.

[Greta]

Very informative! But don't the regular Depreciation reports do much the same? The personal property tax for local taxing authorities is indeed the problem. One local rural Virginia PP tax is so onerous that clients would rather not deduct a piece of equipment in their tax return just to avoid the dreaded PP tax levy. Folks don't understand why they keep paying PP taxes on even old pieces of equipment. I bought my office desk in 1976 and I still pay PP tax on it. A music teacher client pays enormous PP taxes on piano & instruments, though her net business income is negative. Problem is that our small rural community has 53 churches and two colleges, and there are few others to tax but struggling businesses.

[dd4vols]

It might not fit your office.  I do tons of 1065 and 1120S and a few even 1120 returns.  The Personal Property feature is the reason I keep it.  That, and If I discontinue, I  WOUILD have to re-enter every client's every asset into their return the year I discontinue. ProSeries does not roll over imported asset info to the following year.

And there are some really neat and useful printing and sorting options by location, asset type, etc. Like a franchisee with diff locations, etc.