CMI Fixed Assets Blog

CMI Fixed Assets Version 4.1.112 is now available for download. It corrects an error with the Quick File Rebuild feature. We encourage you download this version if you already downloaded version 4.1.111.

If you have yet to download version 4.1.111 then downloading the version avilable now, 4.1.112 will catch you up through the error.

The new download can be found here. The password is the same as the one that went out with version 4.1.111. For complete instructions on completing the new update please click here.

We sincerely apologize for any inconvenience.

CMI Fixed Assets Version 4.1.111 is now available for download on the updates page of the CMI website. An email with instructions for download and the latest password went out to all customers who are current on their maintenance agreement with Pro Systems, Inc. If you did not receive an email or have other questions, please feel free to contact us. 

The features implemented since our last official release, version 4.1.100, are:

• Implemented features resulting from the American Taxpayer Relief Act of 2012 (ATRA2012). These features include extending the 50% Special Depreciation Allowance (Asset type 3) for assets placed in service before 1/1/2014; and extending the IRC Section 179 expense limit of 500,000 for tax years beginning in 2012 and 2013, with a threshold of 2,000,000.

• Implemented 2012 Form 4562. This form was available on the IRS website at the time of this release, but it may be changed after the IRS develops procedures for the American Taxpayer Relief Act of 2012.

• Implemented barcodes and redesigned the asset label feature. Asset labels are no longer part of the Custom Report builder. You can now create an asset label directly from the Asset Labels dialog box, and the user interface has been simplified considerably. The asset number can now be printed  on the label as a Code 128 barcode. The asset number barcode can then be scanned on any report or feature that allows you to process selected assets (such as Depreciation Schedule or Find Asset). From the Asset Selection screen, select Scan Barcodes. Your barcode scanner must be setup to enter a carriage return or linefeed after each barcode.

• Improved entry of the dates in which an asset is in use when the P asset type is selected.

• Updated Luxury Auto Limits for assets placed in service in 2012.

As always we can be reached at 1-800-678-3656 if you have questions or comments concerning the update. 

You've waited patiently and finally received a NEW computer! Now, the problem is getting CMI Fixed Assets installed on that new computer!

Did you know that the CMI Fixed Assets update file that you download every time there is an update is a full version of the software? It's the same file that is released to new customers and the same file that needs to be installed on a new computer!

To install the fixed asset software for the first time, simply follow the instructions within your new update email for installing an update.

The only difference between an update install and a new install will be the 'CMI Fixed Assets Registration' screen.

This screen will pop up at the end of the CMI installation wizard. When it does, simply choose "Licensed Purchase from CMI" and enter your company name. (The company name will show up on all your printed reports as the preparer.)

Next, enter your Product Code. If you do not have your Product Code on file, you can call us at CMI Fixed Assets (1-800-678-3658) with your Serial Number and company name to get that information. (To learn how to locate your Serial Number refer to last week's Tip Tuesday.)

Next week we'll discuss moving your data from your old computer to the new computer!

Have a great week!

To find out what version of CMI Fixed Assets you're running, click on Help (in the top left hand corner of the CMI screen) and then About.

When you click About, the 'About CMI Fixed Assets' box will open.

There you can see which version you are running. This is also where you can locate your Serial Number and see who the software is licensed to.

If you have any questions or comments on the current version of CMI Fixed Assets or anything else, please feel free to contact us at 1-800-678-3658.

On December 17, 2010 President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (referred herein as 2010 Tax Relief Act or 2010TRA). 

CMI Fixed Assets version 4.1.95 contains the following changes to implement 2010TRA:

• Bonus Depreciation has been extended.  2010TRA extends the bonus depreciation previously enacted as follows:
• 100% Bonus Depreciation – for qualifying property (MACRS personal (type 45) new property with recovery period of 20 years or less) placed in service after September  8, 2010 and before January 1, 2012, bonus depreciation is 100%.  The 100% applies to both regular tax and AMT.  Bonus Depreciation is automatic unless the taxpayer opts out.  The user will need to “uncheck” the box if this bonus depreciation is not wanted. 
• The law also extends, through December 31, 2012, 100% bonus depreciation for “certain longer-lived and transportation property”.
• 50% Bonus Depreciation – for qualifying property (MACRS personal (type 45) new property with recovery period of 20 years or less) placed in service after December 31, 2011 and before January 1, 2013, bonus depreciation is 50%.  The 50% applies to both regular tax and AMT.  Bonus Depreciation is automatic unless the taxpayer opts out.
• 50% Bonus Depreciation – 50% available in 2013 for “certain longer-lived and transportation property”.
• Qualified Leasehold Improvements –  2010TRA extends through 2011 rule treating qualified leasehold improvement property as 15-yr property.  Such property qualifies for 100% Bonus if placed in service during a tax year beginning in 2010 or 2011.  Note – the 2010 Act also extends qualified restaurant property as 15-yr property, but it is not “qualified leasehold property” so does not qualify for 100% bonus depreciation.  (IRC 168(e)(7)(B) and 168(e)(8)(D))   
• Autos & Trucks –The additional $8,000 1^st year depreciation (if bonus, asset type 4, is selected) is  extended from 12/31/2010 to 12/31/2012.

If you have not received an e-mail with the update information and installation instructions, please contact us, as those have been sent out. 1-800-678-3658

Also, if you have question concerning the implemented changes please feel free to contact us.

The latest update of CMI fixed assets is now available on the website. The current update, 4.1.92, includes all of the changes that were implemented from the Small Business Jobs Act of 2010. 

The tax changes in the Small Business Jobs Act that effect fixed assets and have thus been implemented into CMI's fixed asset program are:

-  Enhanced small business expensing (Section 179 expensing).

-  Extension of 50% bonus first-year depreciation.

-  Increased luxury auto depreciation.

 
Feel free to contact us if you have any questions on utilizing these changes or if you need any assistance with CMI Fixed Assets in general.

If you would like information on how to download this new version, contact us at 800-678-3658 for instructions.

Since the release of CMI Fixed Assets Version 4.1.91 we have discovered that this particular update has a minor glitch in the Rebuild Master File capability (Tools | Rebuild Files | Master File).

This has been repaired within Version 4.1.92 and released on the CMI website for immediate download through the Downloads | Updates selection.  

If you have encountered this problem within the software, please download the corrected version from the website and this will take care of the problem. For the download, the password will remain the same as for the previous download.

We do apologize for any inconvenience this may have caused. We also appreciate your continued support of CMI Software, Inc!

Please contact us if you encounter any other issues within the program, or if you need assistance with anything else.

The latest release of CMI Fixed Assets is now available for download and installation. If you have a current maintenance contract with CMI Software, you should have already received your notification of this update.  If you would like information on how to download this new version, contact us at 800-678-3658 for instructions.

These features have been added since the version 4.1.84 release:

Asset Logging - A new feature, in which user actions--especially those that change assets--are saved to a text file. You can then track the changes made to a company and its assets. Three levels of logging are provided (None, Partial and Detailed) and can be selected from the Edit Company screen. Partial logging is selected by default. You can see the log file by selecting View Log from the Tools menu. Changes will probably be made to the asset logging feature as we observe its usefulness to our users.

Corrected placement of straight line MACRS depreciation on IRS Form 4562. In prior versions of the fixed assets program, assets that would normally appear in the GDS section (lines 19 a through f) would appear in the ADS section (line 20a) if there was a value in the straight line life field. Now, such assets appear in the ADS section only if the straight line life is different from the useful life. If the straight line life is equal to the class life (which should be entered as useful life), a MACRS asset is still being depreciated under GDS.

Luxury Auto limits have been updated for 2010.

IRC 179 Expense limit and threshold (cutoff) have been updated for 2010.