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.
The following features have been added since version 4.1.70:
The 2009 form 4562 has been implemented.
Month/Quarter Depreciation report, extra wide format, now has wider columns in the full year
version. This allows larger numbers to be displayed.
Short and Long versions of the Asset Detail Report were
implemented. This allows notes to be displayed and also gives you more
choice over what data is shown.
In Edit Company, you can now change to a more restrictive asset number
format (such as decreasing the number of digits in subasset numbers).
Before allowing you to make the change, CMI Fixed Assets makes sure that all
assets fit the new format.
Luxury Auto limits have been updated for 2009. 2010 limits are
currently tentative and will be updated as soon as the final numbers are
published.
CMI Fixed Assets can now be run with Data Execution Prevention
(DEP) turned on. DEP is a security feature that is normally turned
on for the Windows operating system only, but it can be turned on for all
programs.
The following changes have been added to CMI Fixed Assets since release
4.1.60:
IRC 179 Expense Limits Extended. ARRTA 2009 extends the increased IRC 179
expense limitations previously enacted in Economic Stimulus Act of 2008.
Specifically, the IRC 179 Expense limit for years beginning after 2007 was
raised to $250,000 and the threshold for reducing the deduction was raised to
$800,000. This now applies to property purchased and placed in service before
January 1, 2010.
Bonus Depreciation has been extended. ARRTA 2009 extends the bonus depreciation
previously enacted in Economic Stimulus Act of 2008, which provides qualifying
taxpayers bonus depreciation of 50% of the adjusted basis of qualifying
property. To qualify, the property must be (1) eligible for MACRS with a life
of 20 years or less; (2) water utility property; (3) computer software
(off-the-shelf); or qualified leasehold property. The property must be
purchased and placed in service prior to January 1, 2010. The law also extends,
through December 31, 2009, bonus depreciation allowed under the 2008 Act for
property with a recovery period of 10 years or longer, for transportation
property (tangible personal property used to transport people or property), and
for certain aircraft.
Luxury Auto Limits Extended. ARRTA 2009 extends the increase to the luxury auto
limitations as previously enacted in Economic Stimulus Act of 2008. Code Sec.
280F limitations on "luxury" auto depreciation, if bonus depreciation
is elected, is increased by $8,000 on for a qualifying vehicle (for a maximum
first-year depreciation of $11,060; $11,260 for vans or trucks) through
December 31, 2009.
Other Additions:
Added Performance feature. To improve the performance of CMI Fixed Assets
across a VPN or wireless network, users can select Tools | Preferences, then
add a check next to "Scale back visual effects to improve
performance".