Reports for year-end close processing
Audit Advisor
Review assets for compliance with IRS regulations.
- Available from the Depreciation menu.
- See the User's Guide:
- Network and Standalone, Chapter 8, page 46
- Premier, Chapter 8, page 50
Midquarter Applicability
Determine if the midquarter convention applies to qualifying assets.
- Evaluates qualifying MACRS property placed in service during the selected year.
- Uses the depreciable basis of newly acquired qualifying assets.
Tax Expense
Review current-year depreciation expenses for tax reporting.
The report includes:
- Section 179 expense deduction
- Section 168 expense
- Current year-to-date depreciation
- Total Tax Year-to-Date Expense
Form 4562 Depreciation and Amortization
Generate information required for IRS Form 4562.
- Displays current-year depreciation.
- Displays Section 179 deductions.
- Displays Section 168 special allowances.
- Covers the current reporting year.
Note: IRS Form 4562 is the accepted filing form for depreciation and amortization reporting.
Form 4626 Corporate AMT
Gather information required for IRS Form 4626, Alternative Minimum Tax - Corporations.
For each selected asset, the report displays:
- MACRS adjustments
- ACRS preference
- Book income adjustment
- ACE adjustment
If selected, the report also provides information for the ACE Adjustment worksheet described in the IRS Form 4626 instructions.
See Chapter 10 of the User's Guide for more information.
Worksheet 4797 Sale of Property
Gather information required for IRS Form 4797, Sales of Business Property.
- Includes assets disposed of during the reporting period.
- Supports reporting of business property sales and dispositions.
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