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State Depreciation Bonus Add Back report

Print the report

Fixed Assets CS includes a Tax State Depreciation Adjustment report that you can print for states that need an addback of bonus depreciation. To print the report, follow these steps.
  1. Select
    File
    , then
    Print
    .
  2. On the
    Reports
     tab, select the
    Tax State Depreciation Adjustment Report
    .
  3. Select the
    Options
     button and go to the State Adjustments tab.
  4. Select the state in the
    Print the state adjustment for the following state
     field. The states the report is available for are listed in the field.
  5. Select
    OK
    , then print, preview, or export the report.
The State Calculation setup in Fixed Assets CS is influenced by the integration with UltraTax CS. For UltraTax CS to calculate the addback needed on the state tax returns that don’t allow bonus depreciation, UltraTax CS will include bonus depreciation in the state treatment.
For example, Florida doesn't allow 1120 clients to take bonus depreciation and requires 1/7 of the federal bonus depreciation taken to be added back each year. In order for UltraTax CS to properly calculate the addback, the default Florida treatment in both UltraTax CS and Fixed Assets CS will include bonus depreciation in the current depreciation calculation.

Without UltraTax CS

You can use Fixed Assets CS without UltraTax CS and you can adjust the state calculation to not include bonus depreciation. To do so, follow these steps.
  1. In the
    Asset List
     window, select
    Setup
    ,
    State Calculations
    .
  2. In the
    State Calculations window
    , select the state you'll change the calculation options for in the
    State
     field.
  3. Select the tab for the entity type to change.
  4. In the Follow IRC Sections 168(k) & 1400L, 1400N (GO Zone), or 168(n) (Disaster Area) group box, make the selections for the selected state's compliance.
  5. Select
    OK
     to save your changes.
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