NetAsset - Tax Engine: 179 Worksheet

Overview

The Section 179 Worksheet was designed to offer greater flexibility in applying the Section 179 deduction to assets placed in service during a given tax year.
This solution automatically calculates and allocates the 179 deduction across eligible assets—factoring in any phase-out limitations. From there, the 179 deduction amount can be adjusted on a per-asset basis if needed.
The following walkthrough and step-by-step guide will outline the process of utilizing the 179 worksheet.

Click here to see the walkthrough in full-screen.

Prerequisites

Ensure that the tax engine has been set up and that you have created all applicable tax years.
Make sure that tax rules have been applied on the applicable tax year prior to using the 179 worksheet.

Step by Step Process

Go to NetAsset > NetAsset Setup > Manage Tax Years, then click View for the relevant tax year.
On the NetAsset Tax Year record, click the 179 Worksheet button:
On the next screen, filter by the relevant tax year and taxpayer, then click the Filter button:
This will populate the assets for the selected tax year and taxpayer, and automatically allocate the 179 deduction amounts.
The 179 fields will automatically default in based on the selected tax year. If applicable, the phase-out limitation for newly capitalized assets will also be calculated automatically and factored into the total 179 deduction allocation:
The "Income Limitation Adjustments" field allows manual entry of any industry-specific limitations that may apply. These adjustments will affect the total allowable Section 179 deduction, which in turn will influence the amounts allocated to the assets:
The allowed Section 179 deduction is calculated and distributed across each asset. The total Section 179 deduction for all assets is also displayed here:
The Section 179 eligibility for each asset can be overridden by clicking the pencil icon. In the "Override 179 Eligibility" column, select the option to exclude the Section 179 deduction for that asset. After making any updates, click the green check to apply the changes, and the corresponding 179 amount will be updated automatically:
To apply an alternate Section 179 amount for a specific asset, click the pencil icon and enter the desired amount in the "Override 179 Amount" column. Once the amount is entered, click the green check to automatically update the 179 amounts:
After reviewing all assets and confirming the accuracy of the allocated Section 179 deduction amounts, click the Submit button. This will trigger the script to update the 179 amount field on the asset records:
The status will initially display as "Pending," and the sublist will update as assets are processed. Wait for the status to change to "Complete" before proceeding to the next step. To stay updated on the status, click "Refresh" periodically or view the link to the system job for progress details:
Once the status updates to "Complete," a new Create Alt. Schedules button will appear. Clicking this button will automatically redirect to the mass generate alternate schedules page, where tax alternate schedules for these assets can be generated in bulk:

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