NetAsset - Alt. Schedules vs. Tax Engine
Overview:
This article is a high level breakout between the two NetAsset Add On features "Alternate Schedules" and "Tax Engine".
Alternate Schedules | Tax Engine |
| Add-on for NetAsset | Add-on for NetAsset |
| Uses Alt. Schedule subtabs to house tax schedules | Uses Alt. Schedule subtabs to house tax schedules |
| Manually upload tax depreciation methods into NetAsset | Standard tax depreciation methods such as MACRS are included in NetAsset out of the box |
| Manually select the tax depreciation method for each asset or have it default in from the asset type | System auto-selects the asset additions for the tax year and then selects the correct depreciation method based off the asset start date |
| Research the Federal Tax Publications for that specific year for the 168 %, 179 amount, & 179 limitation and manually input those rules into the tax fields which the system will then apply to the schedule | Automatically pulls up the Federal Tax Publication for the specific year and inputs the 168%, 179 amount, & 179 limitation into the tax fields which the system will then apply to the schedule |
| Manually input the Luxury Auto Limitations | Automatically inputs the Luxury Auto Limitations when the “Luxury Auto” box is checked on the asset record |
| Does not perform the MACRS mid-quarter test to determine if the client is required to use the mid-quarter convention | Automatically performs the MACRS mid-quarter test to determine if the client is required to use the mid-quarter convention |