Fixed Assets CS and GoSystem Tax Integration
Applicable to GoSystem Tax only.
GoSystem Tax includes functionality that allows data entry, import and export of up to 65,000 assets. While GoSystem Tax provides multiple depreciation methods and reports, it is designed primarily for tax compliance use. We recognize that many firms use other software products designed specifically for fixed asset management to provide extended report writing, depreciation treatments, depreciation methods and the ability to manage an increased volume of assets. You may produce reports and manage these assets on a monthly basis, and maintaining and updating this information is separate and aside from your tax compliance work. However, maintaining this information in two separate applications and then manually inputting the required data can lead to error, does not provide a sufficient audit trail, and is not an efficient use of technology. The integration between Fixed Assets CS and GoSystem Tax is a workflow solution that provides integration between fixed asset management and tax compliance providing you with flexibility and enhanced productivity.
- Fixed Assets CS: Getting Started and Setup
- Importing Fixed Asset Data
- Reviewing the Fixed Assets CS Import
- Adding Data to Fixed Assets CS
What We Import
The integration between GoSystem Tax and Fixed Assets CS enables the import of:
- Fixed asset data into Individual, Partnership, and Corporate returns for tax year 2011 and after
- Summary data (non-detail) for federal Form 4562
- Detail information for Listed Property and §179 Expense and Amortization.
Following is a table representing the above information:
| Return Type |
Federal | §179 | Listed Property |
Luxury Vehicle Limitation | Current Year Non-Vehicle |
|---|---|---|---|---|---|
| 990 | |||||
| 1040 | Summary | Detail | Detail | ||
| 1041 | |||||
| 1065 | Summary | Detail | Detail | ||
| 1120 | Summary | Detail | Detail |
Other Items
We currently do not import current year non-vehicle data, nor do we handle luxury limitations.
Please note that the 1065 Ultratax program now has multiple activities for Page 1. When importing into GoSystem Tax, it will import as a single activity for Page 1 as prior years.
Fixed Assets CS and Corresponding GoSystem Tax Forms contains a detail of the activities in Fixed Assets CS and corresponding forms in GoSystem Tax to which data is transferred.
Import/Export/fixed_assets_1.htm/TY2021
Last Modified: 03/09/2022
Last System Build: 10/18/2022
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