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Activity(ies) dialog
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Fixed Assets CS uses activities to categorize all assets related to a client's business or profession. Use the window to add, change, or delete a business activity.
Activities
To open this window, select Setup, then Activities.(When the Asset List window is active and you select a multiple-unit activity folder that is currently empty, the window opens automatically.)
Activities
Special information
- Fixed Assets CS lets you define up to 250 business activities for each form, schedule, or fund that's capable of having multiple activities.
- Each activity has a unique combination of a form, schedule, or fund identifier plus a unit number (from 1 to 250), so that you can easily distinguish among multiple units.
- The forms and schedules or funds that are available in the dropdown list for theForm / Schedule(orFund Typefor governmental entities) field in thewindow are based on the client's entity type.ActivitiesC Corporation:Farm, FarmRent, RentalPartnership:Business, COGS, Farm, FarmRent, RentalFiduciary:Business, Bus COGS, Rental, Farm, FarmRent, Sch K-1Other:Business, Bus COGS, Rental, Farm, FarmRentS Corporation:Farm, FarmRent, RentalIndividual:Business, Bus COGS, Rental, Farm, Emp Bus, FarmRent, Sch K-1Exempt:OP, OP COGS, RentalPrivate Foundation:OP, OP COGS, RentalGovernmental:Gov, Prop, FidnoteThe activity description that you enter in thewindow appears on Form 4562.Activities
Fields and buttons
Activity List
This shows the form or schedule, activity unit number, description, and situs for all multiple-unit activities already set up for the open client.
Fixed Assets CS lets you define up to 250 business activities for each form or schedule that is capable of having more than 1 activity.
Form / Schedule
This shows the form or schedule for the selected activity.
Adding an activity:
Select the arrow beside this field (or select F4
) to open the dropdown list of multiple-unit forms and schedules available for this client, based on the client's entity type. Select a form or schedule to select it.Unit
This shows the unit number of the selected business activity.
Adding an activity:
Enter a unique number (1 - 250) to designate this activity so that you may easily distinguish among multiple units.Situs
If all assets entered in this multiple-unit activity are in the same situs, select the situs from the dropdown list.
note
This field is available only if you're adding or editing a multiple-unit activity except for 1065 business and COGS activities.
Description
This shows the description of the selected business activity.
Adding an activity:
Enter a description of the business activity, using up to 35 characters.Method/Life Wizard type
Select whether the selected activity will use the asset classes for General, Farm, Indian Reservation, Indian Reservation Farm, or Governmental.
Based on the option you select here, during asset data entry, 
in the
Method/Life Wizard
in the Depreciation
tab opens a list of asset classes specific to General assets, Farm assets, Indian Reservation assets, Indian Reservation Farm assets, or Governmental assets. Economic type
Select the economic type of the selected activity. The economic type enables the
Method/Life Wizard
to select the correct lives to use when you select Machinery, equipment or fixture
as the asset class.Election under 163(j)(7)(B) or (C) made in tax year
If this activity is a real property trade or business or an electing farm business, then select the tax year that you made the election in. This only applies for 2018 or later tax years. This field is blank by default.
If a you're electing out of 163(j)(7)(B) for a Farming business or Real property, you'll need to do this for each activity. Once you enter a year in this field, then the Change of Use when Electing 163(j)(7)(B) or (C) statement will be available from the
Tasks
menu for these certain types of property.- 1040 - Business, Bus COGS, Rental, Farm, Farm Rent
- 1041 - Business, Bus COGS, Rental, Farm, Sch K-1
- 1120C - Business, COGS, Farm, Farm Rent, Rental
- 1120S - Business, COGS, Farm, Farm Rent, Rental
- 1065 - Business, COGS, Farm, Farm Rent, Rental
- 990 - OP, OP COGS, Rental
Type of trade or business
Select the type of trade or business of the activity. This field is only available if you select a tax year in the
Election under 163(j)(7)(B) or (C)
field.Real Property Trade or Business
If the activity is real property trade or business, then the menu when you edit an asset.
Change of Use when Electing 163(j)(7)(B) or (C)
statement is available to you for MACRS real property assets. You can find this statement in the Tasks
When you place an asset from the following list in service in the tax year or a later tax year of the election, Fixed Assets CS will use the MACRS SL ADS method and ADS life by default.
- Improvement Property (qualified)
- Leasehold improvement (not qualified)
- Leasehold improvement (qualified)
- Office in home
- Real property (nonresidential)
- Real property (residential)
- Restaurant building improvement
- Retail Improvement
Farming Business
If the activity is a farming business, then the
Change of Use when Electing 163(j)(7)(B) or (C)
statement is available to you for prior year MACRS assets that have a life of 10 or greater. This statement is in the Tasks menu when you edit an asset.When you place a farming business asset in service in the current tax year of the election and the asset has a life of ten years or greater, Fixed Assets CS will use the MACRS SL ADS method and ADS life by default when you use the
Method/Life Wizard
.Qualifies as trade or business for Section 199A
Select for COGS or Bus COGS, go to the Business activity (or create one if it doesn't exist) and fill out the field, which will automatically transfer to the COGS or Bus COGS activity.
Yes
from the dropdown to indicate the activity qualifies as a trade or business for Section 199A, or select No
to indicate that it doesn't qualify. This only applies for tax years ending 2018 and later. This field is blank by default. For COGS and Bus COGS activities, the field is grayed out. To enter Yes/No
note
This is only available for the following entities/activities.
- 1040 - Business, Bus COGS*, Rental, Farm, Farm Rent
- 1041 - Business, Bus COGS*, Rental, Farm, Sch K-1
- 1120S - Business, COGS*, Farm, Farm Rent, Rental
- 1065 - Business, COGS*, Farm, Farm Rent, Rental
- 990 - OP, OP COGS, Rental
Vacation Home Percentage button
Select this button to open the window, in which you can enter vacation home usage to calculate the enabled depreciation percentage for rental activities.
Vacation Home Percentage
note
This button is available only for 1040
clients when you select
.Rental
in the Form / Schedule
field Ohio Addback button
Select this button to open the window, in which you can select an addback amount for 1040 Ohio activities in the open client.
Ohio Addback
note
This button is available only for 1040 clients when you select window.
Ohio
in the Setup
, then Situses
Simplified Home Office button
Select this button to open the window, where you can specify the home to which you want to apply the simplified home office deduction. (Home offices are entered in the window.)
Simplified Home Office
Home Office
tab of the Asset Detail
note
This button is available only for 1040 clients.
168(i)(4)Election button
Select this button to open the window, where you can apply the section 168(i)(4) election to activities on Form 4562, Part III.
168(i)(4) Election