For tax years beginning after 2017, a U.S. federal income tax deduction is available for taxpayers with income from partnerships, limited liability companies (LLCs), S corporations, trusts, estates and sole proprietorships. The deduction is provided by Section 199A of the Internal Revenue Code, as added by the Tax Cuts and Jobs Act (P.L. 115-97) on Dec. 22, 2017.
This request is for a new tax report that would filter the company's assets based on the Section 199A requirements, and the user-specified report run date.
It would include the following asset information: System #, PIS Date, Property Type, Description, Acquired Value, Depr Method, Estimate Life, Remaining Life, Current YTD Depreciation, Current Accumulated Depreciation and Net Book Value.
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