[Kyle Malone, CPA]

Where do we find the detail on what the tax impact is for the Luxury Automobile, Luxury Van or Truck, or Luxury Electric Auto options are for the Asset Book setup?

I believe they all carry some sort of depreciation maximums but am not sure how to find what those values are and also curious as to how they play together.

We’re on GP 2018 w/ no year-end update added as we didn’t see any notes pertaining to Fixed Assets.

Thanks,
Kyle

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Kyle Malone, CPA
GP Admin – CGB Enterprises, Inc.
Lead Consultant/Blogger – http://ALaCarteGP.com
Chapter Leader – Louisiana (New Orleans)
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[Terry Heley]

Hi Kyle, you are correct there were no changes to FA amounts for the 2018 year end, the last time we made changes for this was mid year June 2018.
https://community.dynamics.com/gp/b/dynamicsgp/archive/2018/06/14/microsoft-dynamics-gp-july-hotfix-2018-mid-year-tax-update-released

The last one we did was part of the tax cut act, but usually they release with year end changes, example link below
The maximum deduction amounts allowed for luxury vehicles needs to be updated for assets placed in service in the 2018 calendar year. The maximum amounts below were updated as part of the Tax Cuts and Jobs Act (TCJA), and are published here:

http://uscode.house.gov/view.xhtml?req=%28title:26%20section:280F%20edition:prelim%29?

Thanks
Terry Heley
Microsoft

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Terry Heley
HR/PR expert
Microsoft
West Fargo ND
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[Kyle Malone, CPA]

Thanks !

Recap for future readers…
– Tax update amounts are stored in code and calculation come w/ year-end or mid-year updates
– In theory, the luxury automobile, luxury van or truck, or luxury electric auto can all carry different depreciation maximums (I’m 95% sure the luxury automobile and luxury van or truck are the same calculations as of 1/22/2019 w/ the TCJA referenced above)
– If you apply both the ‘Luxury Automobile’ & a ‘Luxury Van or Truck’ or ‘Luxury Electric Auto’ option, the van/truck/electric rules will properly override the luxury automobile settings.

Very cool and perfectly working functionality here.  Wish the documentation was a little more straight-forward and accessible but I understand why it is that way.

Thanks again!

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Kyle Malone, CPA
GP Admin – CGB Enterprises, Inc.
Lead Consultant/Blogger – http://ALaCarteGP.com
Chapter Leader – Louisiana (New Orleans)
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