EAM: TAX CUTS AND JOBS ACT OF 2017 - APPLYING ADDITIONAL BONUS RETROACTIVELY
(Doc ID 2372497.1)
Last updated on JUNE 17, 2022
Applies to:PeopleSoft Enterprise FIN Asset Management - Version 9.2 and later
Information in this document applies to any platform.
According to the new tax law passed, eligible assets acquired since 9/27/17 should take 100% bonus depreciation. Assets that had been added since 9/27/17 until now were taking 50% bonus depreciation. How do we now go back and take the 100% bonus retroactively?
The Bonus Retro Calculation process should select assets for which bonus has already been taken and apply the new values for depr_bonus_sw and depr_bonus_pct.
To replicate the issue, please perform the following steps:
1) Enter the new Depreciation Bonus specifications, i.e. percent, acquisition and in service from and to dates, at Setup Financials/Supply Chain > Product Related > Asset Management > Depreciation > Depreciation Bonus.
2) Run the Bonus Retro Calculation process at Asset Management > Depreciation > Bonus Retro Calculation as described in doc: Generic_Bonus_Depr Instructions.pdf
a) Select the new Bonus entered in point 1
b) Select assets that are eligible for the new Depreciation Bonus, i.e. created from 9/27/2017 onwards.
c) Add new Bonus to profiles for generation of new assets.
Businesses must report this new bonus for this tax season.
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