EAM: TAX CUTS AND JOBS ACT OF 2017 - APPLYING ADDITIONAL BONUS RETROACTIVELY
(Doc ID 2372497.1)
Last updated on JANUARY 25, 2021
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.
To view full details, sign in with your My Oracle Support account.
Don't have a My Oracle Support account? Click to get started!
In this Document