Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Florida depreciation for business returns
Florida depreciation for business returns
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Troy the Tax Whisperer
Level 2
4 hours ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Anybody familiar how to input a fixed asset into ProConnect for Florida for 2023? We are expecting the calc to add back Federal bonus and subtract 1/7th of it over the next 7 years, but the software is calculating a flat 50% bonus depreciation. (ProConnect support assures me it is not an error this late into the season). Thanks!!
2 Comments 2
George4Tacks
Level 15
4 hours ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Go to the Depreciation input and find the input for Current Year Bonus and input a -1 (negative one) in the State if different column.
You may also want to input the depreciation method for State if different code 91and life as 7.
Answers are easy. Questions are hard!
Troy the Tax Whisperer
Level 2
an hour ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you George4Tacks, I really appreciate your response. The solution you suggest gets us pretty close to the correct depreciation, but it is not exact, and will be off considerably in future years since it should be using MACRS which isn't spread evenly. ProConnect Support also suggested some manual workarounds, but we aren't happy with this since they would need to be manually input for the next six years. Ideally we are looking for ProConnect to be able to identify the new asset placed in service, recognize the Florida return, and automatically calculate this year and future years, just as it does with the other states.
