ASI announces De Minimis Tangible Property rule compliance
Asset Systems, Inc. announced that their flagship product, AssetWIN, fully supports compliance with the de minimis rules for tangible property that were set by the Internal Revenue Service earlier this year. This capability will save significant labor costs for AssetWIN users and provides a simple annual report to identify safe harbor compliance. These features are contained in all versions of AssetWIN.
AssetWIN’s ability to comply with the new regulations is owed to its unique system design and implementation approaches used by ASI’s solutions. First, most organizations using AssetWIN have placed the responsibility for system operations in the hands of line management rather than the accounting department where low value assets are traditionally expensed and ignored. As a result, data about both capital and expensed assets is routinely collected. Second, the system’s design requires that assets are automatically identified as expensed or capitalized the moment they are added.
Third, the ability to add a large number of assets, either through replication or spreadsheet import, means that the greater granularity of de minimis property required by the new regulation can be easily addressed.
“For years we have encouraged our clients to record and label all assets that require management attention rather than only those that are capitalized, “observed Alden Snyder, ASI’s president. “Our original motivation stemmed from the fact that making the capital/non-capital decision reliably in the field is virtually impossible. These new regulations simply add weight to the argument. The reality is that an organization not following this discipline or lacking adequate software tools will face a mountain of work to assure compliance.”
AssetWIN is a full featured asset management solution used by Fortune 500 and mid-market organizations. AssetWIN’s unique relational design provides a powerful tool to acquire and maintain highly accurate asset data. All versions include complete audit trails and an automated audit process for spot or comprehensive audits. Other features include unlimited user defined fields, asset images, check-in/check-out, report writer and helpdesk integration. AssetWIN is available either as a client server version or SAAS model.
Asset Systems, Inc., based in Naperville, IL, was formed in October 1987. Its flagship product, AssetWIN provides bar code or RFID based asset management solutions for clients throughout North America.
For more information call (877)955-4321 or log on to assetsystems.com.
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