Section 179 Designated Zone Property

Issue

Tax law periodically encourages investment in designated geographical areas, called zones, with increased Section 179 expensing for qualifying property placed in service in the zones within specified dates.

Property placed in service after 12/31/2020 does not qualify for increased Section 179 expensing. The system reviews assets placed in service during the year and verifies they are not classified as zone property.

Resolution

The system identified assets with a Zone Type other than ‘X – Not Applicable’. A group named AA (for Audit Advisor), followed by 179Zone, followed by the book name, followed by the fiscal year-end [AA-179Zone-XXX-mm/yy where XXX is the book name] has been created with these assets.

In Asset List, select the group. Go to Asset Detail for each asset and select the more icon […] for the 179 Deduction field. The §179/Bonus Details window will open. Select the Zone Type “X – Not Applicable” and then select OK to save your change and close the window.