NetAsset - Tax Engine: Tax Forms
Overview
The Tax Engine NetAsset add-on offers the ability to generate two tax forms: Form 4562 & Form 4797. Form 4562 is used to claim deductions for depreciation and amortization of business assets. Form 4797 reports the sale or exchange of business property, showing gains or losses. Users should follow the instructions below to correctly generate theses tax forms.
Prerequisites
Before users can generate their tax forms for the year, they need to first ensure that they have applied Tax Years and generated the tax schedules for all new assets that were placed in-service that year. Users also need to ensure to have completed all disposals for the tax tear.
Step by Step Process
- Navigate to NetAsset > NetAsset Setup > Manage Tax Years. Proceed to "View" the Tax Year you want to create the tax forms for. On your Tax Year record, click the "Generate Tax Reports" button.
- Once the "Generate Tax Reports" button is clicked, your reports will be generating in the background.
- Use the "Refresh" button to keep updating the page until you no longer see the "Refresh" button and you receive the message below. As soon as you see this banner message, your reports will be ready to be viewed and downloaded.
- To view your reports, navigate to the "Report" subtab on the Tax Year record. You will see a report for each of your Taxpayers. The report name acts as a hyperlink, and if clicked, will take you to your NetAsset Tax Report record.
- To download your tax form, scroll to the very bottom of the NetAsset Tax Report record. Under the "Files" subtab, you should see all your reports in PDF form. Click on each individual file to view and download the form.
Please note that Netgain does not act as a tax preparer, and clients should have these tax forms reviewed prior to filing.