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Former Member
Sep 09, 2009 at 02:53 PM

prior year tax depreciation change without opening book?

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I am a tax accountant for a public company. We need to change life of some assets we acquired in 2008 and as a result of that change, 2008 tax depreciation changed too. Also we need to change tax depreciation for some assets because of the bonus depreciation. The 2008 tax return is due 9/15/2009 and alot of changes happened since the book closed in January. The numbers in the SAP are quite different from the numbers on our tax return and I keep all the adjustment in EXCEL file. The SAP fixed assets consultant of our company said we can't change tax depreciation without opening 2008 book. I am wondering if there is a way to change 2008 tax depreciation without opening book. If the book is not closed, we can just change the life of the asset from 7 to 39 year and the system will automatically give me a new number. However, since book is closed for 2008, the 2008 tax depreciation number stays the same even I change the life. Is there a way that we can change life for the asset and let the system recalculate the 2008 tax number without opening the book? I really don't feel like keep the adjustments in a excel spreadsheet for 39 years.