We jumped off a new starting line in 2022 by launching the Tamarack.ai platform, and with customers already realizing the benefits of harnessing their data, it definitely feels like we’re hitting our stride.
Before a foot injury a few years ago, I was an avid distance runner. When running a race, I knew that getting on pace can take a little time.
At Tamarack, we jumped off a new starting line in 2022 by launching the Tamarack.ai platform, and with customers already realizing the benefits of harnessing their data, it definitely feels like we’re hitting our stride.
Running well also requires pace adjustments. We’ve added capabilities and made leadership changes internally to strengthen our ability to support our customers’ momentum:
Scott Nelson, Ph.D., has been named President. In his dual role as President and Chief Digital Officer, he assumes responsibility for day-to-day operations and continues to lead our strategic digital transformation.
I will remain involved as CEO and Chairman of the Board, concentrating on customer engagement as well as on our involvement in industry associations. I am excited to have more time to focus on understanding your needs and experiences, especially with Tamarack’s new offerings.
We promoted industry veteran Norma Alias to Vice President of Professional Services to help scale our team and to ensure it excels in helping customers implement new software solutions.
Andrew Hedstrom joined us as Director of Sales, which both expands our customer-facing resources and allows our professional services and Tamarack.ai teams to be singularly focused on our customers.
Since I started my run with Tamarack in 2001, the terrain of the equipment finance industry has changed significantly. I am so proud of how Tamarack’s stride has brought real wins for our customers – and of how we’re on pace to adjust to (and enjoy!) the scenery of the future together.
This Trail Mix installment describes how to leverage the 100% Bonus Depreciation mass update utility within InfoLease. The 100.PCT.FED.DEPR.UTILITY was designed to make Federal Depreciation changes for 100% Bonus Depreciation (take 100% depreciation in the first year) using the percent method.
You may recall that the Tax Cuts and Jobs Act, enacted at the end of 2018, increases first-year bonus depreciation to 100% for any long-term assets placed in service after September 27, 2017. The 100% bonus depreciation amount remains in effect until January 1, 2023.
If you have assets that went into service in 2021, you may still have time to recalculate depreciation expenses on those assets. Please consult with your finance department or corporate CPA before proceeding. This utility enables you to update those assets in mass rather than touching each individually.
Specifically, the utility updates Federal Convention, Federal Method and AMT/ACE values if the AMT/ACE flags are set to “Y”es.
Steps:
Create a saved list of the asset IDs you wish to update.
For example, to select active True Lease (TL) Assets that have a basis > 0 and do NOT currently take a 100% bonus: SELECT AS.MASTER WITH LEASE.TYPE = "TL" AND WITH BEG.DEPR.DATE GE "01/01/2021" AND BEG.DEPR.DATE LE "12/31/2021" AND WITH A.DISP.DATE = "" AND WITH DEPR.BASIS > "0" AND WITH FED.DEPR.PCTS = ""
Save list of assets to a new list. Ex: 2021.TL.ASSETS
At TCL enter, 100.PCT.FED.DEPR.UTILITY
Enter the saved list name when prompted.
Specify whether AMT/ACE depreciation should be updated
When the utility runs, InfoLease updates the selected depreciation percent table taking 100% in the first year.
Next, run RECALC.DEPR.TABLE which calculates the depreciation tables for the asset records residing in the recalculation file.
Change Logs will be created reflecting these changes.
The next time period-end is run, InfoLease will recognize the additional depreciation in the first year and update the MTD, YTD and CTD depreciation amounts accordingly.
Corresponding General Ledger entries will be created at month end.
Note: If you currently use InfoLease 10 and are unsure how to perform these steps, contact Tamarack or Solifi for assistance.
After more than a year in development, Tamarack has launched its artificial intelligence (AI) offering – Tamarack.ai. A fully integrated AI tool designed specifically for the equipment finance industry, Tamarack.ai continuously and autonomously helps reduce capital risk through analysis and learning gained from routine operational data. Predictor applications learn from experiences and predict business outcomes to streamline decision-making with quantified risk assessment.
Tamarack has elevated Scott Nelson to President. In his dual role as President and Chief Digital Officer (CDO), Nelson will lead the company’s efforts to innovate via new system-level products, design thinking and digital technologies. Nelson’s expanded responsibilities reflect the company’s commitment to driving innovation through technology integration and digitization.
Norma Arias has been promoted to Vice President of Professional Services for Tamarack. Since joining Tamarack in 2020, Arias has been instrumental in the growth of Tamarack’s Professional Services team. In her new role, she will bring her leadership and processes experience to manage the fast-growing Professional Services team, while maintaining the highest levels of client service.
Andrew Hedstrom joined us as Director of Sales to expand our customer-facing team. A seasoned executive, Andrew brings more than 25 years of account management experience to Tamarack. Having a dedicated sales lead allows our professional services and Tamarack.ai teams to be singularly focused on our customers.
Tamarack has hired equipment finance technology veteran Greg Henderson to support the Tamarack.ai offering. In his role as Systems Operations Manager, Henderson will provide development, operational oversight and support for clients implementing the Tamarack.ai cloud-based platform, products and services.
Tamarack's Scott Nelson will be the moderator for the upcoming Monitor Live+ event, “Innovation: Creating a Future for Your Company” on March 3 from 1-2 p.m. EST. Featuring panelists from Equifax, QuickFi, LEAF Commercial and Olive, the session will tackle how to ensure the health of your company for years to come. Topics to be explored include: defining and measuring innovation; preparing your organization for innovation; technology transparency; and changing customer behavior; and how empathy drives innovation. Registration is still open.
In a recent article for Equipment Finance Advisor, Tamarack President & CDO Scott Nelson explains how equipment finance is ready for the next level of automation – Prediction. According to Nelson, “Prediction enables an organization to be proactive and more efficient with its human resources. Prediction enables faster decisions with less risk. Prediction-based automation drives productivity.” In this piece, he provides examples of how prediction automation can improve team productivity, increase win rates and reduce the cost of risk.
In December, Tamarack's Scott Nelson participated in a NEFA event discussing “Futureproofing Finance Through Technology.” Led by Eldon Richards, CTO of Solifi, the panelists explored how lenders can use technology for preparing to respond to threats and opportunities with agility. If you missed the session or want to revisit the topic, the video and recap are available.
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