PowerTax Provision

Streamlines the Monthly Accrual Process for Fast and Certain Month-end Closes


A Robust Tax Calculation Engine That Streamlines Monthly Processing and Supports All Businesses and Jurisdictions.

PowerTax Provision provides the monthly computations, entries and support for all current and deferred income tax entries, including deferred taxes associated with OCI, NOLs and credit carry-forwards. The module determines monthly tax liability across multiple companies, consolidated business segments and tax jurisdictions. Provision also handles apportionments, calculates effective tax rates by lines of business, business units and consolidation levels, and creates monthly general ledger entries, true-ups, footnotes and disclosures.

PowerTax Provision automatically pulls tax-relevant data from multiple sources, contributing to the efficiency and accuracy of the monthly calculations. The current and deferred tax processing in the module is incorporated into the monthly accrual process, controlled individually by M-item. This meets the complex tax and accounting requirements for both regulated and non-regulated entities, greatly facilitating the monthly and quarterly reconciliation process. PowerTax Provision is invaluable for 10Q reporting and strengthens the controllership function.

PowerTax Provision handles any combination of business segments and their associated deferred tax requirements. It is in production at corporations with hundreds of business entities that have regulated and unregulated segments and span multiple taxing authorities and jurisdictions. Provision also calculates state tax at both the individual entity and consolidated level. Following IRS normalization requirements, these companies book APB11 and FAS109 deferred tax liabilities and must provide auditable movements in the Regulatory Asset/Liability Account associated with deferred tax. PowerTax Provision meets these complex requirements.

To learn how PowerPlan PowerTax Provision can help reduce compliance risk, improve cash flow and provide effective operational cost management, contact us at +1 770.859.0402 or at info@powerplan.com.