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Companies in Wisconsin Need to Prepare for 2014 Changes to Asset Accounting and Taxes

Atlanta, GA (February 20, 2014) PowerPlan, the leading provider of accounting, tax and budgeting solutions for asset-intensive businesses, is helping companies stay ahead of new tax regulations, including the changes effective in Wisconsin for 2014.

Provisions in the Governor’s 2013- 2015 Budget Bill specifically address depreciation, depletion and amortization. Starting with the 2014 tax year, Wisconsin is taking the difference between the federal net basis of an asset and the Wisconsin net basis of an asset and allowing tax payers to recover the difference over five years.

“For the corporate taxpayer, this change can be beneficial because it allows a company to recover the difference in their Federal tax basis, compared to their Wisconsin tax basis, over five years instead of the remaining life of the assets, which could be 15 to 20 years for utility companies,” says Bryan Murphy, Senior Director of Tax at PowerPlan. “However, to maximize the benefits companies need to automate their processes.”

For existing PowerPlan customers that maintain a Wisconsin set of books, this change could significantly change the data and configuration within their PowerTax system. PowerPlan is ready to assist with this new configuration or discuss different approaches. 

About PowerPlan: PowerPlan software provides financial insight into how complex rules and regulations impact your organization – empowering you to make credible decisions that improve overall corporate performance. The integrated solution provides complete visibility starting with forecasting and monitoring to scenario planning and analytics while maintaining financial compliance. For more information, email info@powerplan.com or visit www.powerplan.com.

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For more information contact:
Tiffany Smith
678.223.2711
pr@powerplan.com

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