Atlanta, GA (February 19, 2014) The Connecticut Water Company, SCANA Corporation, TransCanada Corporation and other asset-centric companies choose PowerPlan’s Tax Repairs to help them stay ahead of the Internal Revenue Service’s new tangible property regulations.
PowerPlan’s patent pending Tax Repairs solution is the only software built to automate and manage the entire tangible property repair process. PowerPlan is committed to staying up-to-date on changing rules and functionality exists in Tax Repairs to seamlessly transition to new accounting standards.
While the Internal Revenue Service released the final tangible property regulations in September 2013, revenue procedures providing transitional guidance continue to be written. Last month, the IRS released Revenue Procedure 2014-16, which provides transitional guidance on complying with the final tangible property regulations in regard to the treatment of materials and supplies costs to acquire, maintain and improve tangible property.
“Since the procedural guidance is officially released, companies of all sizes should be building their plans to adopt the new tangible property regulations,” says Lee Watkins, PowerPlan’s Vice President of Tax Solutions. “While most companies are finalizing their 2013 year-end, being compliant for next year requires planning now and developing the necessary systems and processes to make the most of tax repairs in 2014.”
The PowerPlan Tax Repairs module enable users to effectively perform the identification, tracking computation and analysis necessary to maximize their tax repairs deduction through client-specific configuration, automation and reporting. Tax Repairs integrates with PowerPlan’s Asset Accounting and PowerTax systems to deliver a complete asset optimization and cost management solution for asset-intensive companies.
For more information on PowerPlan’s Tax Repairs, read here.
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 firstname.lastname@example.org or visit www.powerplan.com.
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