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Finally, Book Accounting and tax accounting can get along.

Companies in complex industries struggle to keep up with continually changing tax regulations. PowerPlan’s Income Tax Suite makes it easy. Designed for both traditional corporations and complex partnerships, PowerPlan automates manual processes related to filing income taxes, tracking all financial transactions and enabling you to run scenarios to improve strategic decision making. 

  • Tax management is improved by recording and storing transactions in a central repository where they are easily accessible for filings, or to provide a detailed audit trail.
  • Multijurisdictional support lets your tax department track information for all relevant local, state and federal jurisdictions.
  • Strategic scenario analysis tool enables you to compare how different decisions, such as asset divestitures, mergers and acquisitions, could impact your taxable position, helping improve your tax strategy.
  • Automated regulatory updates ensure that when regulations change, your company will continue to be in compliance with tax laws.
  • Complex partnerships are supported by functionality that tracks technical terminations, drop downs, disguised sales and more.
  • Automated tangible property deductions determine whether a capital expenditure is a repair or capital addition, and captures the deduction in the current period or depreciate it appropriately.

Tax Fixed Assets

The Tax Fixed Assets product is a complete tax depreciation and deferred tax system that meets the demanding requirements of asset-intensive businesses. It automates all fixed asset related tasks, including book reconciliation, tax depreciation, depletion, repairs and deferred taxes. The solution also acts as a data gathering and preparation system, minimizing the possibility of errors with industry tested and audited functionality. It’s designed to help you see immediate tax savings, reduce your audit risk and lower your labor costs.

  • Complete tax calculation solution optimizes asset tax management by integrating with PowerPlan’s Fixed Assets and Capital Planning and Forecasting Suites.
  • Immediate tax savings can be achieved by improving tax depreciation and depletion calculations using multiple methods, conventions and rates.
  • Automated processes eliminate time-consuming manual processes and reduce your audit risk by removing the possibility of errors.
  • Tax planning and forecasting tools facilitate tax impact studies and longer-term analysis. PowerPlan simplifies forecasting of all tax depreciation, gain/loss and deferred taxes, and multiple versions of forecasts can be saved for comparison.
  • Automate hand-off from tax fixed assets to tax provision.

Tax Provision

PowerPlan’s Tax Provision module lets you streamline the monthly accrual process for fast and accurate closes. It makes it easy to determine monthly tax liability across multiple companies, consolidated business segments and tax jurisdictions. The module is designed to help you reduce your accounting risks and turn up the productivity of your tax department.

  • Automated functionality pulls tax-relevant data from multiple sources, eliminating time-consuming manual tasks and reducing the potential for errors.
  • Robust tax calculation engine provides monthly computations and support for all income tax entries, including deferred taxes associated with OCI, NOLs and credit carryforwards. It also handles apportionments, calculates effective tax rates, and creates monthly general ledger entries, true-ups, footnotes and disclosures.
  • Real-time integration with general ledger, tax and compliance systems simplifies monthly and quarterly reconciliations.  
  • Current and deferred tax processing is incorporated into the monthly accrual process and meets the tax and accounting requirements for complex regulated and non-regulated entities.
  • Monthly provision processing determines tax liability across multiple companies, consolidated business segments and tax jurisdictions. Provision calculates deferred taxes associated with OCI, NOLs and credit carryforwards. It also handles apportionments, calculates effective tax rates and creates all monthly general ledger entries.

Tax Repairs

PowerPlan’s Tax Repairs module is the only software built to automate and manage the entire tangible property repair process. It simplifies the complexity of complying with property tax regulations, allowing you to mitigate risk while analyzing scenarios that could save your company millions in tax liabilities. No wonder it’s become the industry standard, enabling companies to accelerate tax savings, operate more efficiently and reduce their audit risk.

  • Automated processes streamline the identification, tracking, computation and analysis necessary to maximize your tax repairs deduction, while reducing the potential for error. 
  • Integration with ERP and EAM systems reduces tax preparation and filing time, minimizes redundancy and increases operational efficiencies. 
  • Central data repository provides the transparency you need to determine capital versus repair for thousands of projects. By integrating tax items from multiple jobs in one centralized location, the module simplifies reconciliation with the balance sheet to satisfy both auditors and financial analysts.
  • Seamless integration with Tax Fixed Assets lets you tag each asset to prevent you from double counting so you optimize your tax strategy, while ensuring your company is in compliance with regulations and safe harbors.
  • Six different methodologies can be leveraged to collect, test and analyze an asset before determining its eligibility for tax repairs.
  • Regular software updates make sure your company stays compliant with new and changing tax repair regulations.

Partner Tax Management

In order to thrive in any market condition, executives with complex partnership as well Master Limited Partnership (MLP) need financial tools that give them the holistic view they need to make strategic decisions and optimize distributable cash flow, while still meeting their regulatory obligations. PowerPlan’s Partner Tax Management module delivers the deep insight, analysis and reporting capabilities necessary to effectively manage MLPs. 

  • Automation of complicated tax depreciation reduces the need for external consultants and the use of error-prone spreadsheets.
  • Automated book-to-tax reconciliation reduces K-1 prep time by streamlining additions, transfers and retirements.
  • Automated capture and storage of regulatory data on a common, integrated platform provides the transparency your decision makers need.
  • What-if scenario analysis lets you quickly analyze the tax ramifications of proposed acquisitions, divestitures and reorganizations to determine which options mitigate negative tax consequences and retain the expected tax shield.
  • Asset-centric processing allows your organization to defend tax positions while ensuring current and prospective unitholders have a clear view into their investment.
  • Asset drop down toolkit records drop downs from the GL to the LP, differentiates between asset contributions and transactions that fall under the disguised sale rules, and provides a full audit trail.
  • Technical termination wizard terminates partnerships, resets the tax basis and restarts the depreciation for a set of assets.
  • Compliance support ensures you meet FERC deferred tax reporting requirements, as well as complex calculation and reporting requirements such as ARAM methodology and FAS109 Regulatory Asset, Liability and Gross-Up computations.