WGL Prepares for Corporate Tax Rate Changes with Migration from PowerTax to TFA

For more than 20 years, WGL and PowerPlan have enjoyed a longstanding collaborative relationship built upon mutual respect and trust.

The strength of the relationship became evident in 2022 when WGL was able to draw upon the resources of PowerPlan to solve a myriad of issues. “I knew we had a problem and, as many times in the past, I knew we could rely upon PowerPlan to focus on our situation and find a solution,” shared WGL Tax Director Charles Mannix.

PowerPlan provided a co-sourcing arrangement to handle WGL’s immediate in-house resource limitations. At the same time, the two organizations worked to develop a strategy to address WGL’s needs in the future. This long-term plan included the implementation of PowerPlan’s Tax Fixed Assets (TFA) solution, with the goal of WGL reclaiming the tax depreciation and deferred tax function.

“We expect tax rate changes in the next 12 months, and with TFA, we’re more than prepared to handle that challenge,” said Mannix.

Read more about WGL’s transition to TFA in the case study.