A Complete Tax Depreciation and Deferred Tax System Focused on Asset-Intensive Businesses
A Powerful Tax Calculation Engine With Monthly Provision Processing and Support for Tax Compliance, Planning and Forecasting.
PowerTax is a tax depreciation and deferred tax system designed specifically for the demanding requirements of asset-intensive companies. PowerTax automates all asset-related tax functionality including book reconciliation, tax depreciation, depletion, repairs, and asset-related deferred taxes. PowerTax also acts as a data gathering and preparation system, collecting and processing book transactions and M-Items using built-in routines. PowerTax integrates directly with PowerPlan’s Asset Accounting and Budgeting systems to deliver a complete asset optimization and cost management solution for asset-intensive companies.
PowerTax Provision processing, executed during the monthly closing cycle, provides the monthly accrual entries for current and deferred taxes, as well as liability computations for all taxing jurisdictions. It determines monthly tax liability across multiple companies, consolidated business segments, and tax jurisdictions. Provision calculations include deferred taxes associated with OCI, NOLs, and credit carry-forwards. Provision also handles apportionments, calculates effective tax rates by lines of business, business units and consolidation levels, and creates all monthly general ledger entries.
PowerTax provides tools to facilitate tax impact studies and longer term analysis. The system can be used to segregate assets for business segment analysis. In addition, PowerTax includes features to allow forecasting of all tax depreciation, gain/loss, and deferred taxes. Forecasts can span any number of user-defined years, and each forecast documents the tax base (inheriting ending balances, conventions, and rates) and key assumptions (like additions and retirements). Multiple versions of forecasts can be saved for comparison purposes.
To learn how PowerPlan PowerTax 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.
