Designed for traditional corporations as well as complex partnerships, PowerPlan’s Tax Suite enables tax departments to track all financial transactions related to an asset, ensuring real-time reconciliation of the book and tax value. As part of PowerPlan’s integrated platform, the Tax Suite automates manual processes related to income tax and property tax filings and allows companies to run scenarios and improve strategic decision making.
- Compliance management: Detailed transactions are recorded and centrally stored, making them easily accessible for filings and to provide an audit trail.
- Multijurisdictional support: Tax departments can track information for all relevant jurisdictions, including local, state and federal.
- Strategic scenario analysis: Using the scenario tool, tax departments can analyze how different decisions such as asset divestitures and mergers and acquisitions might impact the company’s taxable position, helping improve decision making.
- Automated regulatory updates: PowerPlan commits to updating the software when there are regulatory changes, ensuring the company’s continued compliance with tax laws.
- Complex partnerships: PowerPlan delivers functionality that supports the complex tax requirements of traditional partnerships and Master Limited Partnerships (MLPs), including tracking technical terminations, drop downs and disguised sales.
- Tangible property deductions: PowerPlan automates the process of determining whether a capital expenditure is deemed a repair or capital addition, and captures the deduction in the current period or depreciates appropriately.
- Valuation tracking: PowerPlan captures and stores the information that factors into the valuation of an asset and calculates the appropriate assessment, ensuring the company doesn’t overpay or underpay property taxes.
- Asset tracking: Companies can better track where assets are located and whether they are in service. When they are removed from the field, they are automatically retired in PowerPlan, so the company won’t continue paying taxes on an asset that doesn’t exist.
- Automated return filing: By streamlining the process of gathering and filing information for multiple property tax filings, PowerPlan helps companies save time and reduce the number of resources needed and mitigate risk of penalties.
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