Companies in Wisconsin Need to Prepare for 2014 Changes to Asset Accounting and Taxes - Beckley, Bluefield & Lewisburg News, Weather, Sports

Companies in Wisconsin Need to Prepare for 2014 Changes to Asset Accounting and Taxes

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE PowerPlan, Inc.

ATLANTA, Feb. 20, 2014 /PRNewswire/ -- PowerPlan, the leading provider of accounting, tax and budgeting solutions for asset-intensive businesses, is helping companies stay ahead of new tax regulations, including the changes effective in Wisconsin for 2014.

Provisions in the Governor's 2013- 2015 Budget Bill specifically address depreciation, depletion and amortization. Starting with the 2014 tax year, Wisconsin is taking the difference between the federal net basis of an asset and the Wisconsin net basis of an asset and allowing tax payers to recover the difference over five years.

"For the corporate taxpayer, this change can be beneficial because it allows a company to recover the difference in their Federal tax basis, compared to their Wisconsin tax basis, over five years instead of the remaining life of the assets, which could be 15 to 20 years for utility companies," says Bryan Murphy, Senior Director of Tax at PowerPlan. "However, to maximize the benefits companies need to automate their processes."

When Celeste Maxon, lead tax accountant at Alliant Energy, heard about the potential impact of the pending Wisconsin state tax law changes in 2013, she was proactive in considering the adjustments her company would need to stay compliant. In order to prepare, she contacted PowerPlan to facilitate her necessary updates. 

"PowerPlan is committed to the needs of Alliant Energy," said Maxon. "Their team is always proactive and works directly with our team on critical changes. Knowing that I partner with PowerPlan gives me the extra confidence that my company will be able to meet the new law requirements efficiently and accurately."  

For existing PowerPlan customers that maintain a Wisconsin set of books, this change could significantly change the data and configuration within their PowerTax system. PowerPlan is ready to assist with this new configuration or discuss different approaches.

About PowerPlan

PowerPlan is an enterprise software company devoted to helping asset-centric businesses optimize their financial performance. PowerPlan combines purpose-built software for asset centric accounting, tax and budgeting/analytics with domain expertise to help executives generate cash, mitigate compliance risk and enable a culture of cost management. The world's most demanding asset-intensive companies trust PowerPlan to manage more than $2.3 trillion in assets today.  PowerPlan is a privately held company based in Atlanta, GA. For more information, call 678-223-2800; email info@pwrplan.com; or visit  www.powerplan.com.

For more information contact:
Tiffany Smith
678-223-2711
pr@powerplan.com

Stephanie Glessner
404-879-9136
stephanie.glessner@ketchum.com 

©2012 PR Newswire. All Rights Reserved.