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SUNNYVALE, CA, October 26, 2004 – Liquid Engines, the industry’s
leading provider of corporate income tax management and quantitative
planning software, today announced that its latest product offering,
ITx, will help Fortune 1000 companies maximize
the benefits presented by the newly passed corporate tax bill,
the American Jobs Creation Act of 2004. The company’s new
software application enables corporations to leverage sophisticated
tax calculations and modeling tools to rapidly perform the in-depth
modeling and analyses required to drive tax-planning decisions.
News of this offering comes just days after President George W.
Bush approved a new corporate tax bill which is especially applicable
to multi-national corporations with one year to benefit by bringing
money back into the United States from foreign operations. In order
to maximize the benefits presented by Section 965, Fortune 1000
companies will require Liquid Engines’ sophisticated international
software application to provide the flexibility, speed, and accuracy necessary
to take the appropriate actions in the allotted 12-month period.
“The short timeframe and the complexity involved in figuring
out which funds to repatriate, makes it very difficult and expensive
for companies to take full advantage of the opportunity provided
by this new corporate tax bill,” said Gwen Spertell, president
and CEO, Liquid Engines. “Corporations need a way to quickly
assess their opportunities and run accurate analysis to ensure the
deadline is met, money is not left on the table, and risk is minimized.
Liquid Engines ITx helps companies
rapidly perform comprehensive analysis, and provides the documentation
needed to meet Sarbanes-Oxley standards.”
“Section 965 offers an unprecedented opportunity for companies
to bring home billions in cash,” said Jim Fuller, Partner,
Fenwick & West LLP. “But tax departments must be equipped
with enough computing power to do it quickly and accurately. Liquid
Engines' software is the ideal solution to a problem
that is further complicated by this new legislation. In my estimation,
every Fortune 500 company needs Liquid Engines if they want to
maximize the benefits of 965 in the short window of opportunity
provided.”
“Liquid Engines is a very effective tool that can address
these levels of complexity,” said Larry Langdon, Partner
and Director of Global Tax at Mayer, Brown, Rowe & Maw, LLP
and Former Commissioner, Large and Mid-Size Business Division,
IRS. “Tax departments also need their outside tax advisors
to assist in the development and implementation of their final
strategy.”
“With so many permutations and possibilities to evaluate,
tax departments can’t rely on traditional spreadsheet models
to give them the answers they need,” said David L. Forst,
Partner Fenwick & West LLP. “Liquid Engines not only
provides the analytic power they require, its parameter-driven
approach enables companies to change their assumptions and create
new models as events warrant.”
With the magnitude of money involved in repatriation efforts and
companies interested in maximizing the new domestic manufacturers’ deduction
the effect on corporate income tax at the state level will also
be significant. Liquid Engines recently announced the availability
of its latest release of its multi-state product (STx) that
enables companies to rapidly and accurately model the impact of
changing state tax legislation. When used together, Liquid Engines
STx and Liquid Engines ITx provide
tax departments with an end-to-end modeling and analysis solution
that delivers a comprehensive view of their overall income tax
position.
About Liquid Engines, Inc. 
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