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SUNNYVALE, CA, March 17, 2005 – Liquid Engines, the provider of breakthrough corporate income tax management and planning software, today announced a significant release of its multi-state tax software system. Poised to revolutionize the tax industry, Liquid Engines’ innovative application software enables corporate tax departments to identify an optimal tax profile and enhance the efficiency and effectiveness of their operation. Used today by Fortune 500 companies in retail, financial services, and manufacturing, Liquid Engines’ software offers significant benefits, including reduced tax risk, minimized tax liability, increased responsiveness, and decreased administrative costs.
Building on the product’s success, the latest release of Liquid Engines’ state solution includes enhanced optimization technology and expanded reporting options, further empowering corporate tax professionals to rapidly and accurately quantify the state income tax effect of:
- Proposed business operational changes, such as mergers, acquisitions, and divestitures
- Legal entity rationalization and structure simplification
- Proposed audit settlements, including the state effect of federal audit changes
- Changes in legislation, including decoupling trends and changes in filing requirements
- Net operating loss utilization, both for filing purposes and for provision analysis
“Today’s tax departments are required to strike a delicate balance between preserving cash while at the same time reducing tax risk and adhering to Sarbanes-Oxley requirements. If the correct balance is not achieved, the result can not only be very costly, but can also expose the company to a very high level of risk ,” said Gwen Spertell, CEO of Liquid Engines. “Armed with the latest release of our multi-state product, state tax professionals can strike the right balance with enhanced accuracy, improved access to tax information, increased in-house control of their projects, and simplified record-keeping procedures.”
The first software application of its kind, the Liquid Engines state solution is designed specifically for complex multi-state, multi-year income tax management and planning. Offering unlimited “what if” analysis capabilities, the system enables state tax professionals to advance beyond traditional spreadsheet modeling and analysis to a decision-making process that is more efficient, accurate, and transparent. Completely web-based and scalable to support complex corporate tax structures, the software provides a comprehensive view of state income tax information across multiple years, making it possible to effectively manage tax liability and the ongoing tax implications of changes in the business and regulatory environments.
"Corporate tax departments have had to make do with unidimensional 'pencil and eraser' spreadsheets for far too long,” said Walter Hellerstein, Francis Shackelford Professor of Taxation, University of Georgia School of Law. “Liquid Engines’ revolutionary technology advances today’s tax management and planning processes by enabling tax professionals to analyze and optimize their tax and business structures in an interactive, multi-dimensional, and transparent manner that renders traditional spreadsheet analysis obsolete."
Key features of the latest release include the following.
Embedded tax calculations, modeling tools, and regulatory information enhance self-sufficiency
The Liquid Engines’ state application provides tax-specific models, calculations, and tax rule information to enable the rapid analysis of the multi-year tax impact of various tax positions, audit settlements, business expansion, or changes in legislation. Also available are built-in modeling tools and menu-driven wizards, and the ability to modify embedded tax rules or create user-defined rules to apply negotiated tax terms or model pending legislation. The built-in tax intelligence, robust modeling and analysis environment, and automated record-keeping capabilities drive self-sufficiency and speed the decision-making process.
Breakthrough tax optimizers make the impossible possible
Liquid Engines’ patent-pending optimization technology merges tax intelligence with advanced mathematics to enable users to efficiently evaluate thousands of possible combinations with unprecedented thoroughness and accuracy—modeling that is impossible to perform with traditional spreadsheet tools. Offering a wizard-driven interface, the optimizers are easy to use and enable users to apply constraints reflecting business considerations to ensure that the optimizers identify only those options that can be implemented. With this level of insight and control, it is now possible to identify a tax profile that minimizes tax impact and adheres to business constraints to reduce tax risk.
Extensive tax data repository expedites data access
A configurable and comprehensive data repository enables corporate tax departments to collect, standardize, and centralize critical multi-year data associated with state and local taxation. Integrated data eliminates issues and errors commonly associated with independent data silos, disparate tax systems, and individual spreadsheets. With a single repository of state tax data across multiple years, users have rapid access to the data and can comply with Sarbanes-Oxley documentation requirements.
Comprehensive reporting capabilities ensure transparency
The robust reporting system provides detailed, comprehensive reports that accurately reflect current and future tax positions and provide critical Sarbanes-Oxley documentation. Along with a full library of standard reports, the Liquid Engines solution also includes graphical organizational charts and an easy-to-use ad hoc report writer for the rapid creation of custom reports and views.
The Liquid Engines multi-state solution is an integral part of the Liquid Engines Income Tax Management Suite, which also includes a software system for managing international income tax affairs. Built to handle even the most complex corporate tax structure, the Liquid Engines suite streamlines the modeling process, enhances accessibility to critical data, and offers CFOs and tax executives a previously unattainable level of transparency, accuracy, and efficiency in their income tax planning and management process. With the Liquid Engines Income Tax Management Suite, corporate tax professionals are finally equipped with the technology they need to perform the monumental task of simultaneously preserving cash and minimizing risk.
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