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SUNNYVALE, CA, March 19, 2007 – Liquid Engines, the leading provider of enterprise-class corporate tax management software, today announced at the Tax Executives Institute’s 57th Midyear Conference a series of new features and licensing options for its FIN 48 software solution—GPM. Introduced in October 2006, GPM provides an intuitive, 100% web-based environment designed to meet financial reporting requirements and enable adherence to SOX 404 controls, while reducing the burden on the tax and finance functions to meet these increased and evolving standards. These recent advancements deliver powerful tax accounting functionality and licensing flexibility for both large, distributed tax organizations as well as small or single-user environments.
New capabilities streamline processes and enhance controls by dramatically reducing the need for offline spreadsheets. Armed with GPM, tax professionals are able to perform—within the application—all calculations required to drive entry into provision and financial statement disclosures, and seamlessly move those entries into their provision application. New features include:
FIN 48 Footnote Disclosures
GPM automatically consolidates the required disclosure information (e.g., tabular roll-forward, interest and penalty, expiration of statute of limitations, open tax years for major jurisdiction, and other disclosure requirements) into a template which can be tailored to meet the new FIN 48 disclosure requirements.
Automated Computation of Tax Benefit and Exposure Amounts
Calculation engines automatically compute the federal, state, and international tax benefit and exposure amounts, the appropriate adjustments, interest and penalties, and offsets to compute the amounts that will subsequently be reported in financial statements.
Pre-packaged Rate Tables for Interest and Penalties
Built-in multi-year, multi-jurisdictional rate tables eliminate the need to rely on third-party tools to accurately compute exposure amounts by position, unit of account, and jurisdiction. Updated on a regular basis, and user modifiable, these embedded tables ensure greater accuracy and speed complex, multi-year calculations.
Embedded Statute of Limitation Expiration
GPM now provides, for federal and state jurisdictions, the statute of limitations for income taxes and will alert the user to make the appropriate adjustment to the exposure amount. Also of note is that these amounts can be overridden to conform to statute waivers and the like.
Integration with Provision Systems
Reduce error potential and improve controls by automatically exporting comprehensive accounting data for uncertain tax positions—including changes to current and non-current expenses and related liabilities, deferred tax expenses and benefits and related balance sheet accounts, adjustments to goodwill and retained earnings—to any provision application.
Flexible Licensing Options
In addition to the new tax accounting features, new licensing options are now available for GPM—Standard or Enterprise Editions—that cover the spectrum of capabilities and affordability, meeting the needs of tax departments of virtually any size or structure. GPM Standard is appropriate for centralized tax organizations with fewer people involved in the reserve process and is cost-effective even in a single-user environment. GPM Enterprise is an upgrade from GPM Standard, featuring advanced workflow capabilities designed to support a highly-distributed global tax workforce and security enhancements appropriate for a more complex, multi-user environment.
"We hear time and time again that our GPM solution is the most robust and easy-to-use application in the market. With this announcement, we are furthering our technology leadership by ensuring our best-in-class FIN 48 solution delivers the right functionality and value for any size tax organization,” said Tom Steding, chairman and CEO, Liquid Engines. “It also reflects our continued commitment to provide tax departments with enterprise-class technology that helps them avoid surprises and reduce risk, optimize operational performance, and add greater strategic value to their companies."
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