The 2017 tax reform reconciliation act (the Act), also known as the ‘Tax Cuts and Jobs Act,’ has created an unprecedented need to optimize the recovery and maintenance of fixed assets’ net tax basis for international, federal, and state tax purposes.
Given this complexity, it is understandable why many tax directors have little confidence in the reliability of their depreciation calculations. In addition, many companies do not have enough tax department resources to stay current on the complex regulations affecting fixed asset compliance.
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PwC’s Tax Depreciation Services (TDS) is a scalable and cost-effective technology solution for calculating, tracking, and reporting tax depreciation and amortization. Utilized by nearly 200 companies to manage more than 45 million assets each month for over 3,000 legal entities, it is one of the largest and most reliable tax depreciation solutions available in the market.
An important part of adapting to tax reform is being able to support E&P depreciation and asset basis calculations for foreign owned/foreign operations. Tax reform also has enhanced the need for state specific depreciation calculations for those states that decouple from bonus depreciation.