Utilities closely watching FERC ADIT reporting requirements

Comment letters are in, and the waiting game has begun.

On November 15, 2018, FERC initiated RM19-5, a Notice of Proposed Rulemaking that addresses how electric transmission providers, natural gas utilities, and pipelines must reflect the accounting and reporting of excess deferred income taxes resulting from the Tax Cuts and Jobs Act of 2017. Comment letters were due by January 22, 2019.

Vadim LantukhJanuary 29, 2019tax, accounting, ferc, regulatory reporting, financial reporting, lucasys, lucasys tax, software, enterprise, tax accounting software, tax accounting infrastructure, adit, financial statement, utility industry, rate regulated utilities, accounting solutions, software design, software suite

Tax Reform and ADIT

The Tax Cuts and Jobs Act, signed into law on December 22, 2017, has placed a responsibility on companies to understand the various complexities within the law and to assess the accounting and financial reporting impacts on their organizations. For rate-regulated utilities, certain changes in tax law have put a spotlight on the interplay of rate-making and accounting activities. In particular, the reduction of the top corporate income tax rate from 35% to 21% has initiated a cascade of activities for rate-regulated utilities.

Vadim LantukhJuly 30, 2018tax, accounting, software, lucasys, lucasys tax, Tax reform, adit, tax accounting systems, tax accounting software, enterprise, ASC 740, rate regulated utilities, regulatory liability, aram, rate-regulated, tax division