Preparing for Regulatory Scrutiny: Tax Compliance in the Utility Sector

In today’s rapidly evolving regulatory landscape, investor-owned utilities (IOUs) face increasing pressure to ensure their tax practices are not only compliant but also transparent and defensible. With the growing scrutiny from regulators and the ever-changing tax laws, staying ahead of potential audits is more critical than ever. To navigate these challenges, IOUs must implement robust strategies for tax compliance, leveraging advanced tools and technologies that can simplify the process and mitigate risks.

Vadim LantukhSeptember 17, 2024Lucasystax, uti, regulatory scrutiny, rate regulated utilities, investor-owned, compliance, iou, tax audits, regulatory assets, lucasys tax, lucasys

Navigating Tax Challenges in a Multi-Jurisdictional Utility Operation

For investor-owned utility companies operating across multiple states, managing tax compliance is a complex and often daunting task. Each state has its own set of tax laws, regulations, and reporting requirements, which can create a labyrinth of obligations for utility tax departments. In this environment, staying compliant while optimizing tax positions requires not only deep expertise but also the right tools and technology.

Vadim LantukhSeptember 10, 2024Lucasystax, utilities, rate-regulated, multi-jurisdictional, investor-owned, utility, compliance, tax rates, filing requirements, tax incentives, lucasys, lucasys tax, tax software

Navigating the PowerTax End of Life: What Utilities Need to Know and How to Transition Smoothly to Lucasys Tax

As a utility company, you rely on robust, reliable software to manage complex tax processes efficiently. For decades, PowerPlan’s PowerTax software has been the only available industry-focused tax fixed asset solution. However, the Lucasys team has heard from many utilities that PowerPlan has communicated an End of Life for its PowerTax software. If your organization has been told that PowerTax is reaching its End of Life, you may now be facing the urgent task of finding a new solution to replace your legacy solution. The discontinuation of any software poses significant challenges, but it also presents an opportunity to upgrade to more advanced, future-proof technology like Lucasys Tax.

Vadim LantukhAugust 30, 2024Lucasystax, utilities, utility, powertax, powertax end of life, tax technology, tax software, fixed asset, fixed asset solutions, lucasys tax, lucasys, compliance, automated software, data migration, tax consulting, tax systems

Strengthening Infrastructure for Resilience: The Crucial Role of Tax Software in Investor-Owned Utility Companies

As climate change accelerates, extreme weather events are becoming increasingly common, posing significant challenges to utility companies across the globe. Investor-owned utilities (IOUs), responsible for providing essential services to millions, are at the forefront of efforts to strengthen infrastructure and ensure resilience against these threats. While physical upgrades and operational strategies are crucial, one often-overlooked aspect of this resilience is the role of a utility’s tax division and its technology. Robust tax management is vital in funding, maintaining, and expanding resilient infrastructure.

Vadim LantukhAugust 26, 2024Lucasystax, utilities, tax accounting infrastructure, tax software, investor-owned, tax division, tax incentives, compliance, regulatory reporting, financial planning, analysis, lucasys tax, lucasys, fixed asset solutions

Lucasys Announces Completion of SOC 2 Type 2 Audit Certification

Lucasys is proud to announce an important compliance milestone in the completion of a SOC 2 Type 2 attestation for its software solutions. This security compliance measure is a testament to Lucasys’ continued commitment to protecting customer data as it emerges as a leading cloud provider for enterprise financial solutions.

Vadim LantukhNovember 2, 2020tax, accounting, enterprise, soc, soc 2, soc 2 type 2, certification, audit, lucasys, lucasys tax, software solutions, compliance, utility industry, rate-regulated, software suite, AICPA, tax software, automated software

Utilities face uncertainty on tax normalization

On May 7, 2019, the IRS released Notice 2019-33 which formally announced the agency’s intent to issue additional guidance regarding the normalization requirements of excess deferred income taxes which resulted from the decrease in the corporate income tax rate.

Vadim LantukhJune 10, 2019tax, accounting, utility industry, utilities, rate regulated utilities, tax normalization, normalization, irs, lucasys, lucasys tax, tcja, compliance, finance, federal tax, tax technology, solutions, enterprise