Posts tagged excess deferred income

Maximizing Your Returns: Lucasys Deferred Tax Helps You Navigate Excess Deferred Income Taxes

Introducing Lucasys Deferred Tax: a first-of-its kind software designed for rate-regulated utilities that provides comprehensive tracking of excess deferred taxes. This innovative software solution enables utilities to track complex tax and regulatory accounting requirements with ease, ensuring compliance with regulatory requirements and accurate reporting of tax balances.

Vadim LantukhApril 17, 2023Lucasys tax, utilities, deferred tax, fixed asset solutions, fixed asset accounting, tax fixed assets, software, best-in-class software, excess deferred income, rate regulated utilities, rate-regulated, lucasys, lucasys tax, regulatory assets

Revenue Procedure 2020-39 and the Future of Excess Deferred Income Taxes

On August 14, 2020, the Internal Revenue Service (IRS) issued Revenue Procedure 2020-39 to clarify normalization requirements following the corporate tax rate reduction provided in the Tax Cuts and Jobs Act (TCJA). Though this Revenue Procedure addressed several open questions posed by the utility industry, in some regards, the publication raised more questions than it answered.

Vadim LantukhOctober 19, 2020tax, accounting, tax systems, lucasys, lucasys tax, enterprise, excess deferred income, taxes, irs, revenue procedure, tcja, section 168, ARAM, alternative method, tax reform act of 1986, normalization, deferred tax, software solutions