TBBS: an Increasingly Important Internal Control

Tax basis balance sheets (“TBBS”) are a foundational part of any tax department’s controls. While invaluable for supporting tax positions for financial reporting, without proper maintenance these critical workpapers can quickly develop inaccuracies. More and more utilities are finding that their tax basis balance sheet controls are insufficient, and without proper automation, this can lead to an immense and recurring manual effort for tax departments looking to preserve reliable tax accounting records.

Vadim LantukhJuly 1, 2021tax, accounting, tbbs, tax basis balance sheet, tax department, utilities, utility industry, financial reporting, lucasys, tax accounting software, tax accounting records, deferred tax, tax provision, financial statement, auditors, year-end audit, tbbs software, spreadsheet

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