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

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

Unmatched Reliability: Lucasys Sets the Standard for Industry Expertise and Technical Support

Lucasys provides peerless expertise in managing deferred tax assets for rate-regulated utilities and works closely with its customers to incorporate their feedback into product development.

Vadim LantukhApril 10, 2023Lucasystax, accounting, lucasys, lucasys tax, fixed asset accounting, fixed asset solutions, deferred tax, tax fixed assets, tax depreciation, rate increase, rate regulated utilities, regulatory assets, software, service, utility industry

Cost of Removal, Normalization, and Other Thorny Issues for Utilities

On August 14, 2020, the Internal Revenue Service (IRS) issued PLR 202033002 to address outstanding ruling requests on the application of the Section 168 normalization rules to cost of removal (COR). The IRS concluded that the net deferred tax liability (DTL) created by COR is not protected by the normalization rules but did not provide guidance on the actual implementation of the ruling’s conclusions.

Vadim LantukhJanuary 5, 2021tax, accounting, software solutions, lucasys, lucasys tax, cost of removal, normalization, utility industry, rate regulated utilities, regulatory assets, regulatory rulings, irs, tax assets, enterprise, tax accounting systems, tax accounting software