There are many misconceptions surrounding software bots. The term ‘bot’ is applied to a vast array of different technologies, which can make pinning down a precise definition difficult. Clearly the pervasiveness of software bots speaks to how useful they can be. But what exactly are software bots, and what exactly are their capabilities? More importantly, do they have a place in the technological toolbelt of the workforce of tomorrow?

Vadim LantukhMarch 2, 2021tax, accounting, software, bots, lucasys, lucasys tax, computer programs, it, robotic process automation, use case, automated software, security risks, data, enterprise, best-in-class software, software suite, software solutions, tax accounting systems

Corporate Tax Rate Change Implications for Utilities

The 117th United States Congress is now set following two runoff elections in Georgia which have given the Democratic party control over 50 seats in the Senate and the tie-breaking vote through Vice President-elect Kamala Harris. With control of both chambers of Congress and the Presidency, Democrats are now poised to pursue more ambitious policy changes, including a proposed increase to the corporate tax rate.

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

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

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

Lucasys Approved as CPE Sponsor by NASBA

Lucasys, a leading provider of cloud accounting, tax, and financial reporting solutions, today announced their certification registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education (CPE) on the National Registry of CPE Sponsors. Lucasys is certified to provide continuing education via group live and internet-based delivery methods.

Vadim LantukhOctober 12, 2020tax, accounting, software, enterprise, lucasys, lucasys tax, CPE, NASBA, software solutions, best-in-class software, deferred tax, tax depreciation, software suite, tax software, automated software