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

Tax Reform and ADIT

The Tax Cuts and Jobs Act, signed into law on December 22, 2017, has placed a responsibility on companies to understand the various complexities within the law and to assess the accounting and financial reporting impacts on their organizations. For rate-regulated utilities, certain changes in tax law have put a spotlight on the interplay of rate-making and accounting activities. In particular, the reduction of the top corporate income tax rate from 35% to 21% has initiated a cascade of activities for rate-regulated utilities.

Vadim LantukhJuly 30, 2018tax, accounting, software, lucasys, lucasys tax, Tax reform, adit, tax accounting systems, tax accounting software, enterprise, ASC 740, rate regulated utilities, regulatory liability, aram, rate-regulated, tax division