Mastering ASC 740: Best Practices for Utility Companies

ASC 740, or Accounting Standards Codification 740, governs how companies report income taxes in their financial statements. For utility companies, complying with ASC 740 presents unique challenges due to the industry's complex regulatory environment and the intricate nature of tax provisions, deferred taxes, and rate-regulated accounting practices. Mastering ASC 740 is essential for ensuring accurate financial reporting, mitigating risk, and satisfying both regulatory and audit requirements.

Vadim LantukhSeptember 23, 2024Lucasystax, accounting, ASC 740, lucasys, lucasys tax, utility industry, cpa, tax software

Navigating Tax Challenges in a Multi-Jurisdictional Utility Operation

For investor-owned utility companies operating across multiple states, managing tax compliance is a complex and often daunting task. Each state has its own set of tax laws, regulations, and reporting requirements, which can create a labyrinth of obligations for utility tax departments. In this environment, staying compliant while optimizing tax positions requires not only deep expertise but also the right tools and technology.

Vadim LantukhSeptember 10, 2024Lucasystax, utilities, multi-jurisdictional, tax rates, lucasys, lucasys tax, tax software

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.

Corporate Tax Rate Changes on the Horizon… Again! What Utilities Need to Know

As the 2024 election season gains momentum, regulated utilities are facing the prospect of significant policy shifts that could dramatically impact their financial landscapes. Vice President Kamala Harris has recently announced that if elected, she plans to raise the corporate tax rate to 28%. This proposal has raised alarms among tax leaders and CFOs within the utility sector, as the potential changes could lead to substantial adjustments in deferred tax liabilities.

Innovation in Tax Fixed Assets: Hope Utilities Adopts Best-in-Class Lucasys Software

Leading natural gas and water distribution services company, Hope Utilities, has implemented Lucasys’ industry-leading tax fixed asset software. Faced with the challenges of maintaining legacy software systems, Hope Utilities recognized the opportunity to streamline their accounting solutions and transform their business processes.

AEP's Data Revolution: Partnering with Lucasys to Prepare for the Next Leap in Tax Technology

American Electric Power (AEP), one of the nation’s largest utility power producers and operator of the nation’s largest electric transmission network, has a longstanding reputation as an industry leader in digital transformation and technological innovation. Successful operations have led AEP to sustained growth, expanding the organization into additional states and service territories while accumulating a blend of data, processes, and technologies.