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