Moving data, applications and platforms to the cloud creates substantial business benefits as companies reduce capital expense outlays while maintaining a more flexible IT environment. Though the advantages are numerous, companies pursuing cloud computing solutions need to consider the financial reporting implications as well as broader tax and IT considerations that result from recent guidance on accounting standards effective in 2020 for public business entities.
Read MoreLucasys is proud to partner with the Edison Electric Institute in sponsorship of the 2019 Financial Review, the organization’s annual report of the U.S. investor-owned electric utility industry.
Read MoreLucasys, a leading provider of cloud accounting, tax, and financial reporting solutions, today announced the completion of its SOC 2 Type 1 audit certification.
Read MoreOn May 7, 2019, the IRS released Notice 2019-33 which formally announced the agency’s intent to issue additional guidance regarding the normalization requirements of excess deferred income taxes which resulted from the decrease in the corporate income tax rate.
Read MoreComment letters are in, and the waiting game has begun.
On November 15, 2018, FERC initiated RM19-5, a Notice of Proposed Rulemaking that addresses how electric transmission providers, natural gas utilities, and pipelines must reflect the accounting and reporting of excess deferred income taxes resulting from the Tax Cuts and Jobs Act of 2017. Comment letters were due by January 22, 2019.
Read MoreOn Monday, November 26, 2018, the Treasury Department published proposed regulations relating to section 163(j), as amended by the Tax Cuts and Jobs Act. For utilities with regulated operations (excepted trade or business) and non-regulated operations (non-excepted trade or business), the proposed regulations provide additional clarity regarding the applicability of the interest limitation on the consolidated group.
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