Cloud Computing is Revolutionizing Business Processes

Many industries are leveraging the power of cloud computing to revolutionize their processes, and the COVID-19 pandemic has further accelerated the need for software solutions that can be accessed remotely. Businesses are transitioning to more comprehensive digital processes with cloud solutions at their core.

Vadim LantukhJanuary 20, 2021tax, accounting, software, enterprise, lucasys, lucasys tax, cloud computing, tax accounting systems, tax software, utility industry, regulated utilities, tax automation, tax accounting infrastructure, utilities, software suite

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

Restoring a Culture of Data Quality

Data quality is not just an IT problem, it is a business problem. This may not be a pleasant realization for executives who have other things to think about and expect someone on their team to be taking care of such issues. But when your company is attempting to cultivate relationships with customers, shareholders, regulators, and auditors, and you cannot deliver on promises because your data does not back you up, your data problem is now everyone’s problem

Vadim LantukhNovember 17, 2020tax, accounting, enterprise, tax accounting systems, tax accounting software, data quality, lucasys, lucasys tax, IT, reconciling data, bad data, data quality management, data integration, data systems, software suite, software design, demo

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