At Lucasys, we understand that your time is one of your most valuable resources. That’s why we’ve built our systems to ensure that the work you’ve done in prior periods is preserved—even as new data is added or processes are updated.

The Lucasys software is designed to seamlessly integrate new information, such as additional budget data or actuals for new months, without overwriting or losing prior period adjustments. Using Incremental and Merge import options, you can update your data while retaining all topside or manual adjustments from earlier periods.

Mergers and acquisitions (M&A) have long been a strategic tool for growth and expansion in the utility industry. Whether to achieve economies of scale, expand service territories, or diversify energy portfolios, these transactions can significantly reshape a company's operations and market position. However, along with the potential benefits, M&A activities come with complex tax implications that can have a lasting impact on a company's financial health and regulatory compliance.

Lucasys has successfully completed Phases 1 and 2 of American Electric Power’s (AEP) ongoing tax technology transformation initiative in partnership with Lucasys, a leading software and consulting firm specializing in the utility sector. These milestones mark significant progress in AEP’s journey toward modernizing and optimizing their tax function to manage the complexities of their dynamic operations.

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.

Implementing new software systems is a challenging task for rate-regulated utilities given the scope and complexity of their operations. The importance of seamless implementation and accurate data conversion cannot be overstated. Lucasys Depreciation was designed to address the unique challenges faced by rate-regulated utilities and provides an effortless implementation process.

Depreciation tracking can be a challenging task for rate-regulated utilities that have to comply with strict accounting standards, so Lucasys Depreciation was specifically designed to make the process more intuitive and user-friendly. One of the key benefits of Lucasys Depreciation is its incredible ease of use. New members of a team can immediately access advanced tools without the need for extensive training, allowing accounting and tax departments to quickly adapt to changes in resource planning. Whether you’re a seasoned accountant or tax professional, or someone just starting out in the field, Lucasys Depreciation can simplify the process of tracking depreciation and make your work more efficient.

Lucasys Deferred Tax has modernized the management of deferred tax reversals by building a suite of intuitive and dynamic controls to streamline their management. Deferred tax balances and associated excess is tracked at a granular level to allow for complete calculation transparency, allowing for new insights into the accumulation and reversal of deferred balances.

Introducing Lucasys Deferred Tax: a first-of-its kind software designed for rate-regulated utilities that provides comprehensive tracking of excess deferred taxes. This innovative software solution enables utilities to track complex tax and regulatory accounting requirements with ease, ensuring compliance with regulatory requirements and accurate reporting of tax balances.

Lucasys provides peerless expertise in managing deferred tax assets for rate-regulated utilities and works closely with its customers to incorporate their feedback into product development.

In late March 2023, President Biden proposed a federal budget for fiscal year 2024 that will increase government spending in new infrastructure, education, healthcare, and climate change initiatives. To fund the investments, the Biden administration has proposed several tax reforms that will have important implications for corporations. Specifically, the proposed increase in the corporate income tax rate from 21% to 28% will have a significant impact on rate-regulated utilities

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.

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.

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.

Lucasys, a leading provider of cloud accounting, tax, and financial reporting solutions, today announced their certification registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education (CPE) on the National Registry of CPE Sponsors. Lucasys is certified to provide continuing education via group live and internet-based delivery methods.

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Another quarter end close is in the books (quite literally). Finance, accounting, and tax professionals go through a set of shared experiences in those several critical days surrounding key accounting close windows and reporting deadlines.