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.

In March, the Biden administration unveiled a $2.3 trillion infrastructure plan which included many proposals that specifically target the energy industry, including expanded renewable energy tax credits, mandates for utility system modernization, and transitioning the power sector to emissions-free electricity by 2035. Congressional Republicans responded by releasing a $568 billion counter-proposal which included a more limited scope of what qualifies as infrastructure. Since that time Biden has offered to cut his plan to $1.7 trillion, and Republicans have countered again with second counter-proposal of $928B.

The average consumer notices their power consumption two times: when their lights go out and when they are paying their bill. The rest of the time, electric customers generally do not think about the role electricity plays in their day-to-day life or just how much electricity they use on any given day.

Part of the reason that power consumption is not thought about much is that it can be difficult to conceptualize, especially given some of the unique terminology. To help understand power consumption, the following infographics provide a comparative analysis of electricity use.

In February, a massive winter storm led to a power outage in Texas that left more than 4.3 million households, around one third of the state’s electricity customers, without power for several days amid freezing weather. Over 46 gigawatts of power capacity went offline under the extreme cold weather event, resulting in broad-based failure of the power grid. The energy outages also affected the state’s water services, either making tap water unsuitable for drinking or stopping the supply altogether.

If your business is using software with a poorly designed user interface, how much is it costing your bottom line? Perhaps a significant portion of your team’s hours are spent navigating confusing systems, time that would have otherwise been spent on productive projects. Perhaps your team is unable to navigate the systems themselves, necessitating the expense of external technical consultants. The multinational financial services group Citibank recently made an accidental payout of nearly $900M as a result of bad software design. How much do you stand to lose as a result of the usability of your software?

The Internal Revenue Service (IRS) has issued several private letter rulings (PLR) in recent months clarifying the relationship between solar power generation equipment and public utility companies. The main focus is defining whether or not generation equipment with energy pricing based on monthly fees can be treated as public utility property. The designation of generation equipment as public utility property has several important implications, all of which impact how utilities treat the property for tax purposes.

There are many misconceptions surrounding software bots. The term ‘bot’ is applied to a vast array of different technologies, which can make pinning down a precise definition difficult. Clearly the pervasiveness of software bots speaks to how useful they can be. But what exactly are software bots, and what exactly are their capabilities? More importantly, do they have a place in the technological toolbelt of the workforce of tomorrow?

The American Society of Civil Engineers (ASCE) recently gave the US a D grade for drinking water infrastructure and D+ for wastewater infrastructure. How can the richest nation in the world have infrastructure ranked so poorly on the world scale, and what investments are being made to improve our water networks?

Cloud computing has applications in a wide array of industries, but utilities in particular are well-suited to reap the massive benefits of the cloud. The unique IT requirements of large, regulated organizations managing critical infrastructure are incredibly complex and notoriously difficult to manage. Only through leveraging the cloud can forward-thinking utilities stay on the cutting edge of technological advancement.

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.

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 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.

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

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.

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.

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.

Lucasys 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.

Lucasys, a leading provider of cloud accounting, tax, and financial reporting solutions, today announced the completion of its SOC 2 Type 1 audit certification.

On 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.