Deloitte Utility Tax Training Seminars
Tax and financial reporting
The Utility Tax Training Seminars are two, one-day programs. The first course compares and contrasts the federal income tax rules and the rules for financial and regulatory accounting purposes. The second course focuses on the specific issues in accounting for income taxes for rate-regulated utilities.
Utility Industry Book/Tax Differences
This one-day course compares and contrasts the federal income tax rules and the rules for financial and regulatory accounting purposes related to revenue and expense recognition, capitalization, and depreciation. Participants are provided with an overview of tax rules, including explanations of the relevant statutes, regulations, rulings, and case law specific to the electric and gas companies, as well as tax guidance applicable to all industries, but of particular significance in the utility industry such as the tangible property regulations. The issues discussed are relevant to both regulated and unregulated companies.
Financial Reporting for Taxes Training
This one-day course focuses on the specific issues in accounting for income taxes for rate-regulated utilities. This course focuses on flow-through accounting, how utilities may account for changes in tax rates, accounting for investment tax credits and US Treasury grants, and book/tax differences that may result in tax-related regulatory assets or liabilities. During the session, we’ll review case studies involving computations and journal entries in order to illustrate the effects of ratemaking on the financial reporting for income taxes, as well as the effects of accounting for income taxes on ratemaking. We’ll also discuss the Internal Revenue Service (IRS) normalization requirements, including private letter rulings applying these rules to common fact patterns. Other topics will include Federal Energy Regulatory Commission-Generally Accepted Accounting Principles (FERC-GAAP) reporting differences, including accounting for uncertain income tax positions and tax provisions reported in separate company financial statements of subsidiaries.
Deloitte LLP believes that its public audit clients should obtain audit committee pre-approval for seminar enrollments. If your company is audited by Deloitte LLP, you may enroll in this seminar if you have already obtained, or will obtain, such approval.