Power, Utilities & Renewables Quarterly Accounting update: Q1 2023

Thomas L. Keefe

As Vice Chair and US Power, Utilities & Renewable Sector Leader, Tom has a keen understanding of the trends impacting this sector with a focus on utility generation and distribution, gas transmission midstream activities and storage as well as nuclear generation, independent power production and renewable energy. Tom is a partner at Deloitte & Touche LLP, leading several large energy clients from across the industry. His experience includes external audit, internal control audits, rate case filing reviews, and purchase accounting. He also has expertise in SEC requirements, including those associated with initial public offerings, and in ratemaking and other areas of regulatory accounting. Tom is a proud graduate of the University of Notre Dame.

Dave Yankee

Dave regularly advises clients in the areas of planning, evaluating, and supporting federal income tax reporting positions. He also leads Deloitte’s US Power, Utilities & Renewables Tax practice. His work with power and gas companies includes consultation and representation with respect to Internal Revenue Service (IRS) controversies; drafting/reviewing Applications for Change in Accounting Method (IRS Form 3115) and participating in accounting method reviews; and, serving as a tax specialist on financial statement audits. He works with regulated public utilities to model the ratemaking effects of tax benefits, compute the tax components of rate base and cost of service, draft/review pre-filed rate case testimony, draft/review IRS ruling requests, and meet with public utility commission staff and IRS national office personnel regarding normalization issues. Dave is a frequent speaker regarding federal income tax matters relevant to regulated utilities and unregulated power producers, including seminars sponsored by the tax committee of Edison Electric Institute, the combined tax committees of the American Gas Association and the Interstate Natural Gas Association of America, Tax Executives Institute, the staff subcommittee on accounting and finance of the National Association of Regulatory Utility Commissioners, SNL/EXNET, PowerPlant Consultants, Infocast, and Institute for International Research. Dave also leads the Deloitte course, Utility Industry Book/Tax Differences and Financial Reporting for Income Taxes: Rate-regulated Utilities and is responsible for updating the content of these courses. Dave holds a BS in commerce (accountancy) and a MS in taxation from DePaul University.