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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 for recognizing revenue and expense and for capitalization with the rules for financial and regulatory accounting purposes. The second course focuses on the specific issues in the financial and regulatory reporting of income taxes for rate-regulated utilities. Both courses reflect relevant provisions of the recently-enacted Tax Cuts and Jobs Act.
- Utility Industry Book/Tax Differences
- Financial Reporting for Taxes
- Energy & Resources programs: Knowledge is power
- Related topics
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 described are relevant to both regulated and unregulated companies. Topics to be covered are:
- Introductions, objectives, and industry overview
- Revenue-related book/tax differences
- Expenditure-related book/tax differences
- Regulatory assets and liabilities
- Fixed assets
- Capitalization and construction
- Repairs, relocations, and retirements
- Other book/tax differences
Financial Reporting for Taxes
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 book/tax differences that may result in tax-related regulatory assets or liabilities. During the session, we will discuss examples involving computations and journal entries in order to illustrate the effects of
- Industry overview-regulatory perspective
- Income taxes and
- Normalization versus flow-through accounting
- Changes in tax rates-excess deferred income taxes
- Ratemaking implications of net operating losses
- Allowance for funds used during construction
- Investment tax credits
- Normalization requirements, violations, and rulings
- FERC-GAAP reporting differences
Energy & Resources programs: Knowledge is power
Deloitte's Energy & Resources practice takes pride in the number of high-quality conferences and training seminars delivered to thousands of clients and other energy industry participants over many years. Learn more about the wide selection of eminent industry events.
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.