Sun Rays


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

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
    • Depreciation
    • Repairs, relocations, and retirements
  • Other book/tax differences

Event details:

March 27–28, 2018

Deloitte Office
Charlotte, NC

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 ratemaking on the financial reporting for income taxes, as well as the effects of accounting for income taxes on ratemaking. We will also discuss the IRS normalization requirements, including private letter rulings applying these rules to common fact patterns, and 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. Topics to be covered are:

  • Industry overview-regulatory perspective
  • Income taxes and ratemaking
  • 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

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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.