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Utility Tax Training Seminars 
March 25 - 26, 2014
Atlanta, GA

Welcome!

Deloitte’s Energy & Resources practice will offer its Utility Industry Book/Tax Differences seminar on March 25, and its Financial Reporting for Income Taxes: Rate-Regulated Utilities seminar on March 26, 2014. Please read the program descriptions below for more information. We look forward to seeing you in Atlanta. 

Utility Industry Book/Tax Differences
Tuesday, March 25 (Day 1)

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 statues, 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
  • Regulatory Assets and Liabilities
  • Fixed Assets
  • Capitalization and Construction
  • Depreciation
  • Repairs, Relocations and Retirements
  • Other Book/Tax Differences 

Financial Reporting for Income Taxes: Rate-regulated Utilities
Wednesday, March 26 (Day 2)

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 U.S. Treasury grants, and book/tax differences that may result in tax-related regulatory assets or liabilities. During the session, we'll 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'll 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:

  • Income Taxes and Ratemaking
  • Normalization vs. Flow-through Accounting
  • Changes in Tax Rates - Excess Deferred Income Taxes
  • Investment Tax Credits and Treasury Grants
  • Normalization Requirements and Violations
  • Allowance for Funds Used During Construction
  • FERC-GAAP Reporting Differences
  • Ratemaking Implications of Net Operating Losses

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