Utility Tax Accounting

June 25-26, 2024 | Online :: Central Time

0624-utility-tax-accounting

As the Power & Utility industry continues its rapid transformation to the utility industry of the future, it is important to stay abreast of the tax issues that the industry faces. The EUCI Utility Tax Accounting course is designed to be an introductory instruction for tax professionals new to the regulated utilities industry and provide fundamental understanding of the impacts of these tax matters.

This course will review how utility tax accounting continues to influence the strategic plan of any regulated utility including the following concepts as they relate to regulated power & utilities:

• The most recent Tax Cut and Jobs Act
• The America Rescue Plan
• The Biden Administration’s Build Back Better Plan
• Repairs and maintenance expenditures (under “safe harbor” guidance in Rev Proc 2011-43 and Rev Proc 2013-24)

Upon completion of this course, the participant will have a basic working knowledge of the following:

• FERC Accounting
• Plant Accounting and tax related to tangible property
• Accounting for income tax
• Research and development activities
• Depreciation adjustments
• Normalization vs. Flow-thru accounting

Learning Outcomes

• Define FERC Accounting System, Plant Accounting and how these are used for tax purposes
  • Cost recovery, abandonments, and retirements
• Apply Generally Accepted Accounting Practices (GAAP) to Accounting for income tax and tax related to tangible property initiatives
  • Other tax accounting methods
• Calculate depreciation adjustments, specifically for capitalization & repairs
  • Rev Proc 2011-43 and Rev Proc 2013-24
• Discuss property tax concepts
  • Ghost/phantom assets
  • Intangible assets
• Explore Research and Development Tax Credit opportunities
  • Section 41 Credits
  • Section 174 expenditures (and new treatment)
• Introduce Normalization vs. Flow-thru accounting and other tax related matters with regulatory impacts
  • Plan for the implications of utility tax as a part of the rate case process
  • Recent relevant cases

Tuesday, June 25, 2024 : Central Time

Short breaks will be taken every hour (30 minutes total)

Course Overview and Introductory Remarks

 

Review of FERC Accounting and Ratemaking Concepts

 

Income Taxes and Accumulated Deferred Income Tax

• Normalization vs. Flow-thru

Tax Cuts & Jobs Act of 2017, American Recovery Act and subsequent Federal Legislation

 

Property, Plant & Equipment

• Cost Recovery Abandonment
• Retirement

Tax Accounting Methods

• Repairs and maintenance
• Cost Capitalization

Property Tax Matters

• Valuation issues

Wednesday, June 26, 2024 : Central Time

Short breaks will be taken every hour. (15 minutes total)

Research and Development

 

FERC and Other Regulatory Development

 

Normalization and Other Tax Related Matters with Regulators

 

Renewable Energy and Ratemaking Matters

Wrap Up and Adjourn

J. Andrew Miller, Retired

J. Andrew Miller (Andy) retired from Ernst & Young LLP (EY) as a partner in the Firm’s National Tax Department June 30, 2016.  When he retired Andy was EY’s America’s Area Industry Tax Services leader with a specific focus on the Energy sectors (Oil & Gas, Power & Utilities and Mining & Metals). Andy worked for Ernst & Young over 30 years serving a wide range of corporate clients.  He focused on corporate tax services acting as a tax engagement partner for several large multinational energy and natural resource companies.  He has extensive experience serving as a tax specialist in the natural resource industries on due diligence teams for Ernst & Young’s merger and acquisition practice. As a result of Andy’s extensive mining and natural resources experience, he was appointed the Americas Area Leader of Mining & Metals Industry services. In that role, he coordinated all service lines (audit, tax and transactions) supporting the mining, metals and natural resource clients. In light of his extensive natural resource experience in tax, Andy was also Ernst & Young’s Global Mining & Metals Industry Tax leader.

During his career at Ernst & Young Andy was also the firm’s Global Co-Leader and America’s Area Leader for Power & Utility Industry Tax Services.  In that role, he provided services to electric, natural gas and water utilities including expert witness testimony in rate cases for rate regulated gas and electric utilities. Andy was a featured speaker at the Ernst & Young’s annual conference on mining taxation as well as at its annual financial reporting conference for the mining industry. He also spoke at a wide range of other industry events at such as the Edison Electric Institute bi-annual tax committee meetings and the Energy Tax Council bi-annual meetings. 

Andy has also served as an instructor for Ernst & Young’s National Tax education program teaching such topics as Subchapter C, consolidated returns, and mergers and acquisitions. For many years Andy assisted Peter Maxfield in updating his treatise, Taxation of Mining Operations by preparing and editing revisions to the book and is a co-author of the treatise. He is currently the primary author of that treatise after Peter Maxfield’s retirement in 2017.  Andy is currently serving as adjunct professor of accounting at the University of Missouri in Columbia. Andy is a 1978 graduate of the University of Missouri – Columbia receiving a BSBA in Accounting. He is a licensed certified public accountant (CPA) licensed in the state of Missouri, and he is a member of the Missouri Society of CPAs and the American Institute of CPAs.

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Sean Nelson, Founding Partner, Emc2 Partners

Sean Nelson is the Founding Partner of Emc2 Partners, a utility consulting firm. Prior to the launch of Emc2 Partners, Sean led the Tax Practice of Dixon Hughes Goodman LLP (DHG) as a partner at the firm’s headquarters in Charlotte, North Carolina. Sean also served as the industry lead and subject matter expert for the firm’s Energy Practice and was responsible for the coordination and supervision of all energy related engagements. Sean also served as a tax account leader at Ernst & Young Global Limited (EY) and spent four years in their National Tax Practice for Energy. In his roles, Sean served the entire tax cycle including planning, accounting, compliance, and controversy and led many of the largest US Power & Utility capitalization repair engagements and assisted in the development of new automation processes for these engagements. Sean has 18+ years of experience in public accounting, providing tax compliance, planning and consulting services to a variety of corporations, including complex public companies, partnerships and S-corporations. Sean is a recognized leader in the energy industry with experience in federal, international, state and local tax. A seasoned tax professional, he has significant experience in highly technical federal income tax issues, including federal and state research and development tax credits, fixed asset capitalization studies, domestic manufacturing deductions, and accounting method changes as well as the tangible property regulations.

We will be using Microsoft Teams to facilitate your participation in the upcoming event. You do not need to have an existing Teams account in order to participate in the broadcast – the course will play in your browser and you will have the option of using a microphone to speak with the room and ask questions, or type any questions in via the chat window and our on-site representative will relay your question to the instructor.

• Microsoft recommends downloading and installing the Teams app if possible. You may also use the Edge browser or Chrome.
• You will receive a separate email with a unique link to a personalized landing page which will include links to join all sessions of this event.
• If you are using a microphone, please ensure that it is muted until such time as you need to ask a question.
• The remote meeting connection will be open approximately 30 minutes before the start of the course. We encourage you to connect as early as possible in case you experience any unforeseen problems.

Please Note: This event is being conducted entirely online. All attendees will connect and attend from their computer, one connection per purchase. For details please see our FAQ

If you are unable to attend at the scheduled date and time, we make recordings available to all attendees for 7 days after the event

REGISTER NOW FOR THIS EVENT:

Utility Tax Accounting

June 25-26, 2024 | Online

Your registration may be transferred to a member of your organization up to 24 hours in advance of the event. Cancellations must be received on or before May 24, 2024 in order to be refunded and will be subject to a US $195.00 processing fee per registrant. No refunds will be made after this date. Cancellations received after this date will create a credit of the tuition (less processing fee) good toward any other EUCI event. This credit will be good for six months from the cancellation date. In the event of non-attendance, all registration fees will be forfeited. In case of conference cancellation, EUCIs liability is limited to refund of the event registration fee only. For more information regarding administrative policies, such as complaints and refunds, please contact our offices at 303-770-8800

Credits

EUCI is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.

EUCI is authorized by IACET to offer 0.9 CEUs for this event.

Requirements for Successful Completion of Program

Participants must be logged on each day for the entirety of the course to be eligible for continuing education credit.

Instructional Methods

Power Point presentations, open discussion, examples

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Upon successful completion of this event, program participants interested in receiving CPE credits will receive a certificate of completion.

Course CPE Credits: 10.5
There is no prerequisite for this Course.
Program field of study: Specialized Knowledge
Program Level: Basic
Delivery Method: Group Internet Based
Advanced Preparation: None

EUCI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org