ATLANTA, April 30, 2025 (GLOBE NEWSWIRE) -- A leading utility in Michigan has licensed and implemented Lucasys Tax to enhance its current tax fixed asset and deferred income tax processes, ensuring robust support for Michigan’s regulatory reporting requirements. The Lucasys Tax solution replaces the company’s legacy PowerTax software, providing a seamless transition and safeguarding critical tax accounting and compliance functions.
“We’re excited to adopt Lucasys solutions to streamline our tax fixed asset processes and meet Michigan’s regulatory standards. Lucasys Tax provides the strong functionality and support we needed to smoothly switch from PowerTax, keeping the accuracy and efficiency our business depends on.”
-Director of Finance and Accounting (Michigan Utility)
The company’s implementation of Lucasys Tax focused on ensuring a seamless transition from PowerTax to the Lucasys Tax application, starting with the conversion of tax fixed asset balances as of January 1, 2024. This comprehensive process documented all opening tax depreciation and deferred tax balances, reconciling them to the company’s 12/31/2023 tax return balances. To ensure accuracy and consistency, Lucasys benchmarked the tax depreciation and deferred tax results against the company’s existing calculations, identifying and documenting any differences to confirm that all tax methods, elections, and conventions were accurately converted. By leveraging Lucasys’ implementation processes and automation, the Lucasys Tax solution was fully implemented within a matter of weeks and ready to support the utility’s 2024 year-end process.
“We’re very satisfied with the Lucasys implementation team’s performance transitioning this Michigan utility to the Lucasys Tax platform. Our focus was to ensure their tax fixed asset processes are fully aligned with regulatory requirements. By leveraging our advanced software solution, they have gained robust tools for managing tax depreciation and deferred tax balances, ensuring accuracy, consistency, and readiness for their 2024 year-end process. The Lucasys solution is in full effect and will provide lasting value for our customer.”
-Daniel Chang, Co-Founder and COO of Lucasys
This partnership represents a strategic step for this Michigan utility as they proactively addressed the retirement of legacy software while ensuring compliance with tax and regulatory requirements. With the implementation of Lucasys Tax, they will maintain streamlined tax processes, uphold robust reporting capabilities, and safeguard data integrity positioning their tax and accounting functions for continued success.
How Lucasys Can Help
Lucasys delivers software and technology-enabled services to empower finance, accounting, and tax professionals in asset-intensive industries to optimize the financial performance of their fixed assets and proactively meet changing regulatory and compliance requirements. With a core focus on rate-regulated utilities, Lucasys provides the industry and domain expertise utilities require to meet their business objectives. To learn more about Lucasys, visit https://www.lucasys.com or follow us on LinkedIn.
Lucasys Contact: Tommy Ferguson, CMO, Lucasys 1-844-582-2797 contact@lucasys.com
