Lucasys Unveils Tax Provision, Expanding Income Tax Suite

/EIN News/ -- ATLANTA, May 29, 2025 (GLOBE NEWSWIRE) -- Lucasys, the leading tax software and service provider for energy and utilities, announces the release of its Tax Provision software solution. Purpose-built to provide an easy-to-use experience for ASC 740 compliance while also addressing the complex needs of the utility industry, this next-generation solution streamlines tax processes, enhances accuracy, and ensures compliance with unparalleled efficiency.

Lucasys Tax Provision empowers tax and finance teams by automating the calculation of current and deferred taxes, integrating with ERP and fixed asset systems, and supporting multi-entity, multi-jurisdictional operations. Key features include:

• Automated Tax Calculations: Simplifies complex computations, reducing manual effort and minimizing errors.
• ASC 740 Compliance: Ensures adherence to financial reporting standards for income taxes.
• ASC 980 Regulatory Support: Tailored for the unique regulatory requirements of rate-regulated utilities.
• Data Integration: Connects effortlessly with existing systems for a unified workflow.
• Scenario Modeling: Enables proactive planning with flexible, forward-looking tax scenarios.
• Multi-Jurisdictional and Unitary Support: Manages tax obligations across diverse regulatory landscapes.
• Robust Reporting and Analytics: Delivers actionable insights through comprehensive reporting tools.
• SOX Controls and Compliance: Embeds robust controls to meet Sarbanes-Oxley requirements.

Developed by a cross-functional team of tax, technology, and industry experts, Lucasys Tax Provision combines deep expertise in both income tax accounting standards and regulatory requirements with modern, scalable software design. The platform is secure, user-friendly, and built to adapt to the evolving needs of utilities navigating growth, mergers and acquisitions, or changing compliance landscapes.

“At Lucasys, we understand the unique challenges faced by accounting and tax personnel as they manage their monthly provision for income taxes,” said Vadim Lantukh, CEO of Lucasys. “Lucasys Tax Provision is more than just software—it’s a strategic application that empowers tax teams to work smarter, faster, and with greater confidence. We’re delivering a solution that not only meets today’s demands but also future-proofs tax operations for the energy, utility, and other asset-intensive industries.”

Lucasys Tax Provision expands the Lucasys Income Tax Suite, building upon the success of other Lucasys applications that manage fixed assets, depreciation, and deferred income taxes. With Lucasys Tax Provision, organizations can streamline their tax processes, reduce risk, and focus on strategic priorities. This launch reinforces Lucasys’ commitment to innovation and operational excellence for its customers in the utility and energy sectors.

Visit https://www.lucasys.com/tax-provision to learn more or to request a demo.

About Lucasys

Lucasys provides 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/207f4007-0839-4125-8900-2f8b50df0e5e

Lucasys
                    Contact: Tommy Ferguson, CMO, Lucasys
                    1-844-582-2797
                    contact@lucasys.com