ATLANTA, Oct. 15, 2024 (GLOBE NEWSWIRE) -- WEC Energy Group has chosen Lucasys Tax to augment its existing tax fixed asset and deferred income tax solution to support Wisconsin regulatory reporting. This partnership will mitigate risks associated with the retirement of the PowerTax solution and ensure the seamless continuation of critical tax accounting and compliance processes.
“With the retirement of PowerTax on the horizon, we needed to evaluate a solution that could maintain the integrity of our tax accounting processes and integrate with our existing systems. Lucasys stood out as a reliable partner for managing complex tax computations and regulatory reporting, and we are looking forward to validating its capabilities through this implementation."
-Yelena Veisman, CPA, MS-Tax, Senior Manager of Tax Systems & Technology at WEC Energy Group
WEC Energy Group’s project with Lucasys will focus on key areas such as the ability to track tax basis and cost recovery for compliance purposes, support tax accounting computations for quarterly provision, and manage accumulated deferred income tax balances for regulatory reporting. Additionally, Lucasys will help preserve data integration across WEC Energy Group’s existing systems, including ASI, ONESOURCE, PowerPlan, and UI Solutions.
As part of the project scope, Lucasys will configure a sandbox environment for WEC Energy Group to validate data transfers, controls, and reporting capabilities. The Lucasys team will perform data conversion of tax fixed asset data and benchmark their tax depreciation computations to ensure accuracy. Integration with other financial and tax systems will also be a crucial component of the project to further enhance tax provision computations and ensure seamless operations.
“We’re thrilled to partner with WEC Energy Group to implement a solution that not only mitigates risks but also enhances their overall tax accounting processes. Lucasys Tax is built to seamlessly integrate with their current systems and ensure compliance with tax and regulatory requirements. We look forward to delivering a robust solution that provides lasting value for our customer."
-Vadim Lantukh, Co-Founder and CEO at Lucasys
The collaboration marks a strategic move for WEC Energy Group as they proactively prepare for the retirement of legacy software and ensure compliance with tax and regulatory requirements. By leveraging Lucasys Tax, WEC Energy Group is planning to preserve its current state of streamlined tax processes, its reporting capabilities and maintaining data integrity throughout the transition.
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: Thomas Ferguson, CMO, Lucasys
1-844-582-2797
contact@lucasys.com
