Bloomberg Tax has added new options to the Tax Provision product it acquired final 12 months from Tax Prodigy.
Bloomberg Tax acquired Tax Prodigy Provision in August and renamed it Bloomberg Tax Provision. The software program permits tax professionals to forecast and calculate the tax provisioning for his or her firms, utilizing a steadiness sheet method to adjust to U.S. GAAP. New options embody automation for valuation allowance and a template they will add to supply a payable true-up report. Customers can now outline an “challenge” inside their tax provision comparable to an IRS audit, an amended return, or an error correction, and observe all the weather of the supply which might be affected by the difficulty, together with the affect on the speed reconciliation.
“Bloomberg Tax Provision is probably the most complete technical ASC 740 calculation engine in the marketplace,” stated Bloomberg Tax president Lisa Fitzpatrick in a press release Wednesday. “The latest enhancements make it even simpler for tax professionals to save lots of time and enhance effectivity whereas sustaining management over all features of the supply course of.”
The software program works alongside different services from the corporate, together with Bloomberg Tax Analysis, Bloomberg Tax Fastened Belongings and Bloomberg Tax Company Tax Analyzer.
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