Bloomberg Tax has added enhancements to its Bloomberg Tax Provision solution.
Bloomberg Tax acquired Tax Prodigy Provision, now Bloomberg Tax Provision, in 2021. The software allows tax professionals to accurately forecast and calculate their tax provision, managing risk and reducing time spent on this process by providing a streamlined, controlled environment that leverages a balance sheet approach to comply with U.S. Generally Accepted Accounting Principles (GAAP).
Bloomberg Tax Provision leverages a simple and self-explanatory layout, created by practitioners with extensive provision experience, and allows users to seamlessly upload spreadsheet workpaper data. The software easily addresses the entire range of complex technical topics — including unrecognized tax benefits (UTBs), quarterly annual effective tax rate (AETR) calculations, and income tax payable.
The newest enhancements to Bloomberg Tax Provision include an automation for full valuation allowance and an easy to upload template for performing a payable true up report. Additionally, users can now define an “issue” within their tax provision such as an IRS audit, an amended return, or an error correction, and easily track all the elements of the provision that are impacted by the issue including the impact on the rate reconciliation.
“Bloomberg Tax Provision is the most comprehensive technical ASC 740 calculation engine on the market,” said Lisa Fitzpatrick, president, Bloomberg Tax. “The most recent enhancements make it even easier for tax professionals to save time and increase efficiency while maintaining control over all aspects of the provision process.”
Bloomberg Tax’s suite of innovative solutions solve corporate tax and accounting problems with expertise from leading tax and accounting practitioners. Like Bloomberg Tax Provision, products such as Bloomberg Tax Research, Bloomberg Tax Fixed Assets, and Bloomberg Tax Corporate Tax Analyzer allow users to simplify processes and perform complex multi-scenario calculations.
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