Bloomberg Tax Updates Software Products in Response to New Tax Cuts and Jobs Act
Arlington, VA – January 10, 2018 – Bloomberg Tax today announced that its Income Tax Planner™ product has been updated to reflect changes brought about by the recently passed Tax Cuts and Jobs Act. Income Tax Planner is relied upon by thousands of CPAs and accounting firms to help them identify strategic tax planning opportunities, model complex scenarios, make comprehensive tax projections, and minimize the overall tax burden of their clients.
Income Tax Planner was fully updated within days of the signing of the Tax Cuts and Jobs Act. Some of the individual taxpayer provisions that were included are highlighted below:
- Tax rate, standard deduction, and other tax and tax credit calculations
- Limitations on deductions such as state and local taxes
- Increased exemption amount from AMT and other tax calculation changes
Other Bloomberg Tax software products that provide corporations with support for audits and tax compliance, including its award-winning Fixed Asset solution, will be updated under their normal schedules early in 2018. State Tax Analyzer™, a corporate state income tax calculation solution from Bloomberg Tax, will be updated promptly as states respond to federal tax reform.
“We continually monitor Capitol Hill for all tax law updates to ensure our clients are working with the most accurate tax planning software,” said Ken Crutchfield, VP & General Manager of Bloomberg Tax Technology. “Our commitment to our customers is that our software will always be updated in an expedited manner, so as to reflect the latest changes in statutes and regulations.”
For more information on Bloomberg Tax’s technology solutions, visit www.bnasoftware.com.
About Bloomberg Tax Technology
Bloomberg Tax Technology offers expert software solutions to tax and accounting professionals that include a robust corporate tax suite running on our Advantage™ platform. Advantage delivers a comprehensive view of taxes from every vantage point for accurate analysis and strategic clarity. With a category-leading set of software solutions and top-rated technical support, we are the perfect partner for organizations of every size. More than 70,000 customers depend upon Bloomberg Tax Technology for the highest degree of tax, regulatory, and compliance expertise available in the market.
About Bloomberg Tax
Bloomberg Tax provides comprehensive global research, news, and technology services enabling tax professionals to get the timely, accurate, and in-depth information they need to plan and comply with confidence. Our flagship Bloomberg Tax platform combines the proven expertise and perspectives of leading tax practitioners in our renowned Tax Management PortfoliosTM with integrated news from the industry-leading Daily Tax Report®, authoritative analysis and insights, primary sources, and time-saving practice tools. Bloomberg Tax technology solutions on our proprietary AdvantageTM platform help practitioners simplify complex processes to better control risk and maximize profitability. For more information, visit https://www.bna.com/tax.
The Advantage suite of software solutions from Bloomberg Tax delivers a comprehensive view of corporate taxes across accounting, compliance, and audit teams. Data can be quickly accessed and shared by tax and accounting professionals without redundancy. Those on our proprietary Advantage platform can simplify complex processes to better control risk and maximize profitability. Advantage manages processes related to fixed assets, federal and state tax, NOLs, provision analysis, sales and use tax rates, and more, making it easy to identify tax savings, factor in the impacts of legislation, and make more informed business decisions.