Bloomberg Tax has just announced enhancements to its Bloomberg Tax Provision solution.

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 addresses the entire range of complex technical topics such as unrecognized tax benefits (UTBs), quarterly annual effective tax rate (AETR) calculations, and income tax payable.

The enhancements to Bloomberg Tax Provision also include an automation and full valuation allowance with an easy to upload template for performing a payable true up report. What is more, users can now define an “issue” within their tax provision such as an IRS audit, an amended return, or an error correction. They can easily track all the elements of the provision that are impacted by the issue including the impact on the rate reconciliation. Lisa Fitzpatrick, president, Bloomberg Tax, also added:

“Bloomberg Tax Provision is the most comprehensive technical ASC 740 calculation engine on the market. 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.”

Likewise Bloomberg Tax Provision, products such as Bloomberg Tax Research, Bloomberg Tax Fixed Assets, and Bloomberg Tax Corporate Tax Analyzer allow customers to simplify processes and perform complex multi-scenario calculations.

For more information and to schedule a demo check this.