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Bloomberg Enhances Fixed Assets

Bloomberg Tax & Accounting has enhanced its Advantage Fixed Assets software to address bonus depreciation calculations for states whose rules do not conform with the Internal Revenue Code. Bloomberg noted many states has disallowed the benefit, partially or in full, since its adoption in 2001.

The new state bonus depreciation feature includes new state books and reports that manage complying with state regulations by providing built-in, state-specific rules for the application of bonus, as well as calculations of federal-to-state modifications.

The release handles requirements in California, New York, Illinois, North Carolina, Minnesota and Florida requirements. Additional states will be added, based on customer feedback.

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