Bloomberg Tax & Accounting has integrated the U.S. domestic tax rates within Bloomberg Tax Provision.It is the reslt of the first integration of Bloomberg Tax Research and Bloomberg Tax Provision, the latter built on Tax Prodigy Provision which Bloomberg purchased in August.
Users can track tax rate changes and update tax rates quickly within the software. Tax rate data is available for federal, all U.S. states, Washington, DC, and New York City. Other rates, including foreign tax rates, will be available in the future.
The system includes a comprehensive ASC 740 calculation engine, which enables users to automatically calculate required footnote disclosures, export a single comprehensive spreadsheet reporting package and calculate the provision on a state-by-state basis.
Tax Provision also reconciles returns with income tax payables and provides a complete audit trail.
