Technology
Bloomberg Tax Updates Software Products in Response to New Tax Cuts and Jobs Act
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.
Jan. 23, 2018
Bloomberg Tax has 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.