Bloomberg BNA 706 Preparer & 709 Preparer Offer Specialty Tax Tools

Bloomberg BNA is typically relied on to provide high levels of tax, regulatory and compliance expertise.  Used by thousands of tax professionals, including the IRS, Bloomberg BNA provides a number of solutions for tax, accounting, financial planning and estate planning.

Bloomberg BNA offers two tax preparation solutions, BNA 706 Preparer and BNA 709 Preparer, which greatly differ from the traditional and advanced workflow solutions reviewed this year.  The BNA 706 and 709 Preparer systems, respectively, are the most comprehensive solutions to process estate and gifts tax returns.  Each system includes a built-in spell checker that users may fully customize as needed.  Both systems also provide a variety of help, both program and line-by-line instructions and rich diagnostic tools.

BNA 706 Preparer

BNA 706 Preparer is designed to file estate returns quickly and efficiently.  Exclusive to BNA 706 Preparer, is the ability to process two years of calculations.  This feature allows preparers to finalize Form 706 for the current year and start work on any returns before the next form release. 

All IRS forms required to process the estate return are fully supported.  Supplemental schedules for disclosures and elections as well as an asset inventory list are automatically generated based on information already entered into the return.

Assets and beneficiary information are only required to be entered once and are carried throughout the return and any supplemental information automatically. 

A full range of calculations is provided within the program including minimum marital bequest, Generation-Skipping Tax (GST), zero federal tax situations and a variety of others.  Also provided are calculations for state estate inheritance taxes for all states and Washington DC.  BNA 706 Preparer is currently priced under $800 for an initial single-user license.

BNA 709 preparer

BNA 709 Preparer is specifically engineered to process gift tax returns in a simple and time-saving manner.  A full range of forms and schedules are supported to automate preparation of Form 709.  Data from the prior year returns is easily transferred to the current year to use as a starting point and mitigates unnecessary data entry. 

Data input worksheets are easy to navigate and gift and beneficiary information only needs to be entered once.  All data and calculations automatically post to the appropriate form and schedule.  Diagnostics are provided to assist with possible missing data with each diagnostic directing users to the data input worksheet or form to remedy the problem.

Calculations for current and prior year gifts are done automatically.  Support is also provided for split gifts, marital deduction, Qualified Terminable Interest Property trusts (QTIPs) and generation-skipping transfers.  Fully customized transmittal letters and attachments may be generated within the return.  BNA 709 Preparer is currently priced around $500 for an initial single-user license.