New Tech Automates Federal and State Compliance Tracking

Bloomberg Tax and Accounting has launched Compliance Tracker, a workflow tool available on Bloomberg Tax Research that enables tax professionals to automate the cumbersome, time-intensive process of tracking and gathering of federal and state tax deadlines and forms, while providing alerts about approaching and changing filing obligations.

Corporate tax professionals spend dozens of hours each quarter collecting and verifying due dates and forms for their entities across all domestic jurisdictions to ensure that they do not miss a deadline. For many corporate tax departments, this is a manual process done via spreadsheets, which increases the risk of missing deadlines or not meeting requirements. Compliance Tracker ensures accurate and timely tax filings, reducing risk of non-compliance and penalties by incorporating trusted data compiled and maintained by Bloomberg Tax’s in-house tax analysts, who continually track this information and update it in real-time if there are changes to dates or filing requirements.

“Bloomberg Tax is laser focused on transforming the workflows of tax professionals to help automate tasks, so they can save time and mitigate the risk of errors,” said Lisa Fitzpatrick, president, Bloomberg Tax & Accounting. “Compliance Tracker empowers corporate tax professionals to be confident that they are complying with a myriad of dates and requirements in the most efficient manner possible.