Tech News: Bloomberg Tax launches Inflation Reduction Act Watch Page

Tech News: Bloomberg launches Inflation Reduction Act resource

Published September 2, 2022 8:30 AM

Updated September 2, 2022 10:27 AM

1 Min Read

Bloomberg Tax launches an info page for the Inflation Reduction Act; SAP names a new CFO; and other news from the world of accounting technology.

Bloomberg launches info page for IRA

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Bloomberg Tax has launched an Inflation Reduction Act 2022 Watch Page aimed at providing resources to tax professionals. The page goes over key tax provisions, including the extension of the expanded Affordable Care Act health plan premium assistance program through 2025, an excise tax on stock buybacks, increased funding for IRS tax enforcement, expanded energy incentives, and a new corporate alternative minimum tax. It also has a Roadmap, which distills down the key tax components of the legislative changes in the sweeping social spending and tax package, with links to the updated Internal Revenue Code sections and other key documents.

SAP names new CFO

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hired Dominick Asam as its new chief financial officer and executive board member. Previously he had been CFO and executive committee member at Airbus. He will be replacing outgoing CFO Luka Mucic, who will still serve as a member of the executive committee until March, when Asam formally begins his new position.

Intuit releases automated tax advisory solution

Intuit debuted Intuit Tax Advisor, aimed at professionals moving from a compliance-oriented to advisory-centered practice (full story here.) The program allows accountants to run client data through a library of possible strategies and identifies "insights" that could help them save money. For instance, it may see someone's 401(k) contributions are maxed out and advice them to taper down, or it may see someone else could stand to contribute more to their health savings account. The product is part of Intuit's foray into the advisory space, and there are long-term plans to move further into this area as the profession does as well.

Partnerships and integrations

CPACharge, which makes payments software designed for accountants, has entered a partnership with the Colorado Society for CPAs that includes 1,500-CPE course offerings, member networking, course offerings and on-demand e-learning selections. It also provides society members access to CPACharge. … ProNovos, an analytics and software firm aimed at construction subcontractors, and Somerset CPAs and Advisors announced an analytics partnership. ProNovos will make its construction-specific analytics solutions available to Somerset's construction clients while Somerset, a BDO Alliance firm, will invest in ProNovos and advise contractors on the benefits of using data to achieve goals such as growing their margins, better managing cash and reducing risks.

Appointments and awards

AbacusNext, maker of tools like OfficeTools Workspace and OfficeTools Cloud, has appointed two technology industry leaders to its board of directors. The new members are Teresa Mackintosh, chief executive officer at cloud-based financial close solutions provider Trintech, and Chris Armstrong, executive vice president and chief operating officer at Ceridian, which specializes in human capital management technology. ... Top 100 Firm Sikich was named to the Microsoft Dynamics' 2022/2023 Inner Circle for the fourth time due to its experience with Microsoft 365 and its recognition as a thought leader in digital transformation. … Small business platform Xero announced that, in partnership with Pinion.io, it has won the AgTech Finance Solution of the Year Award from AgTech Breakthrough.