Tech News: Bloomberg launches Inflation Reduction Act resource

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 SE 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 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.