A deep dive into research
Every year, there are enough changes in the Tax Code and accounting standards to warrant a whole new set of reference materials. As we do every year for our Tax and Accounting Research Comparison Guide, we asked vendors to detail their product offerings (see the full comparison table here) , what new features and products they have introduced this past year, and what’s next.
Bloomberg Tax & Accounting
There have been some significant updates over the past year for Bloomberg Tax & Accounting. Federal enhancements include the Tax Reform Guidance Watch, which provides the latest information on guidance and proposed regulations issued by the IRS to implement provisions under the 2017 tax act through roadmaps; Daily Tax Report articles; proposed and final regulations; and podcasts posted alongside key IRC and Tax Management Portfolios. The GILTI Calculator enables users to calculate the GILTI inclusion amount under IRC Section 951A, as required by the 2017 tax act, and to better understand the inputs required. Also updated are new Practice Guides & Checklists that enable users to get a quick overview and key considerations on a given topic. This feature also includes new checklists covering the most common transactions, and dozens more.
Bloomberg Tax & Accounting has also made some enhancements in their state resources, including the Credits & Incentives Navigator and Chart Builder, which covers state tax credits and incentives available to businesses and individuals. They have also updated 2019 and Future Rate Information to include Property Tax, Individual Income Tax, and Excise Tax Navigators. Chart builders have been expanded to cover a combined 101 additional topics, and the charts were reorganized to make the information easier to find.
Updates and enhancements in international resources include a Treaty Comparison Tool that gives users the ability to assess and evaluate articles from different international treaties in one centralized location. The new International Withholding Tax Chart is an easy-to-use chart that allows users to select multiple source countries and make side-by-side comparisons of the withholding tax consequences when investing in, or providing services into, multiple countries. Bloomberg has also expanded country coverage, with more than 40 countries added to the Country Guides, VAT Navigator and Withholding Chart Tool, including Sri Lanka, Botswana, Myanmar, Bangladesh, Monaco, Andorra, Barbados and others.
The Tax Book
The company has a “TTB Bundle” that includes all their products: TheTaxBook Deluxe Edition, TheTaxBook WebLibrary, Client Handouts and online Continuing Education for $449.
They offer a “New Tax Law Package” that includes two books (the Early Edition available now to explain current tax laws, and the Tax Season Edition available Feb. 1 to cover any late-breaking laws) and two fast reference charts (one for individuals, one for businesses) for $89.
- Checkpoint Edge. Checkpoint Edge is the next generation of the Checkpoint research and guidance tool for tax and accounting professionals, delivering the latest in artificial intelligence, cognitive computing and machine learning technologies, and enabling tax and accounting professionals to find fast, accurate answers with a more fluid and intuitive user experience, suggesting relevant expert insights and analysis, allowing professionals to get to the right tax and accounting guidance in far less time.
- Checkpoint Catalyst: US GAAP – Leases. This provides guidance and insight on the complexities related to this topic and employs numerous practice aids to make analyzing and planning for the changes easier. The editors of Checkpoint Catalyst: US GAAP – Leases released several notable updates in 2019, such as a new industry guide for retail and consumer entities, a new practice aid to help companies and practitioners document key lease accounting conclusions for an individual contract, and enhancements to the existing Leases decision tools and calculators. To date, FASB has issued a number of technical corrections or minor clarifications to the new leases accounting standard. Checkpoint Catalyst: US GAAP – Leases has kept pace with regulatory developments throughout 2019, including updated guidance and illustrative examples from leading public company adopters.
CCH AnswerConnect now offers a 360-degree view of relevant IRC information and enhanced topical tax coverage on the impact of the Tax Cuts and Jobs Act. 2019 enhancements address IRC 199A and 100-plus topics like GILTI and Qualified Opportunity Zones, linking to relevant CPE courses. New decision tools on information reporting, business income or sales tax nexus post-Wayfair and business interest deductions are in development.
A new Smart Chart option streamlines results, and the CCH Mobile app provides on-the-go news highlights with links to the full platform. In the past year, CCH Accounting Research Manager added interpretive guidance on lease accounting changes from ASC 842, and 10-K look-up tool alerting functionality.