Bloomberg improves tax-provision software

Bloomberg Tax has added new features to the Tax Provision product it acquired last year from Tax Prodigy.

Bloomberg Tax acquired Tax Prodigy Provision in August and renamed it Bloomberg Tax Provision. The software enables tax professionals to forecast and calculate the tax provisioning for their companies, using a balance sheet approach to comply with U.S. GAAP. New features include automation for valuation allowance and a template they can upload to produce a payable true-up report. Users can now define an “issue” within their tax provision such as an IRS audit, an amended return, or an error correction, and track all the elements of the provision that are affected by the issue, including the impact on the rate reconciliation.

“Bloomberg Tax Provision is the most comprehensive technical ASC 740 calculation engine on the market,” said Bloomberg Tax president Lisa Fitzpatrick in a statement Wednesday. “The most recent enhancements make it even easier for tax professionals to save time and increase efficiency while maintaining control over all aspects of the provision process.”

The software works alongside other products and services from the company, including Bloomberg Tax Research, Bloomberg Tax Fixed Assets and Bloomberg Tax Corporate Tax Analyzer.