ARLINGTON, Va., Aug. 3, 2021 /PRNewswire/ — Bloomberg Sector Group these days declared that it has acquired Tax Prodigy’s application, which allows organizations to easily work out the cash flow tax-relevant things of their economical statements — recognised as the cash flow tax provision. The acquisition will reinforce Bloomberg Tax & Accounting’s suite of offerings that leverage deep specialized skills and superior technologies to aid tax specialists additional proficiently comply with tax and accounting regulatory necessities.
Bloomberg Tax & Accounting provides Tax Prodigy’s software program, which allows firms to compute earnings tax provision.
Income tax provision is a important and hugely scrutinized component of corporations’ monetary statements owing to its material effect on a company’s Earnings Per Share (EPS). Tax Prodigy’s earnings tax provision software program supplies a highly effective and complete solution to complying with the technical accounting demands for cash flow taxes underneath U.S. Usually Accepted Accounting Ideas (GAAP). These needs involve a calculation of the successful money tax price along with calculations of the quantities payable to tax authorities.
“We are psyched to increase Tax Prodigy’s tax provision resolution to our rising suite of progressive remedies that solve complicated company tax and accounting challenges,” stated Lisa Fitzpatrick, president, Bloomberg Tax & Accounting. “The solution is distinctive in the sector — it is straightforward to carry out and simplifies the tax provision calculation procedure with a substantial degree of accuracy and command.”
“I’m certainly delighted to welcome the Tax Prodigy group to Bloomberg Tax & Accounting,” extra Fitzpatrick. “They provide an extremely higher stage of expertise and expertise in the region of tax provision and throughout the tax purpose, and I look ahead to functioning collectively to produce remedies that enable our prospects tackle their toughest troubles extra competently.”
“On behalf of Tax Prodigy’s founders and house owners, we are enthusiastic to be element of Bloomberg Tax & Accounting, a manufacturer that we enormously admire for the quality of their goods,” mentioned David Kovar, CEO of Tax Prodigy. “There are excellent synergies between Tax Prodigy and the Bloomberg Tax & Accounting exploration and program alternatives. We’re hunting ahead to the option to boost our item and contribute to the advancement of new alternatives throughout the broader solution line.”
Tax Prodigy Provision joins Bloomberg Tax & Accounting’s suite of organizing and compliance alternatives for organizations, which includes Bloomberg Tax Investigate, Fastened Assets, Corporate Tax Analyzer, and Point out Tax Analyzer. These solutions aid tax specialists simplify processes and accomplish complicated multi-circumstance calculations with constructed-in experience from foremost tax and accounting practitioners.
Extra info is obtainable at http://onb-tax.com/a8EY50FH8aZ.
About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting provides practitioner-driven investigate and technological know-how answers that provide well timed, strategic insights to allow smarter conclusions. From our unparalleled Tax Administration Portfolios to technological innovation built to streamline the most complicated scheduling and compliance eventualities, we supply crucial news and assessment, functional views, and software that assist tax and accounting experts all-around the globe mitigate risk and maximize organization benefits. For much more info, take a look at professional.bloombergtax.com.
About Tax Prodigy
Tax Prodigy is a SaaS enterprise focused to delivering tax pros solutions that will enable them to devote much more time imagining and working by way of tax troubles extra efficiently. The Tax Prodigy group is made up of tax and technological innovation specialists with decades of knowledge. The firm’s flagship product, Tax Prodigy Provision, is a simple to use, technically extensive remedy for accounting for earnings taxes beneath ASC 740.
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