ARLINGTON, Va., March 6, 2014 /PRNewswire-USNewswire/ -- Bloomberg BNA today announced the release of the latest enhancements to the company's BNA Income Tax Planner, which includes a new Net Investment Income Tax calculation and supporting worksheets.
The new calculation and worksheets help professional tax practitioners to effectively manage the Net Investment Income regulations, including the most recent changes finalized in November 2013. These changes were issued under Section 1411 of the Tax Code, and apply to IRS Form 8960 for reporting purposes starting with the 2013 tax year. Existing customers will receive the new functionality as part of their regular product update. Users of the Web version of the software will be updated automatically. There is no additional charge for this enhancement.
"What the regulations have effectively done is make it more complicated for high net worth individuals with numerous investments to understand their tax obligation. The basic calculations appear pretty simple, but determining what's in and what's out of Net Investment Income is not that easy," said Dean Sonderegger, executive director of product management for Bloomberg BNA. "In response, we took the existing capabilities of BNA Income Tax Planner to track an investor's activities and, using our new calculation, made it easier for practitioners to determine whether these activities should or should not fall into Net Investment Income. We then enable practitioners to model different options and help their clients make the appropriate choices."
BNA Income Tax Planner is recognized as an effective, efficient, accurate tax planning solution, and has consistently been given the top rating by CPA Practice Advisor year after year. For more information visit www.bnasoftware.com.
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SOURCE Bloomberg BNA