Bloomberg BNA Launches Industry-First With BNA State Tax Analyzer

ARLINGTON, Va., Sept. 9, 2015 /PRNewswire/ -- Bloomberg BNA's software products division announced the release of BNA State Tax Analyzer, the industry's first multi-state, multi-year, multi-scenario state tax analysis tool for corporate income tax. BNA State Tax Analyzer supports tax professionals in a number of key state tax functions such as what-if planning, tax provision analysis, quarterly estimates, and tax audit response. This cloud-based solution delivers a full-audit trail, permissions control, and automatic tax-law updates.

The news comes at the heels of Bloomberg BNA's recent research that shows the pace of state corporate income tax reform has significantly increased in the past few years. Whether offering tax incentives to attract new businesses, or raising taxes to quickly address a specific budgetary crisis, the impact on businesses is the same -- they are left with the difficult task of interpreting and implementing those changes into their systems and processes in almost real time.

"While the recent flurry of legislative changes is making state income tax more complex, with the right tools, it is also an opportunity to make strategic decisions that help a company meet their overall business goals," said Ken Crutchfield, Vice President of Bloomberg BNA's software products. "BNA State Tax Analyzer not only helps companies keep current on tax code changes, but also enables them to accurately model out various tax scenarios before making critical business decisions."

The majority (94 percent) of BNA State Tax Analyzer beta testers polled indicated that they currently use spreadsheets for state tax planning and provision -- which puts the burden of updating and maintaining state tax law changes and calculations on already time-strapped tax teams. In addition, usage of spreadsheets for state tax analysis increases the potential for human error and risk, especially where state tax analysis supports financial statement work in the area of the tax provision. 

"With the growing complexity that goes hand-in-hand with tax reform and the differences between state regulations, we know that working in spreadsheets comes with an increased need for vigilance and care," said customer Kim Cordes, Director, Domestic Tax for Mead Johnson Nutrition Company, BNA State Tax Analyzer beta user. "Using the product can potentially save us preparation and review time and increase our confidence that the calculations are correct, allowing us to concentrate on analysis instead of tracking tax law changes and updating spreadsheets."

Key benefits of BNA State Tax Analyzer include: 

• Powerful and accurate state tax analysis. Bloomberg BNA's renowned tax expertise is built right into the software, providing customers with the most up-to-date calculations and projections. Side-by-side comparisons allows for detailed "what-if" scenario analysis showing calculation differences between two scenarios, or across multiple scenarios.
• Certainty, transparency, and control. BNA State Tax Analyzer includes automatic calculations for all states that have an income tax, as well as for the District of Columbia, for the years since 2010. In addition, it's the only product available today that includes enacted future tax law, providing customers with the most accurate multi-state projections and tax forecasting possible.
• Fast Start-Up Time. Accessibility via any Web browser and a familiar grid-like approach allows users to be functional in the system within hours.

BNA State Tax Analyzer is designed to address the state income tax modeling and analysis needs of the Global 2000 across multiple industries including retail and manufacturing. For more information about BNA State Tax Analyzer, visit here.

About Bloomberg BNA's Software Products
Bloomberg BNA offers expert software products for tax and accounting professionals. We are the solution for professional firms and corporations of every size, who depend upon Bloomberg BNA's software products for the highest degree of tax, regulatory, and compliance expertise. To learn more visit www.bnasoftware.com

About Bloomberg BNA
Bloomberg BNA, a wholly owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance — the information that matters most to professionals. Bloomberg BNA's authoritative coverage spans a full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety. To learn more visit www.bna.com.

SOURCE Bloomberg BNA

Related Links

http://www.bnasoftware.com/solutions/corporate-tax/state-tax-analyzer