ARLINGTON, Va., April 23, 2020 /PRNewswire/ -- Bloomberg Tax & Accounting today announced updates to its Income Tax Planner software to incorporate the changes affecting income tax from the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) and Families First Coronavirus Response Acts.
The CARES Act provides support to both individuals and businesses, including changes to tax policy. The Families First Coronavirus Response Act includes changes to paid family medical leave provisions. Income Tax Planner updates include new features that allow tax practitioners to model the impacts of the new net operating loss (NOL) 5-year carryback, the deferral of portion of self-employment taxes, self-employment sick leave and family leave credits, among other changes.
"It is critical for tax practitioners to provide their clients with the timely advice and services in the face of new legislation and administrative procedure changes," said Evan Croen, vice president, Bloomberg Tax and Accounting. "With our proven track record of being first-to-market, Income Tax Planner is an essential resource for our customers as they update tax planning strategies for their clients that incorporate changes due to COVID-19."
Bloomberg Tax & Accounting's Income Tax Planner provides customers the ability to confidently tackle complex tax planning scenarios, reduce liabilities, and present the most advantageous strategies to clients while working with the latest federal and state tax law.
For more information and to schedule a demo, visit http://onb-tax.com/rNzp50zmGds.
About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting provides comprehensive global research, news, and technology services enabling tax and accounting professionals to get the timely, accurate, and in-depth information they need to plan and comply with confidence. Our flagship Bloomberg Tax platform combines the proven expertise and perspectives of leading practitioners in our renowned Tax Management Portfolios™ with integrated news from the industry-leading Daily Tax Report®, authoritative analysis and insights, primary sources, and time-saving practice tools. Bloomberg Tax technology solutions help practitioners simplify complex processes to better mitigate risk and maximize profitability. For more information, visit pro.bloombergtax.com/.
SOURCE Bloomberg Tax & Accounting