New Bloomberg Tax Survey Highlights Need for Tax Technology in Responding to Law Change

ARLINGTON, Va., March 11, 2025 /PRNewswire/ -- Today, Bloomberg Tax & Accounting released the findings of the 2025 Tax Changes Readiness Survey, which sheds light on how corporate tax departments are preparing for the sunset of key provisions from the 2017 Tax Cuts and Jobs Act (TCJA), as well as other potential tax law changes. The survey results reveal significant challenges, opportunities for optimization, and the critical need for advanced technology to improve workflows in corporate tax processes.

The survey finds that many organizations are struggling to adapt to impending legislative changes due to outdated processes. In the sample of over 400 corporate tax professionals, 63% still gather data manually from enterprise research planning (ERP) and general ledger systems for tax calculations. Additionally, 76% rely on Excel for these calculations, further limiting their efficiency and ability to respond with agility as regulations evolve.

With key TCJA provisions set to expire at the end of 2025, businesses face pressure to reassess strategies amidst legislative uncertainty. While 80% of tax professionals surveyed expressed significant concern about these potential changes, less than half have started scenario modeling to evaluate their impact. This reliance on manual workflows creates bottlenecks that intensify compliance burdens.

"The looming TCJA sunset presents a perfect storm of legislative uncertainty, data management struggles, and an urgent need for advanced tools," said Evan Croen, head of Bloomberg Tax & Accounting. "Tax professionals need modernized workflows to adapt efficiently. Investing in tax technology now ensures businesses can meet compliance standards while focusing on high-value strategic initiatives."

The survey also highlights the importance of proactive planning and automation. Among respondents, 71% who experienced the enactment of TCJA in 2017 reported wishing they had invested earlier in tax technology to better manage the complexity of compliance updates. Manual processes not only slow response times but also drive costs, as nearly 40% of respondents anticipate a $100,000 or higher increase in consulting budgets if significant TCJA-related changes occur.

The findings make it clear that implementing reliable automation and tax-specific tools is becoming a necessity. Bloomberg Tax's suite of tools and resources can help tax professionals prepare for potential changes to tax rates, deductions, credits, and other critical tax items. Bloomberg Tax Workpapers offers automation capabilities that reduce human error and risk, while Compliance Tracker allows users to monitor critical deadlines for ongoing phaseout schedules and other reporting obligations. Additionally, Bloomberg Tax & Accounting's breaking news and expert analysis provide the information needed to make informed decisions and adapt tax strategy for 2025 and beyond.

To download the full 2025 Tax Changes Readiness Survey results, visit https://aboutbtax.com/bhtv.

About Bloomberg Tax & Accounting
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SOURCE Bloomberg Tax & Accounting