Question 1

What are the key benefits of using Bloomberg Tax Provision?

Accepted Answer

Bloomberg Tax Provision significantly reduces the risk of errors in your ASC 740 calculations, automates complex processes, and provides a clear audit trail for compliance. It also accelerates the tax provision process, allowing for faster and more confident financial close.

Question 2

What types of tax jurisdictions does Bloomberg Tax Provision support?

Accepted Answer

The software supports calculations for a wide range of US federal, state, and international tax jurisdictions, ensuring accurate and compliant tax provisioning across your entire tax footprint.

Question 3

How does Bloomberg Tax Provision handle changes in tax laws?

Accepted Answer

Bloomberg Tax Provision is regularly updated to reflect changes in tax laws and regulations, ensuring your calculations are always based on the most current information. Automatic tax rate updates are a core feature.

Question 4

What data import/export capabilities does the software offer?

Accepted Answer

Bloomberg Tax Provision allows for easy data import from existing workpapers and exports audit-ready reports in Excel format, facilitating seamless collaboration with auditors.

Question 5

Is Bloomberg Tax Provision suitable for companies with complex tax structures?

Accepted Answer

Yes, the software is specifically designed to handle complex tax structures, including multiple entities, foreign subsidiaries, and intricate tax scenarios.

Question 6

What security measures are in place to protect sensitive tax data?

Accepted Answer

Bloomberg Tax Provision employs robust security measures, including data encryption, access controls, and regular security audits, to protect your confidential tax information.

Question 7

Does Bloomberg Tax Provision integrate with other financial systems?

Accepted Answer

While specific integrations vary, Bloomberg Tax Provision is designed to facilitate data exchange with common ERP and financial reporting systems.

Question 8

What kind of training and support is available for new users?

Accepted Answer

Bloomberg Tax Provision offers comprehensive training resources, including documentation, tutorials, and dedicated customer support to ensure a smooth onboarding experience.

Bloomberg Tax Provision

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