Bloomberg Tax & Accounting announced improvements to the State NOL Manager, formerly known as State Tax Analyzer, an all-in-one application for compliance, provisioning, and planning for multi-state, multi-state, net operating losses (NOLs) companies.
Focusing on NOLs and the complexity of each state, Bloomberg Tax & Accounting’s tax experts are meticulously updating corporate tax rules and regulations in 44 states, the District of Columbia and New York City. Most recently, changes to the CARES Act affecting the 2018, 2019 and 2020 tax years have been incorporated into the state NOL manager to fully equip tax professionals working on tax returns for those years.
Building on the editorial quality standards of the Tax Management Portfolios, the State NOL Manager is embedded in the world-famous tax expertise of Bloomberg Tax & Accounting and offers the confidence that the calculations are always up-to-date, accurate and based on state tax law. This enables Bloomberg Tax & Accounting users to streamline the most demanding compliance, deployment and planning situations.
The government NOL manager integrates trustworthy tax expertise into specially designed calculations to achieve efficiency and control in the following tasks:
- Calculation of the NOL generation, usage and expiry amounts according to the tax year
- Analysis of carry and carry NOLs
- Identify NOL states before and after the split
- Reporting on cumulative NOL ending balances by tax year
“The state NOL manager takes away the guesswork and stress of tracking losses across companies, tax periods and states,” said Evan Croen, vice president, Bloomberg Tax and Accounting Software. “The tool provides efficiency and insights that save corporate tax departments hundreds of hours each year.”
Further information and an appointment for a demo can be found at http://onb-tax.com/mDJg50EQumT.