Bloomberg Tax & Accounting acquires Tax Prodigy
Bloomberg Industry Group has acquired Tax prodigy, which allows businesses to easily calculate income tax-related items from their financial statements – known as an income tax allowance. The acquisition will strengthen Bloomberg Tax and AccountingThe suite of offerings leverage in-depth technical expertise and cutting-edge technology to help tax professionals more effectively comply with tax and accounting regulatory requirements.
The provision for income tax is a critical and closely watched component of corporate financial statements because of its significant impact on a company’s earnings per share (EPS). Tax Prodigy’s income tax management software provides a powerful and comprehensive approach to complying with technical accounting requirements for income taxes under United States Generally Accepted Accounting Principles (GAAP). These requirements include a calculation of the effective tax rate as well as calculations of amounts payable to tax authorities.
“We are delighted to add Tax Prodigy’s tax provision solution to our growing line of innovative solutions that solve complex corporate tax and accounting problems,” said Lisa fitzpatrick, President, Bloomberg Tax & Accounting. “The product is unique in the market – it is easy to implement and simplifies the process of calculating the tax allowance with a high degree of precision and control.”
“I am truly delighted to welcome the Tax Prodigy team to Bloomberg Tax & Accounting,” added Fitzpatrick. “They bring an incredibly high level of experience and expertise in the area of tax provisions and across the tax function, and I look forward to working together to provide solutions that help our clients meet their needs more effectively. most difficult challenges. ”
“On behalf of the founders and owners of Tax Prodigy, we are thrilled to be a part of Bloomberg Tax & Accounting, a brand that we greatly admire for the quality of their products,” said David kovar, CEO of Tax Prodigy. “There are excellent synergies between Tax Prodigy and Bloomberg Tax & Accounting software and research solutions. We look forward to having the opportunity to improve our product and help develop new solutions across the product line. “
Tax Prodigy Provision joins Bloomberg Tax & Accounting’s suite of planning and compliance solutions for businesses, including Bloomberg Tax Research, Fixed Assets, Corporate Tax Analyzer, and State Tax Analyzer. These products help tax professionals simplify processes and perform complex multi-scenario calculations with the built-in expertise of leading tax and accounting practitioners.