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Bloomberg Buys Tax Prodigy Featured

The Bloomberg Industry Group has acquired Tax Prodigy, a step that enables it to enter the tax provisioning market. Terms were not disclosed.

"The product is unique in the market—it is easy to implement and simplifies the tax provision calculation process with a high degree of accuracy and control" Lisa Fitzpatrick, president of Bloomberg Tax & Accounting, said in a prepared statement.

A comprehensive ASC 740 calculation engine, Tax Prodigy Provision can automatically calculate required footnote disclosures and export data in a single spreadsheet reporting package  The system can calculate the provision on a state-by-state basis; track Unrecognized Tax Benefits, organized around footnote disclosure requirements, and calculate the related deferred consequences

Bloomberg says the system enables users to avoid  configuration screens, separate modules, system codes and add-ons to control all aspects of the full provision process with a full audit trail.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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