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.
