Bloomberg Tax

One of the most significant challenges for corporate tax departments, especially provision professionals, is navigating the Financial Accounting Standards Board's (FASB) updated income tax disclosure requirements. The 2023 Accounting Standards Update (ASU) 2023-09 introduces several key changes to address investor demand for greater transparency about income taxes. Companies are now required to provide: ?? Detailed reporting on effective tax rates ?? Clear disclosure of cash income taxes paid With these changes, FASB aims to “allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows.” Learn more about the changes and discover how tax technology can help ensure compliance without compromising efficiency from RSM's Darian Harnish, CPA and Bloomberg Tax's Frances Alonso Galbis: https://lnkd.in/e_XYKruN

How prepared is your tax department for the potential 2025 Tax Cuts and Jobs Act sunset? Our latest survey found that roughly 60% of respondents begin preparing for tax law changes at least six months in advance, meaning firms that have not started planning are already falling behind. For insights on how your peers are preparing for expiring TCJA provisions and adapting workflows to maintain compliance, download our '2025 Tax Changes Readiness Survey' report: https://lnkd.in/dCHg2jqD

The question isn't whether change will come, it's how we adapt to it. Tax professionals face unprecedented complexity in 2025. New policies, evolving regulations, and higher expectations create both challenges and opportunities for those prepared to navigate them. At Bloomberg Tax, we've built our solutions with one core belief: When tax policies shift, you shouldn't just adapt—you should gain an advantage. Our integrated suite combines precision tools, expert analysis, and real-time insights to transform how tax professionals work. From streamlining calculations to ensuring compliance to anticipating regulatory shifts, we're redefining what's possible. Because the future of tax belongs to those who embrace change rather than resist it. The future of tax is here. Change, with us. https://lnkd.in/esDcukFP #ChangeWithUs #BloombergTax #TaxTools

How are you keeping up with evolving tax regulations like Pillar Two and ASU 2023-09? Manually tracking changes can be difficult, but automation is here to help, according to David A. Kovar in a conversation with EY's Jessica Liu and Coskun Cavusoglu. Watch the full video of their conversation for insights on: ? The impact of evolving tax regulations ? The role of automation & AI in improving efficiency ? How tax teams can leverage technology to bridge resource gaps ? The importance of data strategy & software capabilities ?? https://lnkd.in/ea9BKzDE

One constant for corporate tax professionals is having to quickly interpret, adapt to, and implement major policy changes, such as the 2017 Tax Cuts and Jobs Act (TCJA). With key provisions of TCJA scheduled to expire later this year, we surveyed Bloomberg Tax customers to see how prepared they are for any potential changes - and how the lessons they learned from TCJA’s implementation are helping them navigate the road ahead.?

The Trump administration is aiming to cut up to half of the IRS’s workforce compared to its January head count. In this video, Erin Slowey explains how this could impact this year's tax filing season. Learn more: https://lnkd.in/e7FHuMdW

How is AI creating tangible value for your business? To answer this question, we gathered thought leaders across industries at our 'Executive Forum on AI' event. In a panel discussion led by Bloomberg Tax Head Evan Croen, panelists shared their organization’s approach to generative AI tools and applications and predictions on future use cases and developments. We were joined by Taryn Crane of BDO, Carmel Wynkoop of ?Armanino, and John Zevitas of T. Rowe Price. For information on the current state of AI, check out our tax technology page: https://lnkd.in/eA3uyfuU

We are excited to announce the launch of two new generative AI-powered features, Bloomberg Tax Answers and AI Assistant! Bloomberg Tax Answers replaces hours of tax research with fast and precise answers to tax questions with supporting primary sources and industry-leading expert analysis, enabling tax practitioners to quickly find, validate, and apply information to their workflows. “Bloomberg Tax Answers and AI Assistant deliver rapid, accurate answers and facilitate cross-jurisdictional comparisons. Additionally, users can verify information with direct access to cited source documents, enhancing reliability and trustworthiness,” said Evan Croen, head of Bloomberg Tax. Both features are available within the Bloomberg Tax platform at no additional charge. Learn more about our AI-powered products that simplify and streamline your workflow: https://lnkd.in/eXxJQCqV

With the Trump administration pulling back on OECD Tax's Global Tax Agreement, one provision may survive: Amount B. Here's why tax professionals should care about the provision: ?? Simplifies transfer pricing for baseline marketing & distribution ?? Offers tax certainty & reduces compliance burdens ?? Has strong bipartisan support in the US and beyond In this video, Alexis Sharp explains what else tax professionals should know. Learn more: https://lnkd.in/e8fn-P9N

Accountants and auditors being purged from the IRS are entering a labor market desperate for their experience and know-how in complex areas of corporate and international tax.? ? State regulators, public accounting firms and Fortune 500 companies are among employers in need of skills that former Internal Revenue Service staffers who have already left the agency could deliver. While a Trump administration plan to lay off as much as half the IRS workforce risks gutting critical services like enforcement and taxpayer support, the upheaval could boost an accounting industry that has struggled to train and retain talent.? Read the full story from Amanda Iacone and Danielle Muoio Dunn: https://lnkd.in/eyC3bMjB