Bloomberg Tax & Accounting announced updates to its Income Tax Planner software to incorporate the changes affecting income tax from the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) and Families First Coronavirus Response Acts.
Read More:Â Analyticom Introduces a Scientific Model That Keeps Investments Stable During Market Volatility
The CARES Act provides support to both individuals and businesses, including changes to tax policy. The Families First Coronavirus Response Act includes changes to paid family medical leave provisions. Income Tax Planner updates include new features that allow tax practitioners to model the impacts of the new net operating loss (NOL) 5-year carryback, the deferral of portion of self-employment taxes, self-employment sick leave and family leave credits, among other changes.
Read More:Â Celsius Network and Prime Trust partner to secure depositors funds and offer low-cost credit
“It is critical for tax practitioners to provide their clients with the timely advice and services in the face of new legislation and administrative procedure changes,” said Evan Croen, vice president, Bloomberg Tax and Accounting. “With our proven track record of being first-to-market, Income Tax Planner is an essential resource for our customers as they update tax planning strategies for their clients that incorporate changes due to COVID-19.”
Read More:Â Jack Henry & Associates Launches Core-Integrated Accounts Receivable Financing
