Bloomberg Tax & Accounting Updates NOL Compliance

Bloomberg Tax & Accounting has debuted enhancements to the State NOL (net operating loss) Manager, which will serve as a comprehensive compliance, provision and planning application for companies with multistate businesses, a press release said on Wednesday (May 19).

The release noted that State NOL Manager focuses on the differences in NOLs by state, with tax experts updating corporate state income tax rules across 44 states, the District of Columbia and New York City.

“State NOL Manager eliminates the guesswork and stress of tracking losses across entities, tax periods, and states,” said Evan Croen, vice president, Bloomberg Tax and Accounting Software. “The tool provides efficiency and insight that saves corporate tax departments hundreds of hours of effort each year.”

State NOL Manager will help with several kinds of tasks, including calculating the generation and utilization of NOL, figuring the expiration amounts by year, analyzing carryback and carryforward NOL, identifying pre- and post-apportionment NOL states and reporting on the overall NOL ending balances every year.

State NOL Manager, according to the press release, is embedded with Bloomberg Tax & Accounting’s tax expertise. This assures users that calculations are accurate and based on the newest state laws.

Because of that, Bloomberg Tax & Accounting is then able to be ready for the most demanding situations for compliance, planning and provision.

PYMNTS wrote that tax season issues can often snowball into other issues. Sixty-seven percent of millennial business owners, the report said, operate independent companies rather than franchises and were also 14 percent more likely to struggle with financial issues. Those issues could often be made worse due to tax issues.

Waseem Daher, founder and CEO of corporate tax and bookkeeping firm Pilot, said those sorts of issues showed the urgent need to get rid of checks from the corporate tax disbursements process.

In terms of digital disbursements, Daher said ACH seemed to be working for right now, so there was no need for mobile wallets right now. He said time delays were “basically acceptable” and that many customers were looking primarily for a smooth electronic experience over smaller issues like speed.