Bloomberg BNA Announces BNA Fixed Assets Web™ Software Release to Support IRS Tangible Property Regulations

New version offers greater fixed asset management control, reporting, and transparency

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Jun 11, 2014, 09:37 ET

ARLINGTON, Va., June 11, 2014 /PRNewswire-USNewswire/ -- Bloomberg BNA today announced the release of version 2014.1, its latest update to BNA Fixed Assets Web™ software supporting IRS Tangible Property Regulations.

The new version allows tax and accounting professionals to effectively track fixed asset repairs under the final tangible property regulations, issued by the Internal Revenue Service and U.S. Department of the Treasury. The update also includes three feature updates to provide accounting and financial executives more clarity and control in the fixed asset management and reporting process.

"The latest changes to the tangible property regulations require accounting and financial executives to think about the assets on their books in a new way," said Dean Sonderegger, executive director of product management, Bloomberg BNA, Software Segment. "They must now look at a broader set of data surrounding each asset to determine if it's a deductible repair, maintenance expense or if it should be capitalized. This release provides executives with the framework and data that's needed to make these decisions efficiently, while still providing the flexibility desired to allow assets to be treated on a case-by-case basis."

To accommodate the revised tangible property regulations and provide a richer context for the overall auditing and reporting of fixed assets, Bloomberg BNA incorporated three new features into the product:

Tangible Property Repair Module – The new Tangible Property Repair Module gives firms the ability to capture extensive data about the repairs performed on each fixed asset, and classify assets based on this information. The module provides users with a more complete audit trail and richer context for fixed asset management. This enables companies to make more informed and strategic decisions regarding their assets.
Asset Linking – The Asset Linking enhancement now gives users the enhanced ability to link and group interdependent assets together, offering a broader view of each asset, improving IRS reporting capabilities, and identifying all repairs and assets more efficiently.
Book-Specific and Partial Dispositions – The new IRS regulations require capitalization and disposition of assets for tax purposes only. The book-specific and partial disposition enhancement allows customers to properly account for repairs capitalized for tax purposes only and also enables customers to take advantage of tax savings opportunities through proposed IRS partial disposition rules.

"Not only does this new version make adhering to the new tangible property regulations easier, it also makes the overall auditing and control process more transparent. Clients now have access to detailed information about each asset from the time it was first placed on the company books all the way until it was disposed of, giving company executives more knowledge and resources to draw from when making critical decisions," added Sonderegger.

About Bloomberg BNA's Software Products

Bloomberg BNA offers expert software products for tax and accounting professionals. We are the solution for professional firms and corporations of every size, who depend upon Bloomberg BNA's software products for the highest degree of tax, regulatory, and compliance expertise. To learn more visit www.bnasoftware.com.

About Bloomberg BNA

Bloomberg BNA, a wholly owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance — the information that matters most to professionals. Bloomberg BNA's authoritative coverage spans a full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety. To learn more visit www.bna.com.

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SOURCE Bloomberg BNA