Bloomberg Tax & Accounting Enters Tax Provision Market With Addition Of Tax Prodigy

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Aug 03, 2021, 12:00 ET

ARLINGTON, Va., Aug. 3, 2021 /PRNewswire/ -- Bloomberg Industry Group today announced that it has acquired Tax Prodigy's software, which enables companies to easily calculate the income tax-related elements of their financial statements — known as the income tax provision. The acquisition will strengthen Bloomberg Tax & Accounting's suite of offerings that leverage deep technical expertise and advanced technology to help tax professionals more efficiently comply with tax and accounting regulatory requirements.

Income tax provision is a crucial and highly scrutinized component of corporations' financial statements due to its material impact on a company's Earnings Per Share (EPS). Tax Prodigy's income tax provision software provides a powerful and comprehensive approach to complying with the technical accounting requirements for income taxes under U.S. Generally Accepted Accounting Principles (GAAP). These requirements include a calculation of the effective income tax rate along with calculations of the amounts payable to tax authorities.

"We are excited to add Tax Prodigy's tax provision solution to our growing suite of innovative solutions that solve complex corporate tax and accounting problems," said Lisa Fitzpatrick, president, Bloomberg Tax & Accounting. "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."

"I'm truly pleased to welcome the Tax Prodigy team to Bloomberg Tax & Accounting," added Fitzpatrick. "They bring an incredibly high level of experience and expertise in the area of tax provision and across the tax function, and I look forward to working together to deliver solutions that help our customers tackle their toughest challenges more efficiently."

"On behalf of Tax Prodigy's founders and owners, we are excited to be part of Bloomberg Tax & Accounting, a brand that we greatly admire for the quality of their products," said David Kovar, CEO of Tax Prodigy. "There are excellent synergies between Tax Prodigy and the Bloomberg Tax & Accounting research and software solutions. We're looking forward to the opportunity to enhance our product and contribute to the development of new solutions across the broader product line."

Tax Prodigy Provision joins Bloomberg Tax & Accounting's suite of planning and compliance solutions for corporations, including Bloomberg Tax Research, Fixed Assets, Corporate Tax Analyzer, and State Tax Analyzer. These products help tax professionals simplify processes and perform complex multi-scenario calculations with built-in expertise from leading tax and accounting practitioners.

Additional information is available at http://onb-tax.com/a8EY50FH8aZ.

About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting provides practitioner-driven research and technology solutions that deliver timely, strategic insights to enable smarter decisions. From our unparalleled Tax Management Portfolios to technology designed to streamline the most complex planning and compliance scenarios, we deliver essential news and analysis, practical perspectives, and software that help tax and accounting professionals around the globe mitigate risk and maximize business results. For more information, visit pro.bloombergtax.com.

About Tax Prodigy
Tax Prodigy is a SaaS company dedicated to providing tax professionals solutions that will allow them to spend more time thinking and working through tax issues more efficiently. The Tax Prodigy team is made up of tax and technology professionals with years of experience. The company's flagship product, Tax Prodigy Provision, is a simple to use, technically comprehensive solution for accounting for income taxes under ASC 740.

SOURCE Bloomberg Tax & Accounting