What's New in Tax & Accounting

November 23, 2024

Enhancements

Compliance Tracker-Indirect Tax Filing Support
Compliance Tracker now supports tracking for automated monthly filings for Sales and Use tax for all U.S. States as well as VAT forms for 100+ countries. |

Special Reports

2024 Payroll Year-End Report
This report, written in partnership with KPMG, covers policy issues, new legislation and regulations, tax requirements related to 2024 legislation, and common concerns at year-end that have been identified as historically problematic for employers.

Subject to Tax Rule (STTR) Onpoint
Covers the substantive measures of the STTR MLI Pillar Two treaty and its interaction with bilateral tax treaties.

Subject to Tax Rule (STTR) Roadmap
This roadmap tracks countries that have signed the STTR MLI and provides links to source documents.

BTAX Roadmap: Income Tax Treaties Effective as of 1 January 2025
The Roadmap is an overview of the income tax treaties that have entered into force and become effective as of January 1, 2025. It provides entry into force and effective dates, links to the treaty in English and other official languages, or to the consolidation if a protocol entered into force, links to the Withholding Chart analysis, MLI impact, if any, and information on whether key provisions within the treaty meet the BEPS minimum standards. It also highlights MFN clauses, if any, within the treaty.

Pillar Two - Country Profiles
The collection of documents will provide an overview and high-level information at a per country level for legislations, safe harbors, filing requirements and other compliance related information for Pillar Two implementation.

October 31, 2024

Enhancements

Snapshot: Adding a document to your Workspace now captures a snapshot – a version with the text as it looked at the moment you saved it – in addition to a link to the current document. The snapshot makes it easier to review the content that informs your work.

Compliance Tracker-International Corporate Income Tax Expansion
Compliance Tracker has expanded support for international jurisdictions. This update increases the automated population of due dates and forms for Corporate Income Taxes to over 200 international jurisdictions.

Special Reports |

Roadmap: Corporate Alternative Minimum Tax Proposed Regulations
This Roadmap summarizes the proposed regulations related to the corporate alternative minimum tax enacted by the Inflation Reduction Act, commonly known as the CAMT.

OnPoint: U.S. Country-by-Country Reporting on Form 8975
The U.S. Country-by-Country Reporting on Form 8975 OnPoint breaks down expanded reporting requirements for cross-border transactions under form 8975.

Large U.S.-based companies with foreign corporations are required to complete the U.S.'s Country-by-Country tax reporting forms, with accurate data and information on cross-border transactions.

2024 Payroll Year-End Checklist
Payroll Year-End Checklist is designed for payroll professionals by experts from Bloomberg Tax and KPMG LLP. It includes useful do’s and don’ts to help employers track year-end payroll responsibilities and avoid penalties.

Transfer Pricing Forum
A collection of practitioner insights from around the globe on a trending topic in transfer pricing. It presents a comparative study of transfer pricing issues and contains detailed responses from expert practitioners based in over 20 major industrial countries.

OnPoint: Improvements to Income Tax Disclosures:
This OnPoint provides high level analysis of new guidance from the FASB, ASU 2023-09, which introduced enhancements to income tax disclosures to address investor concerns for increased transparency and decision-usefulness of income tax disclosures.

Revised Portfolios

Portfolio 6680 - Partners & Partnerships, International Tax Aspects
Updates to Portfolio including enhancements on new rules regarding withholding on foreign partner business activities, as well as new cases interpreting partnership rules, and regulations on foreign partner investments in U.S. real estate and other business activity.

Portfolio 6900, Transfer Pricing: The Code, the Regulations, and Selected Case Law
Comprehensive update to Portfolio focused on the post-2017 dramatic changes to U.S. taxation of foreign income and foreign business activity, including the extensive Regulations published in recent years interpreting these changes. |

September 26, 2024

Enhancements

Compliance Tracker – Entity Manager
Bloomberg Tax has added a new feature called “Entity Manger” to Compliance Tracker. This enhancement allows for more seamless management and review of your entity data, including the ability to now delete entities within the application. With this new feature you can now easily view and manage your entity details within a centralized location, saving you time.

Compliance Tracker- Export
Compliance Tracker now allows you to export your filing data to Excel. This update provides flexibility and configurability to leverage your Compliance Tracker filing data to best fit your needs. The exported excel file includes all the data that you see within your Compliance Tracker table including status, entity details, forms and dates, as well as any custom columns that you have created. Downloading prior year trackers also provides the means for audit defense or other archival purposes, all while maintaining your current tracking source-of-truth.

AI Lab: In-Line Citations
The Bloomberg Tax AI Lab now includes annotated links to relevant supporting references within each AI-generated summary. These in-line citations accelerate the process of verifying AI Lab responses using the credible sources on Bloomberg Tax.

Tax Cuts & Jobs Act Expiration/Extension Watch Page
A selection of changes affecting businesses, individuals, and families, which were enacted as part of the Tax Cuts and Jobs Act (TCJA) of 2017 are either set to expire or change starting at the end of 2025. This Watch page aggregates Analysis, News, and other resources as Congress considers allowing the changes to expire, extending them into 2026 or beyond, or enacting other changes to the tax law.

Special Reports

OnPoint: Harris, Trump Tax Policy Proposals
As the 2024 presidential campaigns intensify, tax policy is becoming a key focus. Candidates Kamala Harris (D) and Donald Trump (R) are proposing new tax ideas, with significant provisions from the GOP’s 2017 tax overhaul set to expire. This OnPoint covers:

• Expiring tax provisions
• Candidates’ individual, corporate tax proposals
• International tax rules to watch

2025 Projected U.S. Tax Rates
Available within hours of release by the Bureau of Labor Statistics on 9/11 and before the official IRS release, Bloomberg Tax’s exclusive 2025 Projected Tax Rates Report provides a detailed and comprehensive projection of inflation-adjusted amounts in the tax code.

Key California Tax Changes
California’s recently enacted legislation amending state income and sales tax laws is projected to raise taxes by billions annually to address the budget deficit. A key change is the shift in the corporate income tax formula from gross receipts to net income, likely increasing tax liabilities for many corporations. This OnPoint addresses:

• Codification of net income corporate income tax apportionment and related litigation
• Mechanics of the net operating loss suspension and tax credit cap

Changes to the sales and use tax bad debt deduction

Revised Portfolios

Portfolio 767-4th: Redemptions

August 29, 2024

Enhancements

Compliance Tracker – Quarterly Estimated Payments
Compliance tracker now provides the option to include quarterly estimated payment filings in your tracker along with the filings for your returns. Simply click on the filter tab at the top of the page and choose 2024 Estimates.

Roadmap: 2025 TCJA Expiring or Changing Provisions
This Roadmap outlines the expiring or changing provisions from TCJA and includes the code section, description, links to primary content, and the relevant changes that could be applicable on January 1, 2026.

Roadmap: Final Regulations on Digital Asset Reporting
This Roadmap summarizes the final regulations pertaining to information reporting, basis, and gross proceeds for certain digital asset sales and exchanges. The Department of the Treasury adopted the 2023 proposed regulations, with certain modifications.

Roadmap: Dual Consolidated Loss & Disregarded Payment Loss Proposed Regulations
This Roadmap outlines the newly issued proposed regulations regarding the U.S. tax treatment of businesses operating internationally. Specifically, it addresses the U.S. view on losses and deductions when involving legal entities that are owned by U.S. businesses operating in foreign countries.

2024 Survey of State Tax Departments
This annual Bloomberg Tax Survey of State Tax Departments, surveys all 50 states, the District of Columbia and New York City, seeking their stance on important state tax topics to provide clarity to practitioners across the country.

Payroll OnPoint: US Final Wage Payment Considerations
This OnPoint review laws and considerations pertaining to final wage payments and special employment tax considerations varying across states.

Roadmap: Electronic Invoicing and Continuous Transaction Controls
The roadmap provides a comparison of the status of e-invoicing and “Continuous Transaction Control” rules reporting requirements across the top 30 searched countries. It also provides background information about the various “Continuous Transaction Control” (CTC) models and why governments favor them.

Revised Portfolios

Portfolio 704-3rd - Disregarded Entities

Portfolio 850-3rd - Generation-Skipping Transfer Tax

Portfolio 529-2nd - Income Taxation of Life Insurance and Annuity Contracts

New Portfolio

Portfolio 6540- 1st - U.S. Taxation of Foreign Investment in U.S. Real Estate

July 25, 2024

Enhancements

Compliance Tracker - Add and Delete Filing Rows
With Compliance Tracker's new 'Add & Delete Filing Row' feature, you can now add multiple filings for any entity or jurisdiction in-app without the need for multiple uploads. |

Special Reports

BGOV OnPoint: Post-Chevron Landscape Takes Shape
Our latest OnPoint examines the June 28 ruling in Loper Bright Enterprises v. Raimondo, detailing its potential implications for federal agencies and Congress, as well as reactions from lawmakers, state officials, and industry leaders. This OnPoint provides a comprehensive analysis of the ruling's details and its potential effects on both regulatory agencies and the legislative process.

BTAX OnPoint: GILTI Fundamentals & Calculations
GILTI is currently being reviewed in detail by tax authorities who are looking at how the U.S. might align it with the international Pillar Two initiative. This OnPoint discusses a comparison of the U.S. GILTI rules and the international Pillar Two minimum taxes; the fundamentals that apply to GILTI calculations; and the options that are available to help address overlapping taxes.

Payroll Midyear Update
The Payroll Midyear update covers payroll developments through the first half of 2024 and provides updates on issues expected in the 2nd half.

BTAX OnPoint: US-Based Remote Employees
This OnPoint reviews state income tax, unemployment tax, and nexus rules for businesses with remote employees or those working in different states.

Revised Portfolios

Portfolio 7400-2nd: Business Operations in the United Kingdom

Portfolio 456-2nd: Private Foundations and Public Charities – Definition and Classification (Section 509)

New Portfolio

Portfolio 7040-1st: Business Operations in Brazil

June 27, 2024

Tax a Deep Dive: GILTI Fundamentals and Calculations

OnPoint: GILTI Fundamentals and Calculations
This OnPoint highlights the critical components of the U.S. GILTI rules, including how it compares with other international minimum tax initiatives.

Revised Portfolios

Portfolio 7070-2^nd: Business Operations in the People’s Republic of China

New Portfolios

Portfolio 7230-1^st: Business Operations in Malaysia

May 30, 2024

Take a Deep Dive: Cryptocurrency & Digital Assets

Highlights: Final Rules on Clean Energy Credit Transfers
This document provides highlights of the final regulations (T.D. 9993) that provide guidance on the transfer election (election to sell eligible clean energy credits) under §6418. Section 6418 allows an eligible taxpayer (credit seller) to sell all or a portion of eligible clean energy credits to an unrelated transferee taxpayer (credit buyer) in a tax-free transaction

Roadmap: Stock Repurchase Excise Tax Proposed Regulations
This Roadmap outlines proposed regulations regarding the 1% excise tax on repurchases of corporate stock enacted by the Inflation Reduction Act, elaborating on previous guidance issued in Notice 2023-2. The regulations also set forth guidance on reporting and payment of the excise tax.

Special Report: Considering and Negotiating an Advance Pricing Agreement
The desirability of Advance Pricing Agreements (“APAs”) has increased due to the changes in the U.S. and global transfer pricing enforcement environment, need for tax certainty, changes in international tax rules, and changes in the APA program and process.

In this special report, practitioners from Grant Thornton and KPMG walk through how to navigate the process of considering and negotiating APAs in light of these changes.

Roadmap: Reporting Requirements for Transactions with Foreign Trusts and Foreign Gifts
This roadmap outlines proposed regulations concerning (i) loans and use of foreign trust property (other than cash and marketable securities) under §643(i), which must be reported on Form 3520, (ii) the circumstances under §679 in which a U.S. person's transfers to or use of property belonging to a foreign trust must be reported on Form 3520 and Form 3520-A, and (iii) the reporting requirements for U.S. persons who receive large foreign gifts from foreign persons.

OECD Global Minimum Tax: Pillar Two GloBE Decision Tree
Pillar Two is a highly complex topic. Documentation surrounding the rules have been fragmented.

The interactive flow chart organizes all the fragmented OECD information into one diagrammatic illustration of Pillar 2. It guides customers through a step-by-step approach for the requirements and application of Pillar 2.

BTAX OnPoint: OECD Releases Report on Pillar One – Amount B
This OnPoint analyzes the recently released OECD Report on Pillar One – Amount B and breakdowns the key takeaways for multinationals. The OECD just released new guidance on Amount B of Pillar One to simplify transfer pricing for taxpayers, but the rules are complicated. This OnPoint provides an overview and breakdown of this new guidance to make it easier for tax practitioners to understand. It also provides insight into further guidance that will come out from the OECD.

• Portfolio 7050-2^nd: Business Operations In Canada
• Portfolio 6936-2^nd: Transfer Pricing: OECD Transfer Pricing Guidelines

April 30, 2024

Take a Deep Dive

Special Report: Considering and Negotiating an Advance Pricing Agreement
This special report, Considering and Negotiating an Advance Pricing Agreement, created in collaboration with Grant Thornton LLP and KPMG LLP, details the practical steps in negotiating an APA with the IRS. The report specifies the covered transactions, transfer pricing method, APA term, operational and compliance provisions, appropriate adjustments, critical assumptions regarding future events, required APA records, and annual compliance reporting responsibility.

OnPoint: Key Aspects of the SEC's Final Rules on Climate-related Disclosures
This OnPoint examines the long-awaited SEC rules on climate-related disclosures. It lays out the essentials of the new Release, highlighting what entities are impacted, including the applicable phased-in effective dates. The OnPoint also covers the assurance requirements of the new rules.

SEC Climate Rule Explainer
The Explainer is a deeper dive exploring the requirements of the SEC climate rule. It provides helpful checklists for disclosures on carbon offsets and severe weather events, summary tables of requirements and a table defining the location specific disclosures must go.

Revised Portfolios

Portfolio 6020-2^nd: The Creditability of Foreign taxes – General Issues
Portfolio 6040-2^nd: Indirect Foreign Tax Credits

March 28, 2024

Take a Deep Dive

OnPoint: Key Aspects of the SEC's Final Rules on Climate-related Disclosures
This OnPoint provides an in-depth analysis of the highly anticipated SEC rules concerning climate-related disclosures. It outlines the key aspects of the new release, emphasizing which entities are affected and detailing the phased-in effective dates. Additionally, the OnPoint addresses the assurance requirements associated with the new rules.

BTAX OnPoint: Computing the Primary Foreign Tax Credit Limitation Under §904
This OnPoint covers the recent changes to U.S. Foreign Tax Credit (FTC) and international tax laws, emphasizing the importance on correctly calculating the primary U.S. limit on FTCs under §904. This OnPoint helps clients understand the starting point when evaluating the §904 limit on foreign tax credits, the ordering methodology corporations need to apply, and the rules on the potential impact of losses.

OnPoint: FY2025 Greenbook
This OnPoint provides an overview of key revenue proposals for President Biden’s fiscal 2025 budget. This overview could help prepare tax professionals for potential law changes, aiding in strategy adjustments, and briefing leadership on potential implications.

Roadmap: Direct Pay Final Regulations
This Roadmap provides valuable insights into the latest regulations regarding the election under the Inflation Reduction Act. These regulations allow certain tax credits to be treated as a payment of federal income tax, making the credit refundable. Additionally, the Roadmap outlines important rules associated with the mandatory IRS pre-filing registration process.

Pillar 2 Flowchart
The Pillar 2 Flowchart provides a diagrammatic illustration of the OECD Pillar 2 rules. The Flowchart organizes all fragmented OECD information into a diagram of Pillar 2, all while guiding through the requirements and steps to apply Pillar 2.

Revised Portfolios

Portfolio 539-5th: Net Operating Losses — Concepts and Computations
Portfolio 398-3rd: Reductions in Force

Febuary 28, 2024

Take a Deep Dive

Roadmap: Tax Relief for American Families and Workers Act of 2024
The roadmap provides a brief summary of the most significant provisions of the Tax Relief for American Families and Workers Act of 2024, a $79 billion tax cut package that passed the House of Representatives on January 31, 2024.

2024 Federal Tax Guide
Bloomberg Tax’s annual update to the Federal Tax Guide, focused on the 2023 tax year. The majority of changes include updates for Inflation Reduction Act changes and SECURE 2.0 Act changes impacting the 2023 tax year.

2024 Payroll Outlook
Our 2024 Payroll Outlook covers legislation, regulations & compliance issues that payroll professionals might expect to come in 2024.

SEC PCAOB Conference Recap
This Recap highlights insights as well as top 2024 priorities from key officials who developed the accounting, reporting, and auditing standards.

Revised Portfolios

• Portfolio 373-4th: Employee Benefits for Tax-Exempt Employers
• Portfolio 386-5th: Insurance-Related Compensation
• Portfolio 353-4th: Employee benefits Plans and Issues for Small Employers

New Portfolios

• Portfolio 7360-1st: Business Operations in Spain
• Portfolio 7250-1st: Business Operations in the Netherlands

January 25, 2024

Special Reports:

2024 Tax Calendar
Stay up to date with a quick reference to the most common forms and 2023 tax year due dates for individuals, businesses, and tax-exempt organizations.

2023/2024 Quick Tax Reference Guide
The 2023/2024 Quick Tax Reference Guide provides tax rate schedules, social security and employment tax limits, standard deduction tables, filing deadlines for tax and information returns, and more.

IRS Continues and Expands Foreign Tax Credit Relief
This OnPoint covers Notice 2023-80 for calculating foreign tax credits under §901 and §903. This guidance is needed for year-end 2023 tax calculations being completed now for both financial statement taxes and 2023 U.S. tax returns.

Proposed Regulations on New Energy ITC Rules
This one-pager highlights the proposed regulations which update rules for the energy investment tax credit.

Income Tax Treaties Effective as of 1 January 2024
An overview of the income tax treaties that have entered into force and become effective as of January 1, 2024. It provides entry into force and effective dates, links to the treaty in English and other official languages, or to the consolidation if a protocol entered into force, links to the Withholding Chart analysis, MLI impact, if any, and information on whether key provisions within the treaty meet the BEPS minimum standard.

Webinar:

US Payroll Outlook for 2024
This webinar will help payroll professionals achieve compliance success in 2024 by empowering them with knowledge about new payroll-related provisions at the federal, state, and local levels.

December 18, 2023

2023 New and Updated Content

2023 Year-End Planning

Practice Guides & Checklists specifically developed to highlight important tax changes for the next year, including year-end tax planning checklists.

• 2023 Year-End Tax Planning Strategies for Business Entities
• 2023 Year-End Individual Tax Planning Guide

New 2023 OnPoint Presentations

Timely presentations that provide a succinct summary of important developments, key considerations, and implications for specific types of businesses and/or business activities.

• Safe Harbors Under Pillar Two GloBE Rules
• Tax Treaty Benefits in India
• IRS Announces Temporary Foreign Tax Credit Relief
• ISSB Issues Global Reporting Standards
• Direct Pay and Credit Transfer Proposed and Temporary Regulations
• Pillar Two Safe Harbors and Penalty Relief
• FASB Common Control Lease Guidance
• OnPoint: 2023 Local Tax Department Survey
• Bipartisan Tax Policy Push
• FY 2024 Greenbook
• Colorado Retail Delivery Fee
• Initial Guidance on Corporate Alternative Minimum Tax Released
• IRS Releases Initial Guidance on Stock Buyback Tax

Watch Pages

Bloomberg Tax Watch Pages pull together the latest news, analysis, practice tools, and primary source documents for a variety of tax-related topics and emerging issues. Watch Pages make it easy to locate relevant resources and monitor key developments all in one place.

• Tax Season Watch - Tax Year 2022 Extensions
• Energy Tax Credits and Incentives Watch
• Digital Asset Watch
• OECD Two-Pillar Global Tax Agreement Watch

Enhancements

Bloomberg Tax AI Lab

Bloomberg Tax launched our AI Lab – AI powered features that allow you to tap into the next generation of Bloomberg Tax AI tools.

The first experience is a generative AI powered question & answer search function that will revolutionize the way you perform tax research. A large language model built into our Research platform gives quick AI-generated responses to searched within and links directly to our Fast Answers, Portfolios, and Navigators content sets. Simply start a search in the main search bar and you will be prompted to turn on the AI Lab. Check out our interactive tour to learn more or start exploring the AI Lab now.

Compliance Tracker A new workflow tool that simplifies the process of manually collecting, tracking, and verifying compliance filing requirements with automated compliance forms and dates, alerts about approaching and changed filing obligations, controlled tracking of filings across all entities, and access to an industry-trusted research platform powered by Bloomberg Tax.

Chart Builder Updates

Improvements have been made to the user experience and user interface on Chart Builders to allow you to switch between state, 50 state overview, international, and payroll charts. You can also toggle between different chart types on the same page and view chart preferences in one place.

Visual Aid Tool for Complex Tax Rules

The new Formulas Illustrated tool is designed to simplify complex tax rules by presenting select Internal Revenue Code and Treasury Regulation formulas in an easy-to-understand visual format. For each formula, you will find additional information with links to relevant sources in the notes and sources section at the bottom of each page. There are currently four formulas available in this new tool:

• §55: Corporate Alternative Minimum Tax (AMT)
• §172(a)(2): Net Operating Losses Post-2020 Deduction
• §358(a)(1): Basis to Distributees
• §857(a)(1): REIT Minimum Distribution Requirement

Consolidated Domestic Journals

All domestic journal content has been streamlined into one location to make it easier to access all the news you need. All articles appear in the new Practitioner Commentary & Accounting Firm Tax News page

Custom Chart Exports

Custom Chart Exports have been added to ALL charts allowing you to reduce your time editing charts in Excel with export settings. You can now export a chart with only the summary, with or without URLs, with chart changes highlighted, or just chart changes.

Summary-Only Charts

Summary-Only Charts have been added as a chart display option, where it excludes analysis information and retains only the summary such as: rates, due dates, Yes/No answers and more!

Improved: Search Results

The search results page has a new simplified interface that enables you to easily scan through search results and find the most relevant content. Simply toggle from 'Classic View' to 'BETA' and take the tour.

Tax Calculation Templates (BETA)

Tax Calculation Templates (BETA) contain a suite of tax calculations commonly performed by corporate tax departments and are designed to help you streamline and simplify challenging tax calculations during tax compliance and provision processes. Please provide feedback, including additional templates you'd like to have developed at taxcalcs@bloombergindustry.com

Improved: Chart Features

The ability to view updates made to content on Corporate Income Tax, Pass-Through Entities, Sales and Use, Country Guides, or VAT Charts along with the date it was updated. Revised content from January 1st, 2023 will now be highlighted.

Federal Tax

Final Regulations on Energy Credit Increase for Low-Income Communities
This Roadmap provides a section-by-section program summary and breakdown of the recently released final regulations and revenue procedure. Also included are program definitions, requirements, and procedures, as well as an understanding of the application process and required documents.

Research & Development: An Overview of Sections 41 and 174
This quick reference resource features side-by-side summaries of R&D tax credit and amortization rules under Internal Revenue Code sections 41 and 174, respectively. In addition to outlining tax treatment and qualifying expenses, it provides relevant examples and links to primary source citations.

Special Report: Your Guide to R&D Tax Rules and Analysis
Taxpayers are now required to capitalize and amortize research and experimental (R&E) expenses over five or 15 years for tax years beginning in 2022 or later. The articles in this special report provide an outline of the law; recommendations for identifying and quantifying R&E costs; impact of mandatory capitalization for corporate tax departments; practice pointers; possibilities for the future, and more.

Proposed New Clean Vehicle Credit Regulations Roadmap
This Roadmap highlights the tax provisions of the Notice of Proposed Rulemaking on the §30D clean vehicle credit, REG-120080-22, 88 Fed. Reg. (Apr. 17, 2023), released by Treasury and the IRS on March 31, 2023. The sourcing requirements for critical minerals and battery components are significant provisions in the proposed regulations. The Inflation Reduction Act of 2022 made several amendments to the credit, including providing a maximum credit of $7,500 per vehicle.

2023 Tax Outlook
This report examines the 2022 Inflation Reduction Act (H.R. 5376) – which includes a sweeping social spending and tax package – with comprehensive coverage of news to expect in 2023, fixed assets modeling under regulation and the 2022 corporate tax survey.

Tax Year 2022 Individual Return Preparation Client Letter (Form 1040)
A client letter for practitioners in preparation of filing the 2022 TY Form 1040 that includes important changes that took effect in 2022 that may impact their clients' tax returns, guidelines and policies for the practitioner when preparing a tax return, and items needed to prepare a clients' 2022 Form 1040 return.

Secure 2.0 Act of 2022
Outlines the provisions in the recently enacted Secure 2.0 Act (part of the 2023 Consolidated Appropriations bill).

Tax Calendar
The 2023 Tax Calendar lists important federal due dates for the IRS from January through December 2023, which includes income, employment, excise, and federal tax deposits.

2022/2023 Quick Tax Reference Guide
The Quick Tax Reference Guide (QTRG) provides tax rates for all taxpayers, including individuals, corporations, trusts and estates. Also includes standard deduction amount, exemption amounts, tax season filing due dates for major firms, and more.

State Tax

2023 State Tax Department Survey
This OnPoint highlights key results from the 2023 survey discussing VDAs, taxation of digital assets, and conformity to recent federal tax changes.

2023 Local Tax Survey Responses
The 2023 Special Report for Local Tax Survey Responses provides a snapshot of local tax compliance requirements. Local tax departments responded to questions about the types of taxes imposed, administration, existing guidance, the authorization of powers, and voluntary disclosure agreements.

Pass-Through Entity Elective Taxes in the States
A quick reference guide for practitioners to see which states impose pass-through entity taxes, at which rate along with the pass-through entity election due date.

Sports Betting Taxes in the States
A guide to the variety of state tax rates, bases and compliance rules applied to sportsbooks and operators on sports betting, including online sports betting.

International Tax

Fall 2023 Transfer Pricing Forum – Transfer Pricing Controversy
This issue of the Transfer Pricing Forum explores the topic of transfer pricing disputes to gain the unique perspectives of practitioners from Ireland, Israel, Italy, Japan, The Netherlands, Nigeria, Portugal, Spain, Switzerland, Turkey and the United Kingdom

OECD Pillar Two GloBE Rules – Status and Effective Dates
This Roadmap outlines the status and dates of Pillar Two GloBE implementation across the Inclusive Framework jurisdictions, as well as any amendments to domestic law where a jurisdiction has opted to amend its domestic corporate income tax rate/rules rather than implement the Pillar Two GloBE rules.

Navigating Permanent Establishment and U.S. Tax Thresholds
Bloomberg Tax's Permanent Establishment and U.S. Tax Thresholds Chart and Decision Tree will aid in the evaluation of whether a foreign entity's presence or activity triggers liability for U.S. income tax.

Guide to Creditability of Foreign Taxes under Section 901
This guide outlines the creditability of foreign taxes under §901 for various jurisdictions.

New Portfolios

• Portfolio 1100 -1st: State Corporate Income Tax: Basic Principles
• Portfolio 880-1st: Family Offices
• Portfolio 6120-1st: Transfers Subject to Section 367(b), (d), or (e)
• Portfolio 1740-1st: State Tax and Escheat False Claims and Consumer Class Action Litigation

Revised Portfolios

• Portfolio 371-7th: Employee Plans – Deductions, Contributions, and Funding
• Portfolio 630-6th: Tax Court Litigation
• Portfolio 730-4Th: S Corporations: Formation and Termination
• Portfolio 381-5th: Statutory Stock Options
• Portfolio 780-5th: Net Operating Losses and Other Tax Attributes – Sections 381, 382, 383, 384, and 269
• Portfolio 1300-3rd: Sales and Use Taxes: General Principles
• Portfolio 854-4th: U.S. Taxation of Foreign Estates, Trusts and Beneficiaries
• Portfolio 1300-3rd: Sales and Use Taxes: General Principles
• Portfolio 700-5th: Choice of Entity: Business and Tax Considerations
• Portfolio 816-3rd: Planning for Disability
• Portfolio 468-2nd: Private Foundations – Investment Income Tax and Jeopardy Investments (Sections 4940 and 4944
• Portfolio 621-4th: IRS National Office Procedures – Rulings, Closing Agreements
• Portfolio 780-5th: Net Operating Losses and Other Tax Attributes – Sections 381, 382, 383, 384, and 269

November 30, 2023

Special Reports:

2023 Payroll Year-End Checklist, Report & Webinar

Bloomberg Tax, in collaboration with KPMG, has developed a payroll year-end checklist and report to assist employers with the payroll reconciliation process. The report covers policy issues, new legislation and regulations, tax requirements related to 2023 legislation, and common concerns at year-end that have been identified as historically problematic for employers.

Bloomberg Tax also hosted a webinar with speakers from KPMG where key aspects of the 2023 year-end process were discussed. Register now for the on-demand webinar.

Practitioner Perspectives on Pillar Two
In this set of articles, Pillar Two is addresses from a varied yet fascinating array of angels from Denmark, India, Luxemburg, UK, Japan, India, South Korea, Latin America, Nigeria and the US.

Webinar:

How to Introduce Automation to Your Provision Process Ahead of Year-End
Join Bloomberg Tax experts to learn how to incorporate automation into your provision process – how to make small adjustments to enhance your process with automation ahead of year-end, as well as larger automation opportunities to consider for 2024.

Revised Portfolios:

Portfolio 545-3rd: Equipment Leasing: Tax Principles and Structuring
Portfolio 372-5th - Church and Governmental Plans X

October 26, 2023

Content Enhancements:

Bloomberg Tax AI Lab

Bloomberg Tax is excited to launch our AI Lab – AI powered features that allow you to tap into the next generation of Bloomberg Tax AI tools.

The first experience we released within our AI Lab is our generative AI powered question & answer search function that will revolutionize the way you perform tax research. A large language model built into our Research platform gives quick AI-generated responses to searches within and links directly to our Fast Answers, Portfolios, and Navigators content sets.

Simply start a search in the main search bar and you will be prompted to tune on the AI Lab.  Check out our interactive tour to learn more or start exploring the AI Lab now.

Special Reports:

2023 End-of-Year Tax Planning Strategies for Business Entities
This guide offers potential tax-saving opportunities for business taxpayers to consider to reduce their state and federal income tax burden before the end of the year.

2023 Year-End Individual Tax Planning Guide
This guide offers potential tax-saving opportunities for individual taxpayers to consider to reduce their income tax burden before the end of the year. It includes information on itemized deduction planning. Energy tax credits, investments, retirement planning and more.

ASU Compliance Guide​
This guide will help to keep track of updates to the US GAAP to ensure compliance with accounting changes and relevant disclosure developments. It features a chronological listing of ASU effective dates categorized by entity type – private, public, and small reporting companies – with links to each ASU and important information on nuances that may be unique to each category.

Fall 2023 Transfer Pricing Forum – Transfer Pricing Controversy
This issue of the Transfer Pricing Forum explores the topic of transfer pricing disputes to gain the unique perspectives of practitioners from Ireland, Israel, Italy, Japan, The Netherlands, Nigeria, Portugal, Spain, Switzerland, Turkey and the United Kingdom.

Revised Portfolio:

Portfolio 1100 -1st: State Corporate Income Tax: Basic Principles

Revised Portfolio:

Portfolio 371-7th: Employee Plans – Deductions, Contributions, and Funding

September 29, 2023

Content Enhancements:

Compliance Tracker A new workflow tool that simplifies the process of manually collecting, tracking, and verifying compliance filing requirements with automated compliance forms and dates, alerts about approaching and changed filing obligations, controlled tracking of filings across all entities, and access to an industry-trusted research platform powered by Bloomberg Tax.

Special Reports:

2024 Projected Tax Rates Report
This Report provides comprehensive access to Bloomberg Tax's projected inflation-adjusted federal tax amounts for 2024 – available within hours of the data's release by the Bureau of Labor Statistics.

OnPoint: Safe Harbors Under Pillar Two GloBE Rules
This OnPoint discusses the two additional safe harbors under the GloBE Rules (Pillar Two) as part of Administrative Guidance released on July 17, 2023. A QDMTT Safe Harbor intended to provide relief by eliminating the need for an MNE, and a transitional UTPR Safe Harbor intended to provide relief from any UTPR top-up tax.

BTAX OnPoint: Tax Treaty Benefits in India
This OnPoint discusses how non-residents can take advantage of tax treaties to mitigate recent increases Point: Tax Treaty Benefits in India.

BTAX OnPoint: IRS Announces Temporary Foreign Tax Credit Relief
This OnPoint summarizes IRS Notice 2023-55 on foreign tax credits and relief that is available for 2022 and 2023 tax returns. The Notice provides temporary relief from applying the revised rules which determine allowable foreign tax credits that become effective for most taxpayers in 2022.

Final Regulations on Energy Credit Increase for Low-Income Communities
This Roadmapprovides a section-by-section program summary and breakdown of the recently released final regulations and revenue procedure. Also included are program definitions, requirements, and procedures, as well as an understanding of the application process and required documents.

Revised Portfolio:

Portfolio 630-6th: Tax Court Litigation

August 31, 2023

Content Enhancements:

Chart Builder Updates

Improvements have been made to the user experience and user interface on Chart Builders to allow you to switch between state, 50 state overview, international, and payroll charts. You can also toggle between different chart types on the same page and view chart preferences in one place.

NEW: Visual Aid Tool for Complex Tax Rules

The new Formulas Illustrated tool is designed to simplify complex tax rules by presenting select Internal Revenue Code and Treasury Regulation formulas in an easy-to-understand visual format. For each formula, you will find additional information with links to relevant sources in the notes and sources section at the bottom of each page. There are currently four formulas available in this new tool:

• §55: Corporate Alternative Minimum Tax (AMT)
• §172(a)(2): Net Operating Losses Post-2020 Deduction
• §358(a)(1): Basis to Distributees
• §857(a)(1): REIT Minimum Distribution Requirement

Watch Pages

Bloomberg Tax Watch Pages pull together the latest news, analysis, practice tools, and primary source documents for a variety of tax-related topics and emerging issues. Watch Pages make it easy to locate relevant resources and monitor key developments all in one place.

New:

• Tax Season Watch - Tax Year 2022 Extensions
• Energy Tax Credits and Incentives Watch

Recently Updated:

• Digital Asset Watch

Special Reports:

OECD Pillar Two GloBE Rules – Status and Effective Dates
This Roadmapoutlines the status and dates of Pillar Two GloBE implementation across the Inclusive Framework jurisdictions, as well as any amendments to domestic law where a jurisdiction has opted to amend its domestic corporate income tax rate/rules rather than implement the Pillar Two GloBE rules.

2023 State Tax Department Survey
This OnPoint highlights key results from the 2023 survey discussing VDAs, taxation of digital assets, and conformity to recent federal tax changes.

ISSB Issues Global Reporting Standards
The International Sustainability Standards Board (ISSB) has issues two standards, marking a milestone in the standardization of global sustainability reporting. This OnPoint covers the objective of the standards, an overview of IFRS S1 & IFRS S2, relief available in the first year of reporting and effective dates.

July 27, 2023

Content Enhancements

Consolidated Domestic Journals

All domestic journal content has been streamlined into one location to make it easier to access all the news you need. All articles appear in the new Practitioner Commentary & Accounting Firm Tax News page.

Take a Deep Dive

Direct Pay and Credit Transfer Proposed and Temporary Regulations OnPoint
This OnPoint summarizes proposed and temporary regulations interpreting two new clean energy tax credit monetization provisions commonly referred to as direct pay and transferability. It highlights the regulations, including elective payment elections, applicable credit property, pre-filing registration requirements, partnership and S corp. rules, transfer election requirements, and more.

New Portfolio

• Portfolio 880-1st: Family Offices

June 29, 2023

Content Enhancements

Take a Deep Dive

Navigating Permanent Establishment and U.S. Tax Thresholds
Bloomberg Tax's Permanent Establishment and U.S. Tax Thresholds Chart and Decision Tree will aid in the evaluation of whether a foreign entity's presence or activity triggers liability for U.S. income tax.

Research & Development: An Overview of Sections 41 and 174
This quick reference resource features side-by-side summaries of R&D tax credit and amortization rules under Internal Revenue Code sections 41 and 174, respectively. In addition to outlining tax treatment and qualifying expenses, it provides relevant examples and links to primary source citations.

Pillar Two Safe Harbors and Penalty Relief
This OnPoint will help you understand the Pillar Two safe harbors and penalty relief provisions and determine when and how they apply. It also provides key takeaways on what businesses should be focused on now, as well as resources for further information

Revised Portfolios

• Portfolio 730-4Th: S Corporations: Formation and Termination

May 25, 2023

Content Enhancements

Now Available: Custom Chart Exports

Custom Chart Exports have been added to ALL charts allowing you to reduce your time editing charts in Excel with export settings. You can now export a chart with only the summary, with or without URLs, with chart changes highlighted, or just chart changes

Now Available: Summary-Only Charts

Summary-Only Charts have been added as a chart display option, where it excludes analysis information and retains only the summary such as: rates, due dates, Yes/No answers and more!

Improved: Search Results

The search results page has a new simplified interface that enables you to easily scan through search results and find the most relevant content. Simply toggle from 'Classic View' to 'BETA' and take the tour.

Take a Deep Dive

Tax Calculation Templates (BETA)

Tax Calculation Templates (BETA) contain a suite of tax calculations commonly performed by corporate tax departments and are designed to help you streamline and simplify challenging tax calculations during tax compliance and provision processes. Please provide feedback, including additional templates you'd like to have developed at taxcalcs@bloombergindustry.com

Special Report: Your Guide to R&D Tax Rules and Analysis
Taxpayers are now required to capitalize and amortize research and experimental (R&E) expenses over five or 15 years for tax years beginning in 2022 or later. The articles in this special report provide an outline of the law; recommendations for identifying and quantifying R&E costs; impact of mandatory capitalization for corporate tax departments; practice pointers; possibilities for the future, and more.

OnPoint:
FASB Common Control Lease GuidanceThis OnPoint is an overview of the newly released FASB guidance, ASU 2023-01 that clarifies the application of the accounting standard on leases (Topic 842) to related party arrangements between entities under common control.

Revised Portfolios

• Portfolio 381-5th: Statutory Stock Options
• Portfolio 780-5th: Net Operating Losses and Other Tax Attributes – Sections 381, 382, 383, 384, and 269

April 27, 2023

Content Enhancements

Improved: Chart FeaturesFor Charts Corporate Income Tax, Pass-Through Entities, Sales and Use, Country Guides, and VAT, you now have the ability to start seeing changes from a specified date selected via a Calendar view option back to January 1st, 2023.

Take a Deep Dive

Proposed New Clean Vehicle Credit Regulations Roadmap
This Roadmap highlights the tax provisions of the Notice of Proposed Rulemaking on the §30D clean vehicle credit, REG-120080-22, 88 Fed. Reg. (Apr. 17, 2023), released by Treasury and the IRS on March 31, 2023. The sourcing requirements for critical minerals and battery components are significant provisions in the proposed regulations. The Inflation Reduction Act of 2022 made several amendments to the credit, including providing a maximum credit of $7,500 per vehicle.

OnPoint: Quick Guide to ESG Reporting
While there is currently no mandatory disclosure requirement in the US, increased stakeholder interest coupled with the anticipated SEC disclosure underscore the importance of voluntarily developing a viable ESG strategy. This OnPoint is a quick "how-to" guide. It gives a breakdown of core ESG principles, suggested voluntary frameworks that companies could adopt, as well as key steps to establishing ESG reporting.

OnPoint: 2023 Local Tax Department Survey
The 2023 Local Tax Department Survey OnPoint is a high-level overview of the challenges that SALT practitioners face in a rapidly evolving local tax landscape. Experts provided insight into complex administrative requirements and highlighted areas where local tax authorities could ease compliance pain points.

Special Report: 2023 Local Tax Survey Responses
The 2023 Special Report for Local Tax Survey Responses provides a snapshot of local tax compliance requirements. Local tax departments responded to questions about the types of taxes imposed, administration, existing guidance, the authorization of powers, and voluntary disclosure agreements.

OnPoint: Bipartisan Tax Policy Push
Lawmakers are pitching bipartisan proposals on various tax incentives with possible deals on expanded child tax credits, research and development, and low-income housing credits. This OnPoint covers where Democrats and Republicans stand on the child tax credit, other tax incentives, and the IRS funding debate.

Revised Portfolios

• Portfolio 1300-3rd: Sales and Use Taxes: General Principles
• Portfolio 854-4th: U.S. Taxation of Foreign Estates, Trusts and Beneficiaries

March 26, 2023

Content Enhancements

Improved: Chart Features

The ability to view updates made to content on Corporate Income Tax, Pass-Through Entities, Sales and Use, Country Guides, or VAT Charts along with the date it was updated. Revised content from January 1st, 2023 will now be highlighted.

Take a Deep Dive

OnPoint: FY 2024 Greenbook
The Treasury released its Greenbook for fiscal 2024 detailing the revenue proposals for President Biden's budget plan. OnPoint provides key highlights, including changes in corporate and individual taxes, modifications to bring the US in line with international agreements, and adjustments to federal health programs and requirements for retirement accounts and distributions.

Pass-Through Entity Elective Taxes in the States
A quick reference guide for practitioners to see which states impose pass-through entity taxes, at which rate along with the pass-through entity election due date.

OnPoint: Colorado Retail Delivery Fee
Colorado imposes a 27-cent fee (not a tax) on the delivery of any taxable tangible personal property to an end-user/customer in the state.

OnPoint: IRS Opens Access to $4 Billion of Advanced Energy Project CreditsNotice 2023-18 outlines a four-stage process and timeline for taxpayers to obtain these energy credits. The deadline to apply is July 31, 2023. This OnPoint breaks down the guidance so you can quickly understand the qualifying criteria, application process, and key timing.

Revised Portfolios

• Portfolio 6120-1st: Transfers Subject to Section 367(b), (d), or (e)
• Portfolio 1300-2nd: Sales and Use Taxes: General Principles
• Portfolio 700-5th: Choice of Entity: Business and Tax Considerations

New Portfolio

• Portfolio 1740-1st: State Tax and Escheat False Claims and Consumer Class Action Litigation

February 23, 2023

Content Enhancements:

NEW: Chart Features

The date a chart was generated has been added to all charts and exports for easy reference. The toolbar containing the short/long answer toggle, jurisdiction, and topic will stay on the screen as you scroll down the chart for easier navigation. And the complete topic tree has been added back to header based on customer feedback.

Tax Season Watch
A centralized location for essential tax season information that includes pertinent forms, instructions, publications, expert articles, analysis, filing guides, Portfolios and news. Also included is a new Digital Assets Filing Guide.

Special Reports:

2023 Tax Outlook
This report examines the 2022 Inflation Reduction Act (H.R. 5376) – which includes a sweeping social spending and tax package – with comprehensive coverage of news to expect in 2023, fixed assets modeling under regulation and the 2022 corporate tax survey.

Sports Betting Taxes in the States
A guide to the variety of state tax rates, bases and compliance rules applied to sportsbooks and operators on sports betting, including online sports betting.

Tax Year 2022 Individual Return Preparation Client Letter (Form 1040) A client letter for practitioners in preparation of filing the 2022 TY Form 1040 that includes important changes that took effect in 2022 that may impact their clients' tax returns, guidelines and policies for the practitioner when preparing a tax return, and items needed to prepare a clients' 2022 Form 1040 return.

Guide to Creditability of Foreign Taxes under Section 901
This guide outlines the creditability of foreign taxes under §901 for various jurisdictions.

Secure 2.0 Act of 2022
Outlines the provisions in the recently enacted Secure 2.0 Act (part of the 2023 Consolidated Appropriations bill).

2023 Payroll Outlook This report discusses new payroll updates that industry professionals should be aware of in 2023. The report's various sections detail pending laws and rules on the federal, state, and local level that will impact the payroll industry.

Revised Portfolios

• Portfolio 816-3rd: Planning for Disability
• Portfolio 5107-2nd: Management's Discussion and Analysis
• Portfolio 468-2nd: Private Foundations – Investment Income Tax and Jeopardy Investments (Sections 4940 and 4944)

January 31 2023

Content Enhancements:

NEW: Recent Searches

You asked, and Bloomberg Tax listened. You can now see recent searched terms in the search bar directly above search suggestions.

Tax Calendar The 2023 Tax Calendar lists important federal due dates for the IRS from January through December 2023, which includes income, employment, excise, and federal tax deposits.

2022/2023 Quick Tax Reference Guide
The Quick Tax Reference Guide (QTRG) provides tax rates for all taxpayers, including individuals, corporations, trusts and estates. Also includes standard deduction amount, exemption amounts, tax season filing due dates for major firms, and more.

Special Reports:

Initial Guidance on Corporate Alternative Minimum Tax Released OnPoint This OnPoint explains interim guidance released on December 27, 2022 by Treasury and the IRS on the application of the new corporate alternative minimum tax (AMT).

IRS Releases Initial Guidance on Stock Buyback Tax OnPoint This OnPoint provides an overview of §4501 and guidance from Notice 2023-2.

Revised Portfolios

• Portfolio 621-4th: IRS National Office Procedures – Rulings, Closing Agreements
• Portfolio 780-4th: Net Operating Losses and Other Tax Attributes – Sections 381, 382, 383, 384, and 269

December 2022

New and Updated Content

2022 Year-End Planning
Practice Guides & Checklists specifically developed to highlight important tax changes for the next tax year, including year-end tax planning checklists.

• 2022 Year-End Individual Tax Planning Guide
• 2022 Year-End Tax Planning Strategies for Business Entities

New 2022 OnPoint Presentations
Timely presentations that provide a succinct summary of important developments, key considerations, and implications for your type of business and/or business activities.
You can access OnPoints on a dedicated page where they are organized topically allowing you to quickly navigate to the presentation of interest.

• 2022 Proposed Foreign Tax Credit Regulations
• FY2023 Treasury Greenbook- Business Tax
• FY2023 Treasury Greenbook- International Tax
• FY2023 Treasury Greenbook- Individual Tax & Compensation Planning
• FY2023 Treasury Greenbook- Estate & Gift Tax/Exempt Organizations
• FY2023 Treasury Greenbook- Select Highlights
• 2022 Proposed Passive Foreign Investment Company Regulations
• Section 958 Final Regulations
• 2022 Final Foreign Tax Credit Regulations
• BTAX OnPoint: Federal Stock Buyback Excise Tax
• Return of Federal "Superfund" Tax
• Key Filing Issues for 2027
• Rev. Proc. 2022-70: Fast-Track Letter Ruling Pilot Program
• OnPoint: 'Nexus Creep' and the Post-Wayfair Landscape
• OnPoint: Summary of Pillar One
• OnPoint: Summary of Draft Model Rules for Determining the Tax Base under Pillar One Amount A
• OnPoint: Practical Considerations of the "Amount A" Allocation for MNEs
• OnPoint: Unilateral Measure Compromise
• OnPoint: Tax and Compliance Challenges for Cross-Border E-Commerce: Wayfair Rules, VAT and EU DAC7

Enhancements

Multi-Download Printing
You can now print multiple selections from the table of contents of Tax Management Portfolios™ and Tax Practice Series. Once you choose your selection, you will receive your documents on the same page without going to the document center allowing you to batch print faster and easier.

Improved Citation Search Navigation
Quickly go to the answers within the citation results containing sections and subsections with our improved navigation experience, reducing the time spent on finding expected materials and documents.

Improved Layout Now on Bloomberg Tax Research
A streamlined research workflow making it easier to find the most valuable, go-to resources quickly. Take a brief tour of the updates to the Federal, State and International pages below:

• Federal
• State
• International

New Look to BTAX State Tax Chart Builders
Based on feedback from customers seeking to isolate rate information and to allow the links to function in excel using charts outside of Bloomberg Tax. When a chart is exported to excel, all links (primary & secondary) will now populate in their own cells allowing for quick access back into the specified content on the BTAX Platform. The charts will now isolate rates into their own respective cells, when rates have been selected as a topic under the Chart Builders.

Federal Tax

2023 Federal Tax Guide
A must-have reference for advising business and individuals on federal taxation, as well as a vital resource for compliance and tax planning.

Inflation Reduction Act of 2022 Watch Page
The watch page brings together in one place key resources on tax, climate, and health care provisions, such as legislative documents, news & commentary featuring the latest from Daily Tax Report, a Roadmap, practitioner insights, and OnPoints.

Digital Assets Watch Page
Quickly access key analysis, news, and other practice tools and resources designed to help you educate and guide your clients around cryptocurrency. It includes expert analysis, primary sources, forms and instructions, key cases, practice tools, and government resources.

Bloomberg Tax's 2022 Quarterly Outlook on Tax
The latest developments and trends impacting tax professionals. From legislation tracking and compliance to data management and technology integration, explore how to streamline your tax and finance teams released quarterly.

State Tax

2022 Survey of State Tax Departments
Provides guidance from the states on corporate income tax and sales and use tax policies covering nexus, sourcing, apportionment and more. Watch the companion webinar: Learning from the 2022 Survey of State Tax Departments - Corporate Income Taxation

Survey of Local Tax Departments
For the first time ever, Bloomberg Tax invited local tax departments from across the United States to provide clarity on basic tax policy and administration. This report discusses the information shared by the 23 localities that participated in our inaugural local tax survey. The survey provides insight on fundamental local tax issues in four areas: what types of laws and guidance the locality issues and whether these are publicly available, local tax administration, what taxes each jurisdiction imposes, and authorization of local taxing powers.

State and Local Tax Relief for Natural Disasters
Types or specific disasters and by jurisdiction. Users can also quickly access standard deadlines for states for different tax types.

SALT Cap Workaround Research Roadmap
Many states have enacted legislation to lessen the impact of the deduction limit for individuals who conduct business through a pass-through entity by shifting the tax burden to the entity. This roadmap directs users to the relevant state chart builder where they can find coverage of this topic.

International Tax

GloBE Modeling Tool
A downloadable tool that can be used to estimate the high-level impact of the global minimum tax under Pillar Two of the OECD Two-Pillar Agreement. It computes the estimated top-up tax for each jurisdiction based on data entered by the user, assuming the user's organization is within scope of Pillar Two. The tool is based on model rules and guidance available as of May 2022.

New Country Tracker VAT Coverage Expansion
All tracker-covered counties will have coverage of VAT topics (e.g., exemptions, VAT inputs, reverse charge mechanisms, etc.)

New International Tracker 40 Country Expansion
Tax Developments Tracker expanded to cover 154 countries and provides coverage of developments on all major topics for international tax.

2022 OECD Transfer Pricing Guidelines
Published in January 2022, the guide consolidates changes since the previous edition, including guidance on the Transactional Profit Split Method, hard-to-value intangibles, and financial transactions.

Pillar Two: Detailed Analysis of the Model GloBE Rules
The OECD's Pillar Two proposals for a 15% global minimum tax will result in a significant increase in complexity in international tax reporting and will require substantial compliance resources. Both parent companies and subsidiaries will need to implement mechanisms for reporting, tracking and making top-up payments that occur as a result of the global minimum tax. In this report we provide detailed analysis of the key elements of the Pillar Two proposals, based on the Model Rules issued by the OECD.

Pillar Two: Highlights of the Commentary on the Model GloBE Rules
Looks at some key highlights of the OECD Commentary, including additional detail interpretations that were not provided in the Model GloBE rules released in December. This information will help businesses as they plan for implementation of the GloBE rules.

OECD Two-Pillar Global Tax Agreement Watch
Provides a cleaner option for finding Analysis, Key Documents, and News & Insights for Pillars One and Two. You'll find relevant analysis for each Pillar near the top of the page, along with OnPoints that provide information about the key issues multinationals need to be considering as guidance is developed throughout the year, including the potential impact of the Amount A calculation under Pillar One and deferred tax considerations under Pillar Two GloBE rules. This page is updated as relevant guidance, model rules, and other information is released from the OECD, European Union, and individual countries as they begin implementation efforts.

New Portfolios

• 335-lst: Health Care Reforms - Implications for Employee Benefit Plans (replaces Health Care Reform Adviser)
• 380-lst T.M., Employee Benefits in Bankruptcy
• 577-lst: Net Investment Income Tax
• 6275-lst: Global Intangible Low-Taxed Income (GILTI)
• 6020: The Creditability of Foreign Taxes - General Issues
• 6200-lst: CFCs - General Overview
• 7230-lst: Business Operations in Malaysia
• 7360-lst: Business Operations in Spain

Revised Portfolios

• 358-5th: Section 40l(k) Cash or Deferred Arrangements
• 367-3: Inventories: IRAs
• 390-6th: Reasonable Compensation
• 392-7th: Withholding, Social Security, and Unemployment Taxes on Compensation
• 572-2: Tax Incentives for Production and Conservation of Energy and Natural Resources
• 562-2nd: Capital Assets - Related Issues
• 563-3rd: Depreciation Recapture
• 578-4: Inventories: General Principles; LIFO Method
• 597-3rd: Tax Incentives for Economically Distressed Areas
• 636-4th: Tax Crimes
• 645-3rd: Innocent Spouse Relief
• 718-3rd: Partnerships - Disposition of Partnership Interests or Partnership Business; Partnership Termination
• 720-3rd: Portfolio 720-3rd: Partnership Transaction - Section 751 Property
• 755-4th: Consolidated Returns - Investment in Subsidiaries
• 760-4th: Small Business Corporation Stock: Special Incentives
• 771-4th: Corporate Acquisitions - (A), (B), and (C) Reorganizations
• 788-3rd: Stock Purchases Treated as Asset Acquisitions - Section 338
• 832-3rd: Estate Tax Payments and Liabilities: Sections 6161 and 6166
• 866-3rd: Charitable Lead Trusts
• 839-3rd: Estate and Gift Tax Charitable Deductions
• 866-3: Charitable Lead Trusts
• 1600-4th: Unclaimed Property
• 6040-2nd: Indirect Foreign Tax Credits
• 6810-2nd: U.S. International Tax Aspects of Charitable Giving and Charitable Operations
• 7320-2: Business Operations in Puerto Rico
• 7400-2nd: Business Operations in the United Kingdom

Accounting Portfolios

• 570-4th: Accounting Methods - General Principles
• 572-4th: Accounting Methods - Adoption and Changes

Special Reports

Bloomberg Tax's 2022 Quarterly Outlook on Tax
The latest developments and trends impacting tax professionals. From legislation tracking and compliance to data management and technology integration, explore how to streamline your tax and finance teams released quarterly.

Payroll Year-End Checklist
A checklist that includes useful do's and don'ts covering employers' year-end payroll responsibilities and avoid associated penalties for noncompliance.

2023 Projected U.S. Tax Rates Special Report
Using the Chained Consumer Price Index data from the Bureau of Labor Statistics, the 2023 Projected Tax Rates Report will include projected 2023 inflation-adjusted amounts for key figures in the tax code. The report is a preview of the forthcoming revenue procedure that will provide the official inflation-adjusted amounts.

OECD Two-Pillar Agreement Guide
The Guide provides analysis of the different components of the OECD Two-Pillar Agreement starting with analysis of the GloBE rules.

Practitioner Perspectives on Cryptocurrency and Digital Asset Taxation
This special report explores the changing landscape of cryptocurrency and digital asset taxation. It consists of Bloomberg Tax Practitioner Insights articles spanning recent international developments.

Inflation Reduction Act of 2022 Roadmap
This roadmap provides a summary of the tax provisions in the Inflation Reduction Act, Pub. L. No. 777-769, which was signed by President Biden on August 76, 2022.

Payroll Year-End Clearinghouse
The Bloomberg Tax Payroll Year-End Clearinghouse of information on 2027 year-end payroll developments and duties is available to subscribers. The clearinghouse provides federal and state updates to help payroll professionals navigate the year-end process. The latest updates include the 2022 inflation-adjusted payroll and pension amounts, 2022 Social Security wage base, increases in the minimum wage for a number of states and localities, updates on unemployment tax requirements, and links to forms and publications released by the Internal Revenue Service.

2022 Payroll by the Numbers
The Payroll by the Numbers includes the key 2022 federal and state wage base limits, including base hourly minimum wage rates, unemployment insurance, supplemental withholding rates and annual reconciliation due dates.

ESG Watch Page
ESG is an area of growing focus - more than ever, companies need to incorporate ESG considerations when preparing their financial statements, and ESG accounting and reporting practices are coming under more scrutiny from investors, regulators, and other stakeholders. The page features links to current standard-setters statements, speeches, and guidance on ESG-related issues; and will be frequently updated as we expect an influx of proposed rules being finalized, and new rules emerging from the top standard setting agencies (SEC, FASB, ISSB) before year-end

November 30, 2022

Content Enhancements:

NEW: Quick Rates for All States Quickly pulls up state corporate income tax rates for all states in the search bar above search results.

2022 Year-End Planning Practice Guides & Checklists specifically developed to highlight important tax changes for the next tax year, including checklists to help with year-end tax planning are now available.

• 2022 Year-End Individual Tax Planning Guide
• 2022 Year-End Individual Tax Planning Client Letter**
• 2022 Year-End Tax Planning Strategies for Business

Special Reports:

Nexus Creep – Post-Wayfair Landscape OnPoint
States are imposing sales in a more aggressive nature. This OnPoint explains recent nexus developments and the current state of nexus for multi-state taxpayers. Includes practical guidance for dealing with 'nexus creep.'

Webinar:

Webinar: 2022 State and Local Tax Legislative Update

Bloomberg Tax partnered with an expert panel from the Council On State Taxation (COST) to provide a state and local tax legislative roundup for 2022 and offer insights on what to expect for 2023.

New & Revised Portfolios

• Portfolio 752-3: Corporate Alternative Minimum Tax
• Portfolio 784-4: Corporate Liquidations
• Portfolio 5107-2: Management's Discussion and Analysis
• Portfolio 6020: The Credibility of Foreign Taxes – General Issues

October 31, 2022

Content Enhancements:

New: Multi-Download Printing You now have the ability to print multiple selections from the table of contents of Tax Management Portfolios and Tax Practice Series. Once you choose your selection, you will receive your documents on the same page without going to the document center allowing you to batch print faster and easier.

Special Reports:

Q4 Quarterly Outlook
This report is an interactive, in-depth look at the latest tax trends and developments. This special edition carefully examines the 2022 Inflation Reduction Act (H.R. 5376) – which includes a sweeping social spending and tax package – providing the most relevant news, resources, and research to help tax professionals prepare for tax provision changes.

Payroll Year-End Checklist
A checklist that includes useful dos and don'ts covering employers' year-end payroll responsibilities and avoid associated penalties for noncompliance​.

Stock Buyback** (Repurchase) Excise Tax**
OnPoint This OnPoint explains provisions of the new 1% federal excise tax on stock repurchases..

Revised Portfolio

• REVISED: Portfolio 6020: The Creditability of Foreign Taxes – General Issues
• REVISED: Portfolio 771-4th: Corporate Acquisitions – (A), (B), and (C) Reorganizations
• REVISED: Portfolio 512-2: Tax Incentives for Production and Conservation of Energy and Natural Resources
• REVISED: Portfolio 578-4: Inventories: General Principles; LIFO Method
• REVISED: Portfolio 866-3: Charitable Lead Trusts
• REVISED: Portfolio 7320-2: Business Operations in Puerto Rico

September 30, 2022

Special Reports:

2023 Projected U.S. Tax Rates Special Report
Using the Chained Consumer Price Index data from the Bureau of Labor Statistics, the 2023 Projected Tax Rates Report will include projected 2023 inflation-adjusted amounts for key figures in the tax code. The report is a preview of the forthcoming revenue procedure that will provide the official inflation-adjusted amounts.

OECD Two-Pillar Agreement Guide
The Guide provides analysis of the different components of the OECD Two-Pillar Agreement starting with analysis of the GloBE rules.

Payroll Year-End Checklist
A checklist that includes useful dos and don'ts to help employers track year-end payroll responsibilities and avoid associated penalties for noncompliance.

Practitioner Perspectives on Cryptocurrency and Digital Asset Taxation
This special report explores the changing landscape of cryptocurrency and digital asset taxation. It consists of Bloomberg Tax Practitioner Insights articles spanning recent international developments.

Revised Portfolio

• REVISED: Portfolio 367-3: Inventories: IRAs

August 25, 2022

Content Enhancements:

• Inflation Reduction Act of 2022 Watch Page
  The Inflation Reduction Act of 2022 includes tax, climate, and health care provisions. The watch page brings together in one place key resources on the tax provisions, such as legislative documents, news & commentary featuring the latest from Daily Tax Report, a Roadmap, practitioner insights, and OnPoints.

• Corporate Tax Season Watch Page
  This page provides resources to help corporate tax practitioners analyze the relevant tax law and prepare and file corporate income tax returns. It includes new tax forms, expert analysis, and news and commentary.

• Digital Assets Watch Page
  This page will help you quickly access key analysis, news, and other practice tools and resources designed to help you educate and guide your clients. It includes expert analysis, primary sources, forms and instructions, key cases, practice tools, and government resources.

• Improved Citation Search Navigation
  Improved navigation experience to quickly take you to the answers within the citation results containing sections and subsections, reducing the time spent on finding expected materials and documents.

• Updates to BTAX State Tax Chart Builders When a chart is exported to excel, all links (primary & secondary) will now populate in their own cells allowing for quick access back into the specified content on the BTAX Platform. The charts will now isolate rates into their own respective cells, when rates have been selected as a topic under the Chart Builders. These changes are based on feedback from customers seeking to isolate rate information, and to allow the links to function in excel for our customers using the charts outside of Bloomberg Tax.

Special Reports:

• Inflation Reduction Act of 2022 Roadmap

This roadmap provides a summary of the tax provisions in the Inflation Reduction Act, Pub. L. No. 117-169, which was signed by President Biden on August 16, 2022.

• Bloomberg Tax Q3 Outlook

The Outlook provides essential intelligence to help you maintain control during uncertainty with a comprehensive look at the current economic and tax-related challenges affecting workflow automation, provision, state tax laws, and the IRS.

New/Revised Portfolios

• REVISED: Portfolio 6040-2nd: Indirect Foreign Tax Credits
• REVISED: Portfolio 572-4th: Accounting Methods – Adoption and Changes
• REVISED: Portfolio 392-7th: Withholding, Social Security, and Unemployment Taxes on Compensation
• REVISED: Portfolio 390-6th: Reasonable Compensation

July 29, 2022

Content Enhancements:**

• 2022 Survey of State Tax Departments
  Annual Survey of State Tax Departments provides guidance from the states on corporate income tax and sales and use tax policies covering nexus, sourcing, apportionment and more. Watch the companion webinar: Learning from the 2022 Survey of State Tax Departments – Corporate Income Taxation

New/Revised Portfolios

• NEW: Portfolio 335-1st: Health Care Reforms – Implications for Employee Benefit Plans (replaces Health Care Reform Adviser)

• NEW: 380–1st T.M., Employee Benefits in Bankruptcy

• REVISED: Portfolio 597-3rd: Tax Incentives for Economically Distressed Areas

• REVISED: Portfolio 390-6th: Reasonable Compensation

• REVISED: Portfolio 358-5th: Section 401(k) Cash or Deferred Arrangements

• REVISED: Portfolio 511-1st: Net Investment Income Tax

• REVISED: Portfolio 6810-2nd: U.S. International Tax Aspects of Charitable Giving and Charitable Operations

• REVISED: Portfolio 7400-2nd: Business Operations in the United Kingdom

• REVISED: Portfolios 7360-1st: Business Operations in Spain

June 30, 2022

Content Enhancements:

• NEW: Improved Layout Now on Bloomberg Tax Research Improved organization of the content you need is now on Bloomberg Tax Research. The new layout will streamline your research workflow by making it easier to find the most valuable, go-to resources quickly. Take a brief tour of the updates to the Federal, State and International pages below:

  • Federal

  • State

  • International

• NEW: 2022 Mid-Year Individual Tax Planning Guide**
  As the recovery from the pandemic continues, now is an ideal time to focus on tax planning for the remainder of 2022. There are many tax planning opportunities available to help CPAs guide their clients to reduce individual federal and state tax burdens, especially as Congress has enacted various provisions designed to help taxpayers recover from the COVID-19 pandemic. This guide gives CPAs the knowledge they need to help clients with potential tax-saving opportunities for individual taxpayers to consider.

• NEW GloBE Modeling Tool** :
  The GloBE (Global Anti-Base Erosion) Modeling Tool (BETA) is a downloadable tool that can be used to estimate the high-level impact of the global minimum tax under Pillar Two of the OECD Two-Pillar Agreement. It computes the estimated top-up tax for each jurisdiction based on data entered by the user, assuming the user's organization is within scope of Pillar Two. The tool is based on model rules and guidance available as of May 2022.

• New Country Tracker VAT Coverage Expansion
  All tracker-covered countries will have coverage of VAT topics (e.g., exemptions, VAT inputs, reverse charge mechanisms, etc.)

• New International Tracker 40 Country Expansion
  Tax Developments Tracker is expanding to cover 154 countries and will provide coverage of developments on all major topics for international tax.​

• Take a Deep Dive

  • OnPoints are timely presentations that provide a succinct summary of important developments, key considerations, and implications for specific types of businesses and/or business activities.
    • Return of "Superfund" Excise Tax
  • New/Revised Portfolios

• REVISED: Portfolio 570-4th: Accounting Methods — General Principles

• REVISED: Portfolio 718-3rd: Partnerships - Disposition of Partnership Interests or Partnership Business; Partnership Termination

• NEW: Portfolio 335-1st: Health Care Reforms – Implications for Employee Benefit Plans (replaces Health Care Reform Adviser)

• NEW: 380–1st T.M., Employee Benefits in Bankruptcy

Webinars:

• On-Demand: Federal-State Unemployment Insurance Outlook
• On-Demand: The Q2 Provision – Setting Up Your Tax Department For Success

May 26, 2022

Content Enhancements

Coming Soon: Enhanced Layout on Bloomberg Tax Research
Based on feedback from customers and our continued investment in Bloomberg Tax Research, this is one of the many enhancements we will make to improve the user experience.

Take a Deep Dive

NEW OnPoints:

• REVISED OnPoint: Wayfair, VAT, and DAC7

New & Revised Portfolios:

• REVISED: Portfolio 832-3rd : Estate Tax Payments and Liabilities: Sections 6161 and 6166
• REVISED: : Portfolio 788-3rd: Stock Purchases Treated as Asset Acquisitions — Section 338
• REVISED: Portfolio 1600-4th: Unclaimed Property

Webinars

• Automation for the Tax Function: Trends, Opportunities, and Challenges: On-Demand Now Available
• Federal-State Unemployment Insurance Outlook: June 9, 2022 1:00 PM – 2:00 PM EST

April 28, 2022

Content Enhancements

• OnPoint: FY2023 Treasury Greenbook - Select Highlights: On March 28, 2022, the Treasury Department issued "General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals. President Biden's second "Greenbook" provides details of Biden's tax policy proposals for FY2023. Highlights include:
  • Repeal of the base erosion and anti-abuse tax and replacement with an undertaxed profits rule
  • C corporation rate increase from 21% to 28%
  • Individual top marginal rate increase from 37% to 39.6%
  • 20% minimum tax on total income (including unrealized gain) of highest earners
• Q2 Quarterly Outlook: Our just-released Q2 Quarterly Outlook provides a comprehensive look at the automation trends that are streamlining tax workflows far and wide to save time, reduce costs, and increase productivity. This interactive report helps you stay ahead of important developments — with the most relevant news, resources, and research – so you're always prepared.

Take a Deep Dive

NEW OnPoints:

These ready-to-use presentation slides explain the key elements and what you need to know about the Treasury Department's issuance of "General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals", President Biden's second "Greenbook":

• Treasury Greenbook - Estate & Gift Tax/Exempt Organizations
• Treasury Greenbook - Business Tax
• Treasury Greenbook - International Tax
• Treasury Greenbook - Individual & Compensation Planning

More NEW OnPoints:

• Wayfair, VAT, andDAC7

New & Revised Portfolios:

• Updated:Portfolio7230-1st: Business Operations in Malaysia
• Revised: Portfolio 562-2nd: Capital Assets — Related Issues

Webinars

• Practical Implications of the OECD's Pillar 1 and 2 Rules: April 28, 2022, 11:00 AM ET – 12:00 PM ET
  • For more coverage of OECD's Two-Pillar Solution access our Watch Page

March 31, 2022

Content Enhancements

Bloomberg Tax's 2022 Quarterly Outlook on tax
is a timely look at the latest developments and trends impacting tax professionals. From legislation tracking and compliance to data management and technology integration, we explore how to streamline your tax and finance teams.

2022 OECD Transfer Pricing Guidelines Available!
This most recent edition, published in January 2022, consolidates changes since the previous edition, including guidance on the Transactional Profit Split Method, hard-to-value intangibles, and financial transactions.

Pillar Two: Detailed Analysis of the Model GloBERules
The OECD's Pillar Two proposals for a 15% global minimum tax will result in a significant increase in complexity in international tax reporting and will require substantial compliance resources. Both parent companies and subsidiaries will need to implement mechanisms for reporting, tracking and making top-up payments that occur as a result of the global minimum tax. In this report we provide detailed analysis of the key elements of the Pillar Two proposals, based on the Model Rules issued by the OECD.

Pillar Two: Highlights of the Commentary on the Model GloBE Rules
looks at some key highlights of the OECD Commentary, including additional detail or interpretations that were not provided in the Model GloBE rules released in December. This information will help businesses as they plan for implementation of the GloBE rules.

State and Local Tax Relief for Natural Disasters
The new Disaster Relief Landing Page centralizes access to state and local relief that's announced in response to multiple types of natural disasters. This page serves as a launch point accessing relief by disaster types or specific disasters and by jurisdiction. Users can also quickly access standard deadlines for states for different tax types.

Take a Deep Dive

NEW OnPoints:

• Deferred Tax under the GloBE Rules and its Impact on MNEs
• Summary of the Draft Model Rules for Determining the Tax Base under Pillar One Amount A
• The Substance-Based Income Exclusion under the GloBE Rules
• Summary of Pillar One Draft Model Nexus and Revenue Sourcing Rules
• Wayfair, VAT, and DAC7

New & Revised Portfolios:

NEW: Portfolio 6215-1st: Global Intangible Low-Taxed Income (GILTI):

• Provides analysis of the GILTI computation and a discussion of the foreign tax credit rules as they apply to GILTI inclusion, among other key observations.
• Highlights invaluable observation points for corporations, attorneys, and CPAs.

REVISED: Portfolio 755-4th: Consolidated Returns — Investment in Subsidiaries:

• Provides detailed analysis of the rules that apply when an affiliated group filing a consolidated return owns subsidiary stock.
• Incorporates changes to net operating losses enacted by the CARES Act and IRS guidance regarding foreign corporations with previously taxed earnings and profits (PTEP).
• Focuses more sharply on issues related to subsidiary stock to better compliment the other consolidated return Portfolios.

REVISED: Portfolio 6200-1st: CFCs — General Overview:

• Sets out the fundamental rules applicable to CFCs, or controlled foreign corporations.
• Explains the interaction of the CFC rules (aka subpart F) with the GILTI rules.
• Includes a new Worksheet that provides a high-level comparison of the two regimes.

Webinars

Tax Provision: How Year-End Went & Must-Know Tips for the Quarterly Provision –OnDemand Available

Did You Know

You can get the latest analysis, news, and tools on popular and timely topics including:

• 2022 Tax Calendar
• Tax Season Watch

February 24, 2022

Product Enhancements

Survey of Local Tax Departments
For the first time ever, Bloomberg Tax invited local tax departments from across the United States to provide clarity on basic tax policy and administration. This report discusses the information shared by the 23 localities that participated in our inaugural local tax survey. The survey provides insight on fundamental local tax issues in four areas: what types of laws and guidance the locality issues and whether these are publicly available, local tax administration, what taxes each jurisdiction imposes, and authorization of local taxing powers.

SALT Cap Workaround Research Roadmap
The Tax Cuts and Jobs Act (TCJA) amended I.R.C. § 164 to limit the deduction individuals can take for state and local taxes to $10,000 ($5,000 for married individuals filing separately) in tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026. The limit does not apply, however, to taxes paid in connection with a trade or business and imposed directly on the business. Many states have enacted legislation to lessen the impact of the deduction limit for individuals who conduct business through a pass-through entity by shifting the tax burden to the entity. This research roadmap directs users to the relevant state chart builder where they can find coverage of this topic.

2021 Corporate Tax Department Benchmark Survey
More than 370 managers, directors, vice presidents, and C-suite executives in public and private companies across the U.S. shared their insights into the challenges, mandates, roles, staffing, and technology choices they're facing within their organizations today. Here we share a collection of highlights and unique perspectives to help you benchmark where your tax department stands now and going forward.

Our revised OECD Two-Pillar Global Tax Agreement Watch Page provides a cleaner option for finding Analysis, Key Documents, and News & Insights for Pillars One and Two. You'll find relevant analysis for each Pillar near the top of the page, along with OnPoints that provide information about the key issues multinationals need to be considering as guidance is developed throughout the year, including the potential impact of the Amount A calculation under Pillar One and deferred tax considerations under Pillar Two GloBE rules. This page is updated as relevant guidance, model rules, and other information is released from the OECD, European Union, and individual countries as they begin implementation efforts.

2022 Tax Calendar
Stay up to date on the IRS tax calendar and key filing dates. Our 2022 tax calendar gives you a quick reference to the most common forms and 2022 tax due dates for individuals, businesses, and tax-exempt organizations. Aligned with the IRS calendar — view specific due dates by month for filing tax forms, paying taxes, and other actions required by federal tax law. Bookmark this website to track key 2022 deadlines and avoid penalties as well as late fees.

Tax Season Watch
Tax Season Watch Pulls together essential tax filing and payment resources in one central location! Tax Season Watch provides critical information including tax filing coverage, news, special reports covering best practices when e-filing, common mistakes in tax preparation, top audit triggers, and much more. New additions to Tax Season Watch include: the Federal Tax Guide and Tax Prep Guides.

Take a Deep Dive

OnPoint: Section 958 Final Regulations
The Treasury Department issued final regulations on determining stock ownership under Section 958 on Jan. 25, finalizing portions of the proposed regulations issued in June 2019. The final rules treat a domestic partnership as an aggregate of its partners for purposes of computing income inclusions under Sections 951 and 951A —and other provisions that specifically apply by reference to those provisions.

OnPoint: 2022 Proposed Passive Foreign Investment Company Regulations
The Treasury Department issued proposed regulations relating to passive foreign investment companies (PFICs) on Jan. 25. The proposed regulations would treat domestic partnerships and S corporations that own stock in PFICs as aggregates of their partners and shareholders, respectively. The proposed rules also address the controlled foreign corporation (CFC) overlap rule, purging elections, and certain PFIC information reporting requirements, as well as several non-PFIC topics.

Portfolio 645-3rd: Innocent Spouse Relief:
This revised Portfolio examines the rules permitting a taxpayer to obtain relief from joint and several liability (i.e., innocent spouse relief) for federal income taxes and self-employment taxes determined with respect to a joint return. Now includes: new sample documents and a checklist for analyzing innocent spouse relief.

Portfolio 839-3rd: Estate and Gift Tax Charitable Deductions:
This revised Portfolio surveys the estate tax charitable deduction allowed to a decedent's estate by §2055 for transfers to qualifying recipients for public, charitable, religious, and other similar purposes, and the gift tax charitable deduction available to a transferor by §2522 for lifetime transfers. Now includes: New sample clauses and sample documents.

Portfolio 636-4th: Tax Crimes:
This revised Portfolio discusses both individual and corporate criminal tax liability as well as the administrative process and the investigatory tools used by the government to uncover crimes. It also analyzes taxpayer rights during a criminal investigation and Federal Sentencing Guidelines with a new emphasis on voluntary disclosure, streamlined filing, sentencing, plea agreements, and prosecution standards.

Portfolio 760-4th: Small Business Corporation Stock: Special Incentives:
This revised Portfolio analyzes special incentives for small business investment. It focuses on three provisions in particular: (1) the tax-deferred rollover of gain on the sale of qualified small business corporation stock, (2) the exclusion of gain qualified small business corporation stock, and (3) ordinary loss treatment of small business corporation stock. Now includes the addition of practice and planning points throughout.

Webinars

Payroll Outlook for 2022 - On-Demand available

Learning from the Survey of Local Tax Departments - On-Demand available

Tax Provision: How Year-End Went & Must-Know Tips for the Quarterly Provision - Date / Time: Mar 15, 2022, 2:00 PM EDT

January 31, 2022

Product Enhancements

Payroll Year-End Clearinghouse
The Bloomberg Tax Payroll Year-End Clearinghouse of information on 2021 year-end payroll developments and duties is available to subscribers. The clearinghouse provides federal and state updates to help payroll professionals navigate the year-end process. The latest updates include the 2022 inflation-adjusted payroll and pension amounts, 2022 Social Security wage base, increases in the minimum wage for a number of states and localities, updates on unemployment tax requirements, and links to forms and publications released by the Internal Revenue Service.

2022 Payroll by the Numbers
The Payroll by the Numbers includes the key 2022 federal and state wage base limits, including base hourly minimum wage rates, unemployment insurance, supplemental withholding rates and annual reconciliation due dates.

NEW: Federal Tax Guide
The Federal Tax Guide is a must-have reference for advising business and individuals on federal taxation, as well as a vital resource for compliance and tax planning.

Tax Season Watch
Tax Season Watch Pulls together essential tax filing and payment resources in one central location! Tax Season Watch provides critical information including tax filing coverage, news, special reports covering best practices when e-filing, common mistakes in tax preparation, top audit triggers, and much more. This year we have added The Federal Tax Guide and Tax Prep Guides.

Take a Deep Dive

UPDATED: Portfolio 563-3rd: Depreciation Recapture
Sections 1245 and 1250: This Portfolio discusses the purpose of various aspects of §1245 and §1250, types of property subject to recapture, transactions that give rise to recapture, and the amount subject to recapture. It emphasizes tax planning and discusses means for reducing the impact of §1245 and §1250, including strategies such as the careful timing of dispositions and the use of certain accounting methods.

UPDATED: Portfolio 720-3rd: Portfolio 720-3rd: Partnership Transaction — Section 751 Property
This Portfolio analyzes the federal income tax consequences of a sale or exchange of a partnership interest where the partnership owns a §751(a) property (i.e., unrealized receivables and inventory items) and a distribution from a partnership owning §751(b) property (i.e., unrealized receivables and inventory items which have appreciated substantially in value) where such distribution has the effect of changing the proportionate interests of the partners in the §751(b) property.

OnPoint: 2022 Final Foreign Tax Credit Regulations
The 2022 final regulations (T.D. 9959) published on January 4 finalize portions of the 2020 proposed rules. This new set of rules address a variety of topics related to the foreign tax credit, including the definitions of a foreign income tax and a tax in-lieu-of an income tax, the timing rules for claiming a foreign tax credit, and the allocation and apportionment of foreign income taxes. These regulations also clarify some of the rules with respect to foreign-derived intangible income (FDII). A notable item is the new jurisdictional nexus that was introduced in the 2020 proposed regulations has been renamed to "attribution requirement" in these new final regulations. The updated Roadmap: 2022 Final Foreign Tax Credit Regulations can be found here.

OnPoint: Final Regulations on Transitions from Interbank Offered Rates to Other Reference Rates
This new OnPoint summarizes some key aspects of the final rules issued in T.D.9961 including: covered and noncovered modifications, excluded modifications and integrated transactions and hedging transactions.

OnPoint: Rev. Proc. 2022-10: Fast-Track Letter Ruling Pilot Program
This OnPoint summarizes the IRS requirements and procedures a taxpayer should follow to submit a request for fast-track processing.

OnPoint: Key Filing Issues for 2021
This OnPoint highlights key filing issues for 2021, which include: Digital Assets (i.e. Cryptocurrency), Unemployment Compensation, Charitable Deduction Changes, 2021 Economic Impact Payment, Advance Child Tax Credit, Child and Dependent Care Credit, Required Minimum Distributions/COVID Distributions, Schedules K-2 and K-3, Home Office Deduction, and IRS Processing Challenges.

2022 Quick Tax Reference Guide
The Quick Tax Reference Guide is a practical resource to help you plan and comply in the upcoming tax filing year. From a straightforward tax transaction to the most complex tax issues, you can rely on Bloomberg Tax Research to keep you up to date on developments with breaking news, in-depth analysis, time-saving practice tools, practitioner insights into emerging trends, and access to a full array of primary source materials.

2021 International Forum Fall/Winter
Read our latest International Forum which presents a comparative study of international tax law issues. Detailed responses to each topic are provided by expert practitioners based in major industrial countries.

December 2021

Enhancements

2021 Year-End Planning

Practice Guides & Checklists specifically developed to highlight important tax changes for the next tax year, including checklists to help with year-end tax planning are now available.

• Year-End Individual Tax Planning Guide
• Year-End Tax Planning Strategies for Business Entities

2022 Federal Tax Guide
Now available! This is a must-have reference for advising business and individuals on federal taxation, as well as a vital resource for compliance and tax planning.

New Homepage
We've created a new Homepage to improve navigation across the platform and customize your experience. Now, you have option to set the new Homepage as your default after logging in to see your recent searches and content views, trending topics such as Digital Tax, and related content like our ready-to-use slides on selected tax developments.

New Topic Hubs
Explore the topics that are trending across the Federal, State, and International tax landscapes with our featured Topic Hubs on the new Homepage. Select a topic, such as Transfer Pricing, and with one click you will be directed to curated resources such as:

• Latest developments
• External Resources
• Internal Revenue Code
• Treasury Regulations
• Fast Answers™
• Tax Management Portfolios

Click here for a growing list of Topic Hubs and here to let us know how to improve it

Email Alerts on Federal, State and International Tax Developments Trackers
Federal, State and International Trackers now include a "Create Alert" feature. You can now create email alerts based off your filtered results, export your results easily to Excel and save your selections to the workspace. Tracker results page now have a similar look and feel to the Daily Tax Report search results page. The email alerts on trackers allow you to easily track developments across jurisdictions and a full range of tax topics making it easier to stay up to date on the latest tax activities.

Versions Feature on internal Revenue Code and Treasury Regulations Our new tool provides you the ability to compare Treasury Regulations and Internal Revenue Code versions with the push of a button. Reference point-in-time versions of Treasury Regulations and Code sections faster and effortlessly with Version Compare.

Highlights of this new feature include:

• Prior versions of documents
• Side-by-side views
• Redlined to spot changes

On Point Presentations
On Points are timely presentations that provide a succinct summary of important developments, key considerations and implications for specific types of businesses and/or business activities. You can search OnPoints on a dedicated page where they are organized topically allowing you to quickly navigate to the presentation of interest.

On Points include:

• Treasury Green Book
• Remote Employees
• Senate Finance International Tax Discussion Draft
• Tax Challenges Arising in the Digital Economy – Report on the Joint Statement on a Transitional Approach to DSTs and Existing Unilateral Measures
• Tax Challenges Arising in the Digital Economy – Report on the Statement on a Two-Pillar Solution by the OECD/G20 Inclusive Framework on BEPS
• The OECD's Multilateral Instrument (MLI)
• Electronic Invoicing and Value Added Tax
• DAC6 – the EU Reporting Rules
• Paycheck Protection Program: Key Changes for 2021
• American Rescue Plan Act of 2021: Select Individual Tax Provisions
• American Rescue Plan Act – Pension Provisions
• Top 10 Filing Issues for 2020
• Paycheck Protection Program (PPP) State Research Roadmap
• Payroll Protection Program: Key Changes for 2021
• Business Interest Limitation 2021 Final Regulations
• Carbon Oxide Sequestration Final Regulations 2021
• Carried Interest Rules Final Regulations
• Rules on Deductibility of Amounts Paid to Governmental Entities

Federal Tax

Budget Reconciliation Watch
Our new Budget Reconciliation Watch page covers proposed changes to international provisions like GILTI and FDII, an increase in the corporate tax rate, and green energy incentives. The page includes resources on those tax provisions, including the latest news from our global team of reporters, links to key documents, and our growing body of analysis. The page is accessible here.

Tax Footnotes Comparison Tool Enhancements
The tool has been updated to include present 10-K filings back to 2018, as well as the addition of 10-Q filings. The tool now includes the ability to intuitively add, change and remove filings from the comparison, as well as reorder your selected filings with the drag & drop feature.

State Tax

State Tax Qui Tam/Class Action Litigation
Leading practitioners Mike Wynne and John Allan discuss how qui tam and class action lawsuits arise in the state tax context. Topics covered include the risks of these claims, their elements, defenses, and best practices.

California Proposition 19
Bloomberg Tax and Mindcrest describe the unique landscape of property taxes in California, including recent property tax developments such as Proposition 19. The discussion includes a primer on the practical effects of Proposition 19 and some property tax planning tips from our experts.

International Tax

OECD Two-Pillar Global Tax Agreement Watch
Our new OECD Two-Pillar Global Tax Agreement Watch page covers the two-pillar agreement that addresses the challenges arising from the digitalization of the global economy. The watch page brings together news, analysis, and other resources in one centralized location, making it easier for you to find information as new details are released and implementation efforts begin for member countries. The page is accessible here

Updated Summaries of CbC Reporting and Transfer Pricing Documentation Rules
Updated summaries for 80+ countries that includes the addition of information related to reporting and documentation rules and disclosures, if available.

Revamped BEPS Tracker

The updated **BEPS Tracker**delivers brief summaries on the latest BEPS (Base Erosion Profit Shifting) developments for 100% of BEPS member jurisdictions. The Tracker allows you to filter by date, country, action item (topic), and status.

International Forum: Entity Classification — Branches, Disregarded Entities and Hybrid Structures
The OECD's recent focus on countering hybrid structures provides a renewed opportunity to explore the laws of different countries that apply to determine the classification of business entities as either transparent (or pass-through) or opaque (subject to entity-level income or profits taxes). Some countries are moving to change their classification regimes to narrow differences between the tax treatment of a foreign entity under their own systems and the treatment under the system of the country in which the foreign entity is resident or was created. Our questionnaire is designed to identify and highlight these rules and any recent changes to them.

New Portfolios

• 393–1st: Executive Compensation — Best Practices
• 201-1st: Taxation of Domestic Insurance Companies
• 7310-1st: Business Operations in Portugal
• 6680-1st: Partners and Partnerships — International Tax Aspects
• 6130-1st: Participation Exemption Regime Under Section 245A
• 6100-1st: U.S.-to-Foreign Transfers Under Section 367(a)
• 7390-1st: Business Operations in the Territories and Possessions of the United States (except Puerto Rico)
• 7030-1st: Business Operations in Belgium
• 6960-1st: Transfer Pricing: Rules and Practice in Selected Countries (J-L)
• 6590-1st: Section 871(m) and Gross Basis U.S. Taxation of Derivative Exposure to U.S. Equities

Revised Portfolios

• 740-3rd: Taxation of Regulated Investment Companies and Their Shareholders
• 833-4th: Special Use Valuation (Section 2032A)
• 470-2nd: Private Foundations – Self-Dealing (Section 4941)
• 531–4th: Depreciation: MACRS and ACRS515–4th: Divorce and Separation
• 557–3rd: Intellectual Property: Acquisition, Development, and Ownership
• 869–2nd: State Income Taxation of Trusts
• 7050-2nd: Business Operations in Canada
• 836–3rd: Partial Interests — GRATs, GRUTs, and QPRTs (Section 2702)
• 7280-2nd: Business Operations in Norway
• 833–4th: Special Use Valuation (Section 2032A)
• 1140-3rd: Income Taxes: The Distinction Between Business and Nonbusiness Income
• 770-5th: Structuring Corporate Acquisitions – Tax Aspects
• 627-5th: Limitations Periods, Interest on Underpayments and Overpayments, and Mitigation
• 7100-2nd: Business Operations in Denmark
• 1370-3rd: Sales and Use Taxes: Mergers and Acquisitions
• 608–4th: Reporting Farm Income
• 634–4th: Civil Tax Penalties
• 474-2nd: Private Foundations — Taxable Expenditures
• 536-5th: Interest Expense Deductions
• 858-2nd: Family, Kinship, Descent, and Distribution
• 6936-2nd: Transfer Pricing: OECD Transfer Pricing Guidelines
• 7330-3rd: Business Operations in Russia
• 810-4th: Asset Protection Planning
• 820-4th: Administrative Powers Over Trusts — Estate and Gift Tax Considerations
• 7142-2nd: Business Operations in Greece
• 515-4th: Divorce and Separation
• 501-5th: Gross Income: Overview and Conceptual Aspects
• 7270-2nd: Business Operations in New Zealand
• 558-3rd: Intellectual Property: Exploitation and Disposition
• 476-2nd: Tax-Exempt Organizations – Intermediate Sanctions (Section 4958)
• 2660-2nd: Business Operations in the Territories and Possessions of the United States (except Puerto Rico)

Accounting Portfolios

• 5313-2nd: Internal Reporting, Improvement Initiatives, and Building Resilient Organization
• 5002-3rd: APPS, Accounting for Income Taxes: Uncertain Tax Positions
• 5112-4th: APPS, Accounting and Disclosure for Derivative Instruments and Hedging Instruments
• 5506-4th: Corporate Governance of the Financial Reporting Process and SEC Regulation of ESG Disclosure
• 5509-3rd: Avoiding Material Omissions Under the Federal Securities Laws
• 5000-8: Accounting for Income Taxes – FASB ASC 740

Special Reports

2021 Payroll Year-End Report
This special report, prepared jointly by employment tax and benefit professionals at KPMG LLP and payroll editors at Bloomberg Tax & Accounting, covers a wide array of topics. This includes policy issues, new legislation and regulations enacted in response to the coronavirus (Covid-19) pandemic, tax requirements related to 2020 legislation, and common concerns at year-end that have been identified as historically problematic for employers.

2021 Payroll Year-End Checklist
This checklist details the activities payroll departments must complete from October 2021 through March 2022, specifically federal reporting requirements and preparing and issuing Forms W-2 to workers.

2022 Projected Tax Rates Special Report
Available before the release of official figures by the IRS, this special report, curated by our content & analysis team, gives tax practitioners and financial professionals an early start on 2022 tax year strategies. The report projects tax bracket thresholds, retirement planning figures, and other data for computing clients' taxes.

Indirect Tax on Business – to – Consumer ("B2C") Digital Services and E-commerce Roadmap
This roadmap provides a high-level summary of measures under value added tax (VAT), goods and services tax (GST) and sales tax regimes to capture tax revenues from inbound business-to-consumer ("B2C") supplies of digital services and low-value goods, and the e-commerce sector (collectively, the "digital economy"). It covers indirect tax issues and is meant to complement coverage in the Digital Service Taxes and Other Unilateral Measures Roadmap.

Tax Challenges Arising in the Digital Economy – Report on the July 2021 Statement on a Two-Pillar Solution by the OECD/G20 Inclusive Framework on BEPS
This presentation provides useful insight into the proposed operation of the two Pillars. A detailed implementation plan, together with remaining issues, is to be finalized in October 2021.\

The EU E-Commerce Package: Traps for the Unwary…and Opportunities for the Well Informed! This special report surveys the key pitfalls and planning possibilities under Europe's new e-commerce regime.

2021 Mid-Year Individual Tax Planning Guide
Now is the ideal time to focus on tax planning for the remainder of 2021.This Guide offers potential tax-saving opportunities for individual taxpayers to consider.

Treasury Greenbook
This presentation contains general explanations of the Administration's fiscal year 2022 revenue proposals.

2021 Survey of State Tax Departments
Bloomberg Tax's annual survey offers insights for practitioners who must gauge whether a corporation's activities within a state could result in a tax liability. Given the states' lack of clear guidance in the form of case law or statutes setting forth the types of activities that trigger nexus and taxability, this survey provides essential details.

Transfer Pricing Forum
With a focus on 2020 Transfer Pricing Developments, expert practitioners based in over 20 major industrial countries discuss how developments in their country have impacted their transfer pricing practice, and what they believe 2021 has in store.

American Rescue Plan Act Roadmap
This roadmap provides a summary of the tax provisions in the American Rescue Plan Act of 2021, Pub. L. No. 117-2, signed into law on March 11, 2021.

Paycheck Protection Program (PPP) State Research Roadmap
This roadmap guides you to the relevant state navigators and chart builders covering the state tax treatment of PPP loan forgiveness and the deduction of expenses. The roadmap also includes direct links to news search alerts and relevant Payroll content.

Digital Service Taxes and Other Unilateral Measures Roadmap
The roadmap covers unilateral measures enacted by various countries in response to the challenges of taxing the digital economy. It will cover enacted and proposed measures, including digital services taxes (DSTs), changes to permanent establishment rules, indirect tax rules (VAT and GST issues), and other relevant material.

Biden's Tax Plan Roadmap
Matrix outlining how current law might change under the tax proposals of President Joe Biden.

Taxpayer Certainty and Disaster Tax Relief Act Roadmap
Summarizes the non-Covid related tax provisions in the Consolidated Appropriations Act, 2021, the $2.3 trillion spending bill passed in late December. The roadmap pulls the relevant information from the legislation and presents it in a user-friendly table format.

Insights on EGT: The Bloomberg Tax Perspective (2020-2021)
Compilation of articles and insights discussing EGT topics, and what's to come for 2021.

2020 Trust Nexus Survey
Senior state tax officials weigh in on the trust nexus topics key to you and your clients in the 2020 Trust Nexus Survey. The survey offers state-by-state clarity on apportionment, throwback rules, resident and nonresident taxation and Covid-19.

November 2021

Enhancements

2021 Payroll Year-End Checklist
This checklist details the activities payroll departments must complete from October 2021 through March 2022, specifically federal reporting requirements and preparing and issuing Forms W-2 to workers.

2021 Payroll Year-End Report
This special report, prepared jointly by employment tax and benefit professionals at KPMG LLP and payroll editors at Bloomberg Tax & Accounting, covers a wide array of topics. This includes policy issues, new legislation and regulations enacted in response to the coronavirus (Covid-19) pandemic, tax requirements related to 2020 legislation, and common concerns at year-end that have been identified as historically problematic for employers.

Additional Content

OnPoint: Tax Challenges Arising in the Digital Economy – Report on the Joint Statement on a Transitional Approach to DSTs and Existing Unilateral Measures
In October 2020, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (the "OECD/G20 Inclusive Framework"), which includes representatives from 140 jurisdictions, released the Pillar One and the Pillar Two Blueprints, providing the foundation for a global agreement to ensure that all businesses pay their fair share of tax where they have activities and where they earn profits. This presentation highlights key takeaways from the Unilateral Measures Compromise.

2021 Bloomberg Tax Author Awards
Bloomberg Tax & Accounting has long recognized that the outstanding reputation we enjoy in the tax and accounting community is due in large part to the efforts of our Tax Management Portfolio authors and contributors. From Portfolios to timely news articles that help professionals each and every day, these thought leaders deserve special recognition for helping our customers crack the code on any tax and accounting challenge. Congratulations to our 2021 Author Award Winners. Learn More.

Tax Leadership Forum OnDemand
With the influx of international businesses and digital sales, tax regulations across the world are evolving rapidly — staying informed and maintaining compliance has never been more challenging, especially for multinational corporate tax departments.

At the Bloomberg Tax Leadership Forum, Navigating the Future of Tax: Latest Developments and 2022 Outlook for Multinational Corporations, featured leading tax experts, government officials, and corporate tax leaders engaged in discussions on how to successfully navigate today's rapidly changing tax landscape. Learn how to successfully lower your risk and stay compliant on a national and global scale, including insights on digital advertising taxes, foreign income tax for U.S companies, the OECD Global Tax Deal, and global transfer pricing.
Bloomberg Tax Leadership Forum: Navigating the Future of Tax - Day 1
Bloomberg Tax Leadership Forum: Navigating the Future of Tax - Day 2

Revised Portfolios

Portfolio 740-3rd: Taxation of Regulated Investment Companies and Their Shareholders

October 2021

Enhancements

Homepage Expanded Topic Hubs
We've added over 400 tax topics across the Federal, State, and International tax landscapes to our featured Topic Hubs on the Homepage. Topic hubs include curated collections of the latest analysis, news, tools, and primary sources on popular and timely topics.
Click here for a growing list of Topic Hubs and here to let us know how to improve it!

Budget Reconciliation Watch
Our new Budget Reconciliation Watch page covers proposed changes to international provisions like GILTI and FDII, an increase in the corporate tax rate, and green energy incentives. The page includes resources on those tax provisions, including the latest news from our global team of reporters, links to key documents, and our growing body of analysis. The page is accessible here.

OECD Two-Pillar Global Tax Agreement Watch
Our new OECD Two-Pillar Global Tax Agreement Watch page covers the two-pillar agreement that addresses the challenges arising from the digitalization of the global economy. The watch page brings together news, analysis, and other resources in one centralized location, making it easier for you to find information as new details are released and implementation efforts begin for member countries. The page is accessible here.

Additional Content

OnPoint: Tax Challenges Arising in the Digital Economy – Report on the Statement on a Two-Pillar Solution by the OECD/G20 Inclusive Framework on BEPS
In October 2020, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (the "OECD/G20 Inclusive Framework") released the Pillar One and the Pillar Two Blueprints, providing the foundation for a global agreement to ensure that all businesses pay their fair share of tax where they have activities and where they earn profits. The OECD released in July 2021 the "Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy" (the "2021 Statement") but it left certain key parameters for decision by October 2021. On October 8, 2021, the 2021 Statement was updated with various rates and thresholds provided, more information on the scope of carve-outs, and a detailed implementation plan. This presentation highlights key takeaways from the OECD's 2021 Statement, as amended by the October 2021 update.

September 2021

Enhancements

Email Alerts on Federal, State and International Tax Developments Trackers
Federal, State and International Trackers now include a "Create Alert" feature. You can now create email alerts based off your filtered results, export your results easily to Excel and save your selections to the workspace. Tracker results page now have a similar look and feel to the Daily Tax Report search results page. The email alerts on trackers allow you to easily track developments across jurisdictions and a full range of tax topics making it easier to stay up to date on the latest tax activities.

Additional Content

2022 Projected Tax Rates Special Report
Available before the release of official figures by the IRS, this special report, curated by our content & analysis team, gives tax practitioners and financial professionals an early start on 2022 tax year strategies. The report projects tax bracket thresholds, retirement planning figures, and other data for computing clients' taxes.

Indirect Tax on Business – to – Consumer ("B2C") Digital Services and E-commerce Roadmap**
This roadmap provides a high-level summary of measures under value added tax (VAT), goods and services tax (GST) and sales tax regimes to capture tax revenues from inbound business-to-consumer ("B2C") supplies of digital services and low-value goods, and the e-commerce sector (collectively, the "digital economy"). It covers indirect tax issues and is meant to complement coverage in the Digital Service Taxes and Other Unilateral Measures Roadmap.

OnPoint: The OECD's Multilateral Instrument (MLI)**
This OnPoint provides info about the Multilateral Instrument and how it interacts with income tax treaties and will be updated on developments for the OECD global tax agreement, when more detail is released for that project later in 2021.

New Portfolios

• 393–1st: Executive Compensation — Best Practices

Revised Portfolios

• 833-4th: Special Use Valuation (Section 2032A)
• 470-2nd: Private Foundations – Self-Dealing (Section 4941)
• 531–4th: Depreciation: MACRS and ACRS
• 515–4th: Divorce and Separation
• 557–3rd: Intellectual Property: Acquisition, Development, and Ownership

August 2021

Additional Content

Electronic Invoicing and Value Added Tax
This OnPoint provides an introduction to electronic invoicing and considers the trend towards compulsory electronic invoicing and the invoice clearance model. It also looks at case studies of the invoice clearance model, as implemented in Italy, Brazil and China.

Webinar: Deep Dive into Bonus Depreciation Rules and Opportunities
August 31, 2021; 1:00 pm – 2:00 pm ET
The Tax Cuts and Jobs Act (TCJA) radically overhauled the rules for depreciating fixed assets. With the final regulations and guidance released in the fall of 2019 and fall of 2020, the IRS has provided a clearer understanding of those changes - and their impact on taxpayers' depreciation. The CARES Act fixed the "retail glitch" and introduced additional changes. In this webinar, we will discuss relevant regulations and planning opportunities around bonus depreciation.

Revised Portfolios

• 869–2nd: State Income Taxation of Trusts
• 7050-2nd: Business Operations in Canada
• 836–3rd: Partial Interests — GRATs, GRUTs, and QPRTs (Section 2702)
• 7280-2nd: Business Operations in Norway
• 833–4th: Special Use Valuation (Section 2032A)
• 470–2nd: Private Foundations – Self-Dealing (Section 4941)

July 2021

Enhancements

New Homepage Topic Hubs
Explore the topics that are trending across the Federal, State, and International tax landscapes with our featured Topic Hubs on the NEW Homepage. Select a topic, such as Transfer Pricing, and with one click you will be directed to curated resources such as:

• Latest developments
• External Resources
• Internal Revenue Code
• Treasury Regulations
• Fast Answers™
• Portfolios

Click here for a growing list of Topic Hubs and here to let us know how to improve it!

Additional Content

Tax Challenges Arising in the Digital Economy – Report on the July 2021 Statement on a Two-Pillar Solution by the OECD/G20 Inclusive Framework on BEPS
This presentation provides useful insight into the proposed operation of the two Pillars. A detailed implementation plan, together with remaining issues, is to be finalized in October 2021.

The EU E-Commerce Package: Traps for the Unwary…and Opportunities for the Well Informed!
This special report surveys the key pitfalls and planning possibilities under Europe's new e-commerce regime.

2021 Mid-Year Individual Tax Planning Guide
Now is the ideal time to focus on tax planning for the remainder of 2021.This Guide offers potential tax-saving opportunities for individual taxpayers to consider.

What is Happening in the Land of OZ?
If you missed the live webinar, you can still watch the On-Demand on Opportunity Zones to hear from expert practitioners discuss the recent guidance, issues that have come up in practice that may require clarification or further guidance, and possible tax law changes that could affect the opportunity zones program.

New Portfolios

• 201-1st: Taxation of Domestic Insurance Companies

Revised Portfolios

• 1140-3rd: Income Taxes: The Distinction Between Business and Nonbusiness Income
• 770-5th: Structuring Corporate Acquisitions – Tax Aspects
• 627-5th: Limitations Periods, Interest on Underpayments and Overpayments, and Mitigation

June 2021

Additional Content

Treasury Greenbook
This presentation contains general explanations of the Administration's fiscal year 2022 revenue proposals.

2021 Survey of State Tax Departments
Bloomberg Tax's annual survey offers insights for practitioners who must gauge whether a corporation's activities within a state could result in a tax liability. Given the states' lack of clear guidance in the form of case law or statutes setting forth the types of activities that trigger nexus and taxability, this survey provides essential details.

Tax Leadership Forum – On Demand
If you missed the live event, you can still watch the Tax Leadership Forum Fireside Chats and Sessions On-Demand.

Day 1 - Bloomberg Tax Leadership Forum | International Tax

• Fireside chat with Fabrizia Lapecorella, Director Generl of Finance, Ministry of Economy and Financem Italy and designated Chair of OECD's Committee on Fiscal Affairs beginning January 2022
• Panel Session on Digital Tax Negotiations at the OECD versus DSTs
• Fireside Chat with Nikole Flax, Commissioner of LB&I, IRS
• Panel Session on GILTI and Co. – The Future of Taxing Global Income

Day 2 - Bloomberg Tax Leadership Forum | Domestic Tax

• Fireside chat with Jared Bernstein, Member of the White House Council of Economic Advisers
• Panel Session on Navigating Through Short – and Long-Term Tax Changes

New Portfolios

• 7310-1st: Business Operations in Portugal
• 6680-1st: Partners and Partnerships — International Tax Aspects
• 6130-1st: Participation Exemption Regime Under Section 245A

Revised Portfolios

• 7100-2nd: Business Operations in Denmark
• 1370-3rd: Sales and Use Taxes: Mergers and Acquisitions
• 608–4th: Reporting Farm Income
• 634–4th: Civil Tax Penalties

May 2021

Enhancements

New Homepage
We've created a new Homepage to improve navigation across the platform and customize your experience. Currently, when you log in, you default to the Federal page.

Now, you have option to set the new Homepage as your default after logging in to see your recent searches and content views, trending topics such as Digital Tax, and related content like our ready-to-use slides on selected tax developments.

Updated Summaries of CbC Reporting and Transfer Pricing Documentation Rules
Updated summaries for 80+ countries that includes the addition of information related to reporting and documentation rules and disclosures, if available.

Revised Portfolios

• 474-2nd: Private Foundations — Taxable Expenditures
• 536-5th: Interest Expense Deductions

April 2021

Enhancements

Revamped BEPS Tracker!
The updated BEPS Trackerdelivers brief summaries on the latest BEPS (Base Erosion Profit Shifting) developments for 100% of BEPS member jurisdictions. The Tracker allows you to filter by date, country, action item (topic), and status.

The Corporate Transparency Act of 2020
Overview of entities subject to and not subject to reporting; when and how to report; and information to be reported.

Final FDII Regulations
Overview of final regulations that provide rules for determining whether a service is an FDDEI service and discusses the rules for determining whether general services are provided to a person located outside the United States.

Additional Content

Transfer Pricing Forum
With a focus on 2020 Transfer Pricing Developments, expert practitioners based in over 20 major industrial countries discuss how developments in their country have impacted their transfer pricing practice, and what they believe 2021 has in store.

New Portfolios

• 6100-1st: U.S.-to-Foreign Transfers Under Section 367(a)
• 7390-1st: Business Operations in the Territories and Possessions of the United States (except Puerto Rico)
• 7030-1st: Business Operations in Belgium

Revised Portfolios

• 858-2nd: Family, Kinship, Descent, and Distribution
• 6936-2nd: Transfer Pricing: OECD Transfer Pricing Guidelines
• 7330-3rd: Business Operations in Russia
• 810-4th: Asset Protection Planning
• 820-4th: Administrative Powers Over Trusts — Estate and Gift Tax Considerations
• 7142-2nd: Business Operations in Greece

March 2021

Enhancements

OnPoints
On Points are timely presentations that provide a succinct summary of important developments, key considerations and implications for specific types of businesses and/or business activities.

New March 2021 OnPoint Topics Include:

• Paycheck Protection Program: Key Changes for 2021
• American Rescue Plan Act of 2021: Select Individual Tax Provisions
• American Rescue Plan Act – Pension Provisions

Additional Content

American Rescue Plan Act Roadmap
This roadmap provides a summary of the tax provisions in the American Rescue Plan Act of 2021, Pub. L. No. 117-2, signed into law on March 11, 2021.

Paycheck Protection Program (PPP) State Research Roadmap
This roadmap guides you to the relevant state navigators and chart builders covering the state tax treatment of PPP loan forgiveness and the deduction of expenses. The roadmap also includes direct links to news search alerts and relevant Payroll content.

February 2021

Enhancements

Tax Season Watch
Pulls together essential tax filing and payment resources in one central location! Tax Season Watch provides critical information including Special Reports covering best practices when e-filing, common mistakes in tax preparation, top audit triggers, and much more. This year we have added a dedicated OnPoint to highlight "must know" COVID related considerations that are unique to this filing season.

OnPoints
On Points are timely presentations that provide a succinct summary of important developments, key considerations and implications for specific types of businesses and/or business activities.

New February 2021 OnPoint Topics Include:

• Top 10 Filing Issues for 2020
• Paycheck Protection Program (PPP) State Research Roadmap

2020 Tax Prep Guides**
Tax Prep Guides offer comprehensive how-to guidance for preparing forms 1040, 1120, 1120S, 1065, 1041, 706, 709, 940 and 941.

Additional Content

2021 Outlook on Tax
The 2021 Outlook on Tax Report provides the first look at the forces shaping key tax and accounting issues for this year. This report includes articles on topics such as actions in the states on enabling e-commerce taxation, what's next for Europe's tax agenda, how Covid-19 relief measures could trigger tax filing mistakes, cases to watch at the Supreme Court, and the tax consequences of a remote workforce.

2021 Payroll Outlook**
This new report covers the effects of the ongoing pandemic on employers and payroll professionals, including rising unemployment tax rates, wage-base changes, new state and local minimum wages, and workers' compensation laws. The report also covers in detail the 2021 Consolidated Appropriations Act, which made changes to the federal Paycheck Protection Program and the Employee Retention Credit.

Digital Service Taxes and Other Unilateral Measures Roadmap**
The roadmap covers unilateral measures enacted by various countries in response to the challenges of taxing the digital economy. It will cover enacted and proposed measures, including digital services taxes (DSTs), changes to permanent establishment rules, indirect tax rules (VAT and GST issues), and other relevant material.

January 2021

Enhancements

2021 Federal Tax Calendar
This 2021 tax calendar is a reference document of dates included in the IRS Tax Calendar for Businesses and Self-Employed Individuals. View specific due dates by month for filing tax forms, paying taxes, and other actions required by federal tax law. Bookmark this website to track key 2021 tax deadlines.

OnPoints
OnPoints are timely presentations that provide a succinct summary of important developments, key considerations and implications for specific types of businesses and/or business activities.

New January 2021 OnPoint Topics Include:

• Payroll Protection Program: Key Changes for 2021
• Business Interest Limitation 2021 Final Regulations
• Carbon Oxide Sequestration Final Regulations 2021
• Carried Interest Rules Final Regulations
• Rules on Deductibility of Amounts Paid to Governmental Entities

2021 Quick Tax Reference Guide
A practical resource to help plan and comply in the upcoming year offering quick access to schedules, deadlines and rates.

2021 State Chart Builders
All state charts have been updated to include 2021 tax rates, future rates, interest rates and due dates.

Additional Content

Biden's Tax Plan Roadmap
Matrix outlining how current law might change under the tax proposals of President Joe Biden.

Taxpayer Certainty and Disaster Tax Relief Act Roadmap
Summarizes the non-Covid related tax provisions in the Consolidated Appropriations Act, 2021, the $2.3 trillion spending bill passed in late December. The roadmap pulls the relevant information from the legislation and presents it in a user-friendly table format.

2020 Trust Nexus Survey
Senior state tax officials weigh in on the trust nexus topics key to you and your clients in the 2020 Trust Nexus Survey. The survey offers state-by-state clarity on apportionment, throwback rules, resident and nonresident taxation and Covid-19.

December 2020

To help you navigate the ever-shifting landscape of federal,state,and international taxation and financial accounting,BloombergTax has added even more content,features,and practice tools. Below is a summary of some of the enhancements made in 2020, all with the goal of equipping you with the resources you need to provide exceptional tax guidance.

2020 Year-End Planning

Practice Guides & Checklists specifically developed to highlight important tax changes for the next tax year, including checklists to help with year-end tax planning are now available. These Practice Guides are based on our annual Client Letters, which are also available and can be used to generate new and repeat business.

• Year-End Planning Practice Guide & Checklist for Individuals
• Year-End Planning Practice Guide & Checklist for Businesses
• Year-End Planning Client Letter for Individuals
• Year-End Planning Client Letter for Businesses

2021 Federal Tax Guide
Now available! This is a must-have reference for advising business and individuals on federal taxation, as well as a vital resource for compliance and tax planning.

2020 Interactive Tax Forms
Forms for the 2020 tax year are being uploaded to Interactive Tax Forms as they are released and/or approved by the jurisdictions.

Coronavirus Tax Watch Page
Provides easy access to all our tax coverage related to Covid-19. In addition to news and links to key documents, you'll find In Briefs. On Points and roadmaps from our analyst team (links below) that provide concise summaries and analysis of rapidly changing tax developments.

Tax Reform Guidance Watch Page
Provides the latest in formation on guidance and proposed regulations issued by the IRS to implement provisions under the 2017 tax act through our roadmaps, Daily TaxReport® articles, proposed and final regulations, and podcasts posted alongside key IR Cand Tax Management Portfolios.

Enhanced Portfolio Printing
Enables full or partial printing of any portfolio. You can choose to print an entire portfolio, including working papers; detailed analysis; a single portfolio chapter; or individual subsections. In addition, you can customize portfolio downloads, choosing file format, content, and paper size.

On Point Presentations On Points are timely presentations that provide a succinct summary of important developments, key considerations and implications for specific types of businesses and/or business activities.

On Points include:

• NOL Carrybacks and the CARES Act
• Impact of Coronavirus on Retailers of Consume Staples
• Remote Employees
• Qualified Improvement Property
• Unrelated Business Taxable Income Regulations
• Business Interest Limitation Regulations – General Rules
• Business Interest Limitation Final and Proposed Regulations Business Entities
• GILTI High-Tax Exclusion Regulations
• Section 250 Deduction for FDII and GILTI Regulations
• Passive Foreign Investment Company 2020 Final and Proposed Regulations
• Qualified Business Income Tax Regulations
• Section 958(b) Downward Attribution Rules
• Carried Interest Rules – Proposed Regulations
• Business Interest Limitation Final and Proposed Regulations International Rules
• Base Erosion and Anti-Abuse tax (BEAT) 2020 Final Regulations
• Section 245A Final and Proposed Regulations
• Employee Social Security Tax Deferral
• Bonus Depreciation Final Rules (Second Installment)
• Foreign Tax Credit 2020 Final & Proposed Regulations
• Paycheck Protection Program Loan Forgiveness
• Consolidated NOLs – Limitation Final Regulations
• Final Rules on Deductions for Meals and Entertainment Expenses
• Section 864( c )(8) Regulations

Workflow Tools
Saves time by taking you through a series of questions related to a transaction/situation and guides you through key considerations required to make a determination. Definitions, descriptions, and links to additional guidance and relevant source material are displayed at each step.

Available Workflow Tools include:

• Deemed Asset Acquisition Election Section 338/336(e)
• DeductingMeal&EntertainmentExpenses
• Determining the Accounting Method for Construction Contracts
• Choiceof Forum
• Election to Split Gifts
• Eligibility of Trust as S Corporation Shareholder
• InnocentSpouseRelief
• Qualified Conservation Easements
• Section911-ForeignEarnedIncomeTaxExclusion
• Section645Election
• Section 6166 Deferral Eligibility
• Portabilityof DeceasedSpousalUnusedExclusionAmount
• Bonus Depreciation and First-Year Expensing
• Determining if an Individual is a Dependent
• Expatriation of Individuals
• FBAR Filing for Individuals
• Tax-Deferred Like-Kind Exchanges

Federal Tax

CARES Act Elections & Compliance Statements Client Letters

• Filing Deadlines Delayed Due to COVID-19
• Increased Charitable Contribution Limits Under CARES Act
• Provisions Affecting Retirement Plan Distribution and Loans in the CARES Act
• Pension Funding Relief in the CARES Act

Deemed Asset Acquisition Election §338/§336(e) Workflow Tool
The Deemed Asset Acquisition Election workflow tool is designed to guide you through the requirements of §338 and §336(e) and assist you in determining whether your client is eligible to make a §338(g), §338(h)(10), or §336(e) election.

Deducting Meals and Entertainment Workflow Tool
The Meals & Entertainment workflow tool has been updated to reflect proposed regulations released February 21, 2020 (REG-100814-19, 85 Fed. Reg. __ (Feb. 26, 2020)), which addresses the §274 limitation on deducting food and beverage expenses and elimination of the deduction for expenditures related to entertainment activities.

State Tax

State Conformity to CARES Act
This chart offers a quick overview of state conformity to the CARES Act with links to authority.

2020 State Tax Department Survey**
Every year Bloomberg Tax surveys senior state tax department officials about each state's position on the income and sales tax issues that matter most to corporations. This year our survey includes an expanded discussion addressing companies' pandemic-related quandaries, especially those surrounding the intersection of telecommuting and nexus.

Compare Button
The Compare Button is now available on all State Tax Navigators, VAT Navigators, and Country Guides. It offers a seamless transition between the state- and/or country-specific analysis on a particular topic and a related Chart Builder.

Quick Answers
This feature allows you to get quick answers to state specific research directly from our search results screen. You can simply enter the three components of your search (type of tax, state name, topic) to return results. The answer will be displayed at the top of the search results screen, with a link to the state chart if further detail is needed.

State Tax – Covid-19 Telework Snapshot
This chart provides a top-line summary of state tax activity relating to states' responses to nexus based on telework during the COVID-19 crisis.

International Tax

Enhanced Country Coverage
Bloomberg Tax & Accounting's platform now provides full coverage for more than 220 countries worldwide, helping you navigate global tax planning challenges while staying on top of emerging issues, such as those resulting from the Covid-19 pandemic.

Dedicated County Guides now available for:
Afghanistan, American Samoa, Andorra, Armenia, Bahamas, Bangladesh, Barbados, Botswana, Brunei Darussalam, Cameroon, Central African Republic, Chad, Cook Islands, Comoros, Côte d’Ivoire, Djibouti, Ethiopia, Falkland Islands, Faroe Islands, Gabon, Gambia, Guam, Guyana, Haiti, Iran, Jamaica, Jordan, Kosovo, Kyrgyzstan, Laos, Libya, Macau, Madagascar, Maldives, Mauritania, Monaco, Mongolia, Mozambique, Myanmar, New Caledonia, North Korea, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sri Lanka, St. Vincent and the Grenadines, St. Kitts and Nevis, Suriname, Tajikistan, Timor-Leste, Togo, Tonga, Trinidad and Tobago, Uganda, U.S. Virgin Islands, Zimbabwe

Dedicated VAT Navigators now available for:
Afghanistan, American Samoa, Armenia, Aruba, Bangladesh, Barbados, Belize, Botswana, Brunei Darussalam, Burkina Faso, Burundi, Cameroon, Chad, Comoros, Cook Islands, Côte d’Ivoire, Djibouti, Ethiopia, Falkland Islands, Faroe Islands, French Polynesia, Gabon, Gambia, Guam, Guyana, Haiti, Iran, Jamaica, Jordan, Kiribati, Kosovo, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Macau, Madagascar, Maldives, Mauritania, Monaco, Mongolia, Mozambique, Myanmar, New Caledonia, Niue, North Korea, Papua New Guinea, Rwanda, Senegal, Seychelles, Sierra Leone, Sri Lanka, Suriname, Tajikistan, Togo Vanuatu, Tonga, Turkmenistan, Turks and Caicos, Uganda, U.S. Virgin Islands, Zambia, Zimbabwe

The BEPS Tracker now covers the following countries:
Andorra, Anguilla, Antigua and Barbuda, Armenia, Aruba, Bahamas, Barbados, Belize, Benin, Botswana, Brunei Darussalam, Burkina Faso, Cameroon, Congo (Democratic Republic of), Republic of the Congo, Cook Islands, Côte d’Ivoire, Djibouti, Dominica, Eswatini (Swaziland), Faroe Islands, Gabon, Greenland, Grenada, Haiti, Jamaica, Liberia, Macau, Maldives, Monaco, Mongolia, Montserrat, Papua New Guinea, Saint Lucia, San Marino, Senegal, Seychelles, Sierra Leone, Sri Lanka, St. Kitts and Nevis, St. Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos, Zambia

These countries (domestic law,and all bilateral treaties) have been added to the Withholding Tool:
Afghanistan, American Samoa, Andorra, Anguilla, Armenia, Bahamas, Bangladesh, Barbados, Belize, Benin, Bhutan, Botswana, Brunei Darussalam, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros, Congo (Democratic Republic of), Republic of the Congo, Cook Islands, Côte d’Ivoire, Eswatini (Swaziland), Cuba, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Falkland Islands, French Polynesia, Gabon, Greenland, Guam, Guinea, Guinea Bissau, Iran, Iraq, Jamaica, Jordan, Kyrgyzstan, Lebanon, Macau, Mali, Mauritania, Monaco, Mongolia, Mozambique, Myanmar, Papua New Guinea, Rwanda, Samoa, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Sri Lanka, St. Kitts and Nevis, Suriname Tajikistan, Trinidad and Tobago, Turks and Caicos, Uganda, U.S. Virgin Islands, Zambia, Zimbabwe

New Portfolios

• 7160-1st: Business Operations in India
• 6460-1st: U.S.IncomeTaxation ofForeign Corporations
• 454-1st: Tax Exempt Organizations – Trade Associations
• 453-1st:Tax-Exempt Organizations – Lobbying and Political Expenditures
• 6860-1st: U.S.IncomeTaxTreaties – Permanent Establishments and Related Business Provisions
• 183-1st:Tax-Advantaged Bonds
• 6540-1st: U.S.Taxation ofForeign Investment in U.S.Real Estate
• 6442-1st:Taxation ofForeign Entertainers and Sportsmen
• 6932-1st: Transfer Pricing: Litigations Strategy and Tactics
• 6924 – 1st: Transfer Pricing: Audits, Appeals and Penalties
• 6105-1st: Corporate Inversions
• 379-1st: QDROs and Similar Assignments of Income and Retirement Assets
• 6932-1st: Transfer Pricing: Litigation Strategy and Tactics
• 598-1st: Investments in Qualified Opportunity Zones
• 6855-1st: U.S. Income Tax Treaties – The Limitation on Benefits Article
• 6904-1st: Transfer Pricing: Cost-Sharing Arrangements (CSAs)
• 629-1st: The Partnership Audit Rules Under the Bipartisan Budget Act
• 6950-1st: Transfer Pricing: Rules and Practice in Selected Countries (E-G)

Revised Portfolios

• 7120-2nd: Business Operations in Finland
• 7330-2nd: Business Operations in Russia
• 868-2nd: DomesticAsset ProtectionTrusts
• 397-4th: Cafeteria Plans
• 583-3rd: Cost Segregation and the Former Investment Tax Credit
• 638-5th: Federal Tax Collection Procedure – Defensive Measures
• 549-3rd: Passive Loss Rules
• 871-2nd: Trust Decanting – State Law and Federal Tax Considerations
• 1310-3rd: Sales and Use Taxes: Services
• 555-2nd: Federal Taxation of Software and Digital Transactions
• 583-3rd: Cost Segregation and the Former Investment Tax Credit
• 360-6th: Qualified Plans – IRS Determination Letter Procedures
• 637-3rd: Federal Tax Collection Procedures – Liens, Levies, Suits, and Third-Party Liability
• 7142-2nd: Business Operations in Greece
• 460-2nd: Tax-Exempt Organizations – Declaratory Judgements (Section 7428)

Accounting Portfolios

• 5450-2nd: Compilations and Reviews of Financial Statements
• 5507-4th: SEC Reporting Issues for Foreign Private Issues
• 5507-4th: SEC Reporting Issues for Foreign Private Issuers
• 5303-2nd: Enterprise Risk Management

Special Reports

Section 250 Final Regulations Roadmap
This comprehensive report will guide your organization and clients in 250 deductions and related definitions for taxable years beginning January 1, 2021.

Foreign Tax Credit Final Regulations Roadmap
The Tax Cuts and Jobs Act (TCJA) (Pub. L. No. 115-97) made several significant changes to the foreign tax credit rules and related expense allocation and apportionment rules for purposes of determining the foreign tax credit limitation. This roadmap highlights key takeaways from the 2019 and 2020 final regulations relating to the foreign tax credit.

Foreign Tax Credit 2020 Proposed Regulations Roadmap
Treasury and the IRS issued REG-101657-20, a third set of proposed Foreign Tax Credit (FTC) regulations in September 2020. Perhaps most significantly, the 2020 proposed FTC regulations amend the definition of a creditable foreign income tax. The 2020 proposed FTC regulations also address several other issues, including amending certain sourcing and allocation and apportionment rules.

Hybrid Arrangements Regulations Roadmap
The 2017 tax act (Pub. L. No. 115-97) significantly altered the international tax regime in the United States including the implementation of rules designed to combat the use of hybrid entities and hybrid transactions as methods of tax avoidance. Bloomberg Tax's special report highlights the key takeaways from the proposed regulations.

Section 245A Regulations Roadmap
This roadmap points out the most important provisions in the regulations by topic, provides a brief overview of the rules, indicates where in the regulations the customer can find the final rule, and points out important changes between the temporary regulations (promulgated in June 2019 by T.D. 9865) and the final regulations (T.D. 9909).

Section 163(j) Final and Proposed Regulations Roadmap
This Roadmap is an easy-to-scan resource for mastering the new limitations and exceptions in this key area of tax reform. We detail how the final regulations, released in July 2020, compare with the proposed regulations and cover the impacts of Notice 2020-59, which provides a safe harbor relevant to the residential living industry.

Base Erosion and Anti-Abuse Tax Final Regulations Roadmap The 2019 final regulations contain rules for determining whether a taxpayer is an applicable taxpayer, rules for determining the amount of base erosion payments and the amount of base erosion tax benefits arising from such payments. The 2019 final regulations also provide rules for determining the amount of modified taxable income, and also provide guidance for computing the base erosion minimum tax amount, which is computed by reference to modified taxable income.

Financial Accounting (IFRS) Coronavirus Roadmap
This roadmap provides a summary of International Financial Reporting Standards (IFRS) activity relating to the novel coronavirus (COVID-19), including regulation providing financial filing relief for registrants or others impacted by COVID-19, and general IFRS accounting considerations as a result of the COVID-19 driven economic downturn.

Mandatory Disclosure Rules (MDR) & DAC 6 Roadmap
This roadmap provides a summary of mandatory disclosure rules for reportable cross-border arrangements, including those required by EU Council Directive 2018/822 (DAC 6). It was prepared by Bloomberg Tax staff.

2020 State Tax Department Survey
Every year Bloomberg Tax surveys senior state tax department officials about each state's position on the income and sales tax issues that matter most to corporations. This year our survey includes an expanded discussion addressing companies' pandemic-related quandaries, especially those surrounding the intersection of telecommuting and nexus.

Covid-19 Impact on (the Other) TP
Baker McKenzie and Bloomberg Tax & Accounting Comprised of 50+ Baker McKenzie lawyers and economists from around the world, this special report identifies the most critical transfer pricing issues businesses should be analyzing now.

November 2020

Enhancements

CBC Reporting Forms Now included in Translation Forms Library
Country-by-Country reporting forms, instructions, and templates (varies by country) have been added to the translates forms library. The original language of these items is also included. The documents will be continuously updated as updates are published by jurisdictions.

State Tax Department Survey 2.0 Update
Several states that were initially unable to participate in the Survey due to Covid-19 have since provided their responses. Accordingly, Bloomberg Tax has updated the 2020 Survey to reflect responses from Florida, Michigan, Minnesota, New York, New York City and Oklahoma.

International Expansion
Bloomberg Tax & Accounting's platform now provides full coverage for more than 220 countries worldwide, helping businesses navigate global tax planning challenges while staying on top of emerging issues, such as those resulting from the Covid-19 pandemic.

The Bloomberg Tax & Accounting platform uniquely brings together the latest international tax developments with in-depth analysis and commentary from in-country experts, practice tools, and news coverage from across the globe. For each country, the platform provides a detailed analysis of corporate taxation (Country Guides), value-added taxes (VAT), and international withholding taxes.

On Point Presentations

Simplify the most complex tax topics with our OnPoint presentations, which you can leverage in your internal presentations

Recent additions:

• Business Interest Limitation Regulations – General Rules
• Business Interest Limitation Final and Proposed Regulations Business Entities
• GILTI High-Tax Exclusion Regulations
• Base Erosion and Anti-Abuse Tax (BEAT) 2020 Final Regulations
• Section 245A Final and Proposed Regulations
• Remote Employees
• Employee Social Security Tax Deferral

New Portfolios

• 629-1st: The Partnership Audit Rules Under the Bipartisan Budget Act
• 6950-1st: Transfer Pricing: Rules and Practice in Selected Countries (E-G) (6950-1st)

Revised Portfolios

• 555-2-nd: Federal Taxation of Software and Digital Transactions (555-2nd)
• 583-3rd: Cost Segregation and the Former Investment Tax Credit (583-3rd)
• 5507-4th: SEC Reporting Issues for Foreign Private Issuers (Financial Accounting) (5507-4th)
• 5303-2nd: Accounting for Mergers and Acquisitions of Not-for-Profit Entities (5303-2nd)

October 2020

Enhancements

My States on Chart Builders

My States allows you to change your chart builder results to only show the jurisdictions you work in so you can find insights faster. When creating State Chart Builders you will have the option at the bottom of the page to set the selected jurisdictions as your "favorite" or "My States" selections.

On Point Presentations

An OnPoints link has been added to the Federal Homepage in the Tax Reform & Featured Topics box that takes you to the search results for all OnPoints.

New OnPoints will continue to be added to the Tax Reform and Coronavirus Watch pages and you can access them from that link on the homepage as well.

Recent additions:

• Bonus Depreciation Final Rules (Second Installment)
• GILTI High-Tax Exclusion Regulations
• Foreign Tax Credit 2020 Final & Proposed Regulations
• Paycheck Protection Program Loan Forgiveness
• Consolidated NOLs – Limitation Final Regulations 2020
• Final Rules on Deductions for Meals and Entertainment Expenses
• Section 864( c )(8) Regulations

Additional Content

Section 250 Final Regulations Roadmap
This comprehensive report will guide your organization and clients in 250 deductions and related definitions for taxable years beginning January 1, 2021.

Foreign Tax Credit Final Regulations Roadmap
The Tax Cuts and Jobs Act (TCJA) (Pub. L. No. 115-97) made several significant changes to the foreign tax credit rules and related expense allocation and apportionment rules for purposes of determining the foreign tax credit limitation. This roadmap highlights key takeaways from the 2019 and 2020 final regulations relating to the foreign tax credit.

Foreign Tax Credit 2020 Proposed Regulations Roadmap
Treasury and the IRS issued REG-101657-20, a third set of proposed Foreign Tax Credit (FTC) regulations in September 2020. Perhaps most significantly, the 2020 proposed FTC regulations amend the definition of a creditable foreign income tax. The 2020 proposed FTC regulations also address several other issues, including amending certain sourcing and allocation and apportionment rules.

Hybrid Arrangements Regulations Roadmap
The 2017 tax act (Pub. L. No. 115-97) significantly altered the international tax regime in the United States including the implementation of rules designed to combat the use of hybrid entities and hybrid transactions as methods of tax avoidance. Bloomberg Tax's new special report Hybrid Arrangements Proposed Regulations Roadmap highlights the key takeaways from the proposed regulations.

Section 245A Regulations Roadmap
The Section 245A Regulations Roadmap points out the most important provisions in the regulations by topic, provides a brief overview of the rules, indicates where in the regulations the customer can find the final rule, and points out important changes between the temporary regulations (promulgated in June 2019 by T.D. 9865) and the final regulations (T.D. 9909).

State Tax – Covid-19 Telework Snapshot
This chart provides a top-line summary of state tax activity relating to states' responses to nexus based on telework during the COVID-19 crisis.

New Portfolios

• 6932-1^st: Transfer Pricing: Litigation Strategy and Tactics

Revised Portfolios

• 7142-2^nd: Business Operations in Greece
• 637-3^rd: Federal Tax Collection Procedure – Liens, Levies, Suits, and Third-Party Liability
• 460-2^nd: Tax-Exempt Organizations – Declaratory Judgments (Section 7428)

August/September 2020

On Point Presentations

On Points are timely presentations that provide a succinct summary of important developments, key considerations and implications for specific types of businesses and/or business activities.

On Points include:

• Business Interest Limitation Regulations – General Rules
• Business Interest Limitation Final and Proposed Regulations Business Entities
• GILTI High-Tax Exclusion Regulations
• Base Erosion and Anti-Abuse tax (BEAT) 2020 Final Regulations
• Section 245A Final and Proposed Regulations
• Remote Employees
• Employee Social Security Tax Deferral

Additional Enhancements

2021 Projected U.S. Tax rates
Based on changes in the chained Consumer Price Index (chained CPI), Bloomberg Tax & Accounting's annual report is a detailed and comprehensive projection of inflation-adjusted amounts in the tax code that gives tax practitioners and financial professionals an early start on 2021 tax year strategies.

Trump, Biden Tax Plan Comparison
This report helps take the guesswork out of planning and will help strategize for every scenario with side-by-side comparisons of current law and Trump's and Biden's positions across U.S. business taxes, international business tax, compensation and benefits, and more.

Section 163(j) Final and Proposed Regulations Roadmap
This Roadmap is an easy-to-scan resource for mastering the new limitations and exceptions in this key area of tax reform. We detail how the final regulations, released in July 2020, compare with the proposed regulations and cover the impacts of Notice 2020-59, which provides a safe harbor relevant to the residential living industry.

Base Erosion and Anti-Abuse Tax Final Regulations Roadmap
The 2019 final regulations contain rules for determining whether a taxpayer is an applicable taxpayer, rules for determining the amount of base erosion payments and the amount of base erosion tax benefits arising from such payments. The 2019 final regulations also provide rules for determining the amount of modified taxable income, and also provide guidance for computing the base erosion minimum tax amount, which is computed by reference to modified taxable income.

Financial Accounting (IFRS) Coronavirus Roadmap
This roadmap provides a summary of International Financial Reporting Standards (IFRS) activity relating to the novel coronavirus (COVID-19), including regulation providing financial filing relief for registrants or others impacted by COVID-19, and general IFRS accounting considerations as a result of the COVID-19 driven economic downturn.

New Portfolios

• 629-1^st: The Partnership Audit Rules Under the Bipartisan Budget Act
• 6950-1^st: Transfer Pricing: Rules and Practice in Selected Countries (E-G)

Revised Portfolios

• 555-2^nd: Federal Taxation of Software and Digital Transactions
• 583-3^rd: Cost Segregation and the Former Investment Tax Credit
• 5507-4^th: SEC Reporting Issues for Foreign Private Issuers
• 5303-2^nd: Enterprise Risk Management
• 360-6^th: Qualified Plans -- IRS Determination Letter Procedures
• 637-3^rd: Federal Tax Collection Procedure -- Liens, Levies, Suits, and Third-Party Liability

July 2020

Coronavirus Tax Watch Enhancements

State Tax – Covid-19 Telework Snapshot
This chart provides a top-line summary of state tax activity relating to states' responses to nexus based on telework during the COVID-19 crisis.

Additional Enhancements

Mandatory Disclosure Rules (MDR) & DAC 6 Roadmap
This roadmap provides a summary of mandatory disclosure rules for reportable cross-border arrangements, including those required by EU Council Directive 2018/822 (DAC 6). It was prepared by Bloomberg Tax staff.

New Portfolios

• 598-1^st: Investments in Qualified Opportunity Zones
• 6932-1^st: Transfer Pricing: Litigation Strategy and Tactics
• 6855-1^st: U.S. Income Tax Treaties – The Limitation on Benefits Article
• 6904-1^st: Transfer Pricing: Cost-Sharing Arrangements (CSAs)
• 5507-4^th: SEC Reporting Issues For Foreign Private Issues

Revised Portfolios

• 871-2^nd: Trust Decanting — State Law and Federal Tax Considerations
• 1310-3^rd: Sales and Use Taxes: Services

May/June 2020

Coronavirus Tax Watch Enhancements

On Point Presentations
On Points are timely presentations that provide a succinct summary of important developments, key considerations and implications for specific types of businesses and/or business activities.

On Points include: On Point: NOL Carrybacks and the CARES Act; On Point: Impact of Coronavirus on Retailers of Consume Staples; On Point: Remote Employees; On Point: Qualified Improvement Property

Impacts of Covid-19 on State Tax
This In Brief outlines the activity that has been coming from the states, income tax issues that companies should consider for remote workers, and sales and use tax issues for businesses.

State Conformity to CARES Act
This chart offers a quick overview of state conformity to the CARES Act with links to authority.

CARES Act Elections & Compliance Statements

Client Letters
Two new client letters are available: Filing Deadlines Delayed Due to COVID-19 and Increased Charitable Contribution Limits Under CARES Act

Additional Enhancements

On Point: Unrelated Business Taxable Income Regulations
This presentation reviews the impact of REG-106864-18 on identifying each unrelated trade or business, and its income, deductions, and treatment.

Quick Answers
This feature allows you to get quick answers to state specific research directly from our search results screen. You can simply enter the three components of your search (type of tax, state name, topic) to return results. The answer will be displayed at the top of the search results screen, with a link to the state chart if further detail is needed.

2020 State Tax Department Survey
Every year Bloomberg Tax surveys senior state tax department officials about each state's position on the income and sales tax issues that matter most to corporations. This year our survey includes an expanded discussion addressing companies' pandemic-related quandaries, especially those surrounding the intersection of telecommuting and nexus.

New Portfolios

• 6932-1^st: Transfer Pricing: Litigation Strategy and Tactics
• 598-1^st: Investments in Qualified Opportunity Zones

March/April 2020

Coronavirus Tax Watch

Our new Coronavirus Tax Watch page, accessible to all subscribers, provides easy access to all of our tax coverage related to Covid-19. In addition to news and links to key documents, you'll find In Briefs and roadmaps from our analyst team (links below) that provide concise summaries and analysis of rapidly changing tax developments.

Coronavirus Roadmaps Are Now Date- and Time-Stamped

Because of the rapid pace of change, we have begun date- and time-stamping our Coronavirus Tax Roadmaps. You'll find the date/time in the introductory paragraph as well as in the footer of each page of the document for our State Tax and Federal Tax & Accounting Roadmaps, with the International Roadmaps to follow soon.

• Federal Tax & Accounting – Coronavirus Roadmap
• State Tax – Coronavirus Roadmap
• International Tax – Direct Taxes Coronavirus Roadmap
• International Tax – Indirect Taxes Coronavirus Roadmap
• Payroll – State UI & Income Tax Withholding Coronavirus Roadmap
• Impacts of Covid-19 on State Tax

Our coronavirus coverage for our payroll and financial accounting subscribers can be found at the links below:

Coronavirus Payroll Watch (Payroll Subscribers)
Financial Accounting Coronavirus Watch (Financial Accounting Subscribers)

Client Letters

Two new client letters are available: Provisions Affecting Retirement Plan Distribution and Loans in the CARES Act and Pension Funding Relief in the CARES Act .

Coronavirus Payroll Multistate Tracker (Payroll Subscription Required)

Multistate Tracker covers state changes to due coronavirus outbreak across income tax withholding, unemployment insurance, temporary disability insurance, family-leave insurance, paid leave, workers' compensation, and other compliance components.

SPECIAL REPORTS

Covid-19 Impact on (the Other) TP
Baker McKenzie and Bloomberg Tax & Accounting

Comprised of 50+ Baker McKenzie lawyers and economists from around the world, this special report identifies the most critical transfer pricing issues businesses should be analyzing now.

Additional Enhancements

Deemed Asset Acquisition Election §338/§336(e) Workflow Tool

The Deemed Asset Acquisition Election workflow tool is designed to guide you through the requirements of §338 and §336(e) and assist you in determining whether your client is eligible to make a §338(g), §338(h)(10), or §336(e) election.

Deducting Meals and Entertainment Workflow Tool

The Meals & Entertainment workflow tool has been updated to reflect proposed regulations released February 21, 2020 (REG-100814-19, 85 Fed. Reg. __ (Feb. 26, 2020)), which addresses the §274 limitation on deducting food and beverage expenses and elimination of the deduction for expenditures related to entertainment activities.

New State and International Featured Topics Section

A Tax Reform & Featured Topics section is now available on the State homepage. A Featured Topics section has also been added to the International homepage. These new topic boxes provide quick access to the Coronavirus Tax Watch page and more.

Interactive Workflow Tools

Our new interactive tools leverage the in-depth analysis and practical guidance from the Tax Management Portfolios combined with intuitive workflows to simplify and shorten your research time, getting you to the information you need more quickly. Recently released tools include:

• Bonus Depreciation and First-Year Expensing
• Choice of Forum
• Deemed Asset Acquisition Election Tool (Section 338/336(e))
• Determining if an Individual is a Dependent
• Expatriation of Individuals
• FBAR Filing for Individuals
• Foreign Earned Income Exclusion (Section 911)
• Innocent Spouse Relief
• Meals & Entertainment
• Portability of Deceased Spousal Unused Exclusion Amount
• Section 645 Election

Country Additions (International)

VAT Navigator: Burkina Faso, Burundi, Chad, Falkland Islands, Faroe Islands, Gabon, Haiti, Kiribati, Lebanon, Libya, Macau, Niue, North Korea, Sierra Leone, Togo Vanuatu

Country Guides: Central African Republic, Chad, Comoros, Djibouti, Falkland Islands, Faroe Islands, Gabon, Mauritania, Mongolia, North Korea, Haiti, Libya, Sao Tome and Principe, St. Kitts and Nevis, Suriname, Togo, Tonga, Trinidad and Tobago, Macau

Withholding Tax Chart Builder: Burundi, Central African Republic, Comoros, Cuba, Djibouti, Equatorial Guinea, Eritrea, Greenland, Sao Tome and Principe, Samoa, Sierra Leone, Suriname Tajikistan

New Portfolios

• 6924-1^st: Transfer Pricing: Audits, Appeals, and Penalties
• 6105-1^st: Corporate Inversions
• 379-1^st: QDROs and Similar Assignments of Income and Retirement Assets
• 397-4^th: Cafeteria Plans
• 583-3^rd: Cost Segregation and the Former Investment Tax Credit

Revised Portfolios

• 583-3^rd: Cost Segregation and theFormerInvestment Tax Credit
• 638-5^th: Federal Tax Collection Procedure -- Defensive Measures
• 5450-2^nd: Compilations and Reviews of Financial Statements
• 549-3^rd: Passive Loss Rules

January/February 2020

Product Enhancements

Tax Season Watch

This new page brings together tax filing and payment resource in one place and provides helpful information for avoiding mistakes for tax preparation, best practices when e-filing, top audit triggers, and much more. Access now.

Workflow Tools

New interactive Workflow Tools designed to save time take subscribers through a series of questions related to a transaction/situation, and guide them through key considerations required to make a determination. Definitions, descriptions, and links to additional guidance and relevant source material are displayed at each step. Access now.

Available Workflow Tools for individual and business planning include:

• Deducting Meal & Entertainment Expenses
• Choice of Forum
• Bonus Depreciation and Section 179 Expensing
• Innocent Spouse Relief
• Section 911 – Foreign Earned Income Tax Exclusion
• Section 645 Election
• Portability of Deceased Spousal Unused Exclusion Amount

Compare Button

The Compare Button is now available on all State Tax Navigators, VAT Navigators, and Country Guides. It offers a seamless transition between the state- and/or country-specific analysis on a particular topic and a related Chart Builder. Access now.

Country Additions

VAT Navigator: Aruba, Comoros, Djibouti, Gambia, Mauritania, Suriname, Tonga, Turkmenistan

Country Guides: Armenia, Bahamas, Barbados, Gambia, St. Vincent and the Grenadines, Timor-Leste

Withholding Tax Chart Builder: American Samoa, Armenia, Benin, Bhutan, Chad, Eswatini (Swaziland), Falkland Islands, French Polynesia, Guinea, Guinea Bissau, Kyrgyzstan, Mali, Mauritania

New Portfolios

• 7160-1^st: Business Operations in India
• 6460-1^st: U.S. Income Taxation of Foreign Corporations
• 6540-1^st: U.S. Taxation of Foreign Investment in U.S. Real Estate
• 6442-1^st: Taxation of Foreign Entertainers and Sportsmen
• 454-1^st: Tax-Exempt Organizations – Trade Associations
• 453-1^st: Tax-Exempt Organizations – Lobbying and Political Expenditures
• 6860-1^st: U.S. Income Tax Treaties – Permanent Establishments and Related Business Provisions
• 183-1^st: Tax-Advantaged Bonds

Revised Portfolios

• 7120-2^nd: Business Operations in Finland
• 868-2^nd: Domestic Asset Protection Trusts
• 7330-2^nd: Business Operations in Russia
• 638-5^th: Federal Tax Collection Procedure -- Defensive Measures

December 2019

Product Enhancements

Federal

2020 Federal Tax Guide
This comprehensive quick reference tool helps with the preparation of 2019 individual, estate and gift, and business tax returns. Useful for both novices and experts, the Federal Tax Guide is supported by numerous examples and citations to underlying authority, as well as cross-references to Tax Management Portfolios and Tax Practice Series chapters. Access now.

State

2019 Trust Nexus Survey
Stay on top of the latest developments and trends regarding trust income tax nexus. This report covers general trust income tax policies, the constitutional limitations placed on the taxation of trusts, the taxation of nonresident and part-year resident trusts, the availability of credits for taxes paid to other states, and the specific activities that determine whether a trust is taxed as a resident trust in a particular state. Access now.

International

Transfer Pricing Forum: Taxation and Digitalisation of the Economy
Digital transformation, digital revolution, and digitalisation of the economy are all expressions that refer to the impact that the use of digital technologies and data are having on the way people, firms, and governments interact, work, and produce. This phenomenon is spreading widely and at a rapid pace, putting into question the effectiveness of long-settled policies in several areas, including taxation. Access now.

Country Additions

VAT Navigator: Anguilla, Dominica, Lesotho, St. Lucia, St. Kitts & Nevis, St. Vincent and the Grenadines, Trinidad & Tobago

Country Guides: Anguilla, Dominica, French Polynesia, Nepal, Zambia

Withholding Tax Chart Builder: Guyana, Laos, Madagascar, New Caledonia

All

Payroll Year-End Clearinghouse
To help employers navigate this busy time of year, subscribers can access a clearinghouse of information on year-end payroll developments and duties. The clearinghouse provides the latest federal and state updates, including annual pension-related and inflation-adjusted amounts, forms released by the IRS, state minimum wage changes for 2020, announcements, and revenue rulings. Also available are a year-end checklist and report developed in collaboration with the payroll team at KPMG LLP. Access now.

Big Four Positions Tool
An enhanced Big Four Positions Tool is now available on the Financial Accounting resource center. Publicly available financial accounting positions from the four major public accounting firms – Deloitte, EY, KPMG, and PwC – are summarized and presented in one central database. Use this to get insights into the treatment of financial accounting topics with positions relating to U.S. GAAP, IFRS, FASB, and IASB standards. Access now.

Points of Law
A multiyear artificial intelligence (AI) initiative offering a more efficient way to conduct case law research through machine learning. When applied to the Bloomberg Tax database of 13 million court opinions, Points of Law highlights applicable language critical to a court's reasoning, Citation Map, and most relevant case law. Access now.

September 2019

Product Enhancements

Enhanced Country Coverage

Bloomberg Tax’s global country expansion is underway: * Dedicated County Guides now available for: Afghanistan, Botswana, Cameroon, Cote d'Ivoire, Ethiopia, Jordan, Myanmar, Rwanda, Sri Lanka, Zimbabwe

• Dedicated VAT Navigators now available for: Bangladesh, Belize, Botswana, Cote d'Ivoire, Ethiopia, Kosovo, Kyrgyzstan, Laos, New Caledonia, Myanmar, Zimbabwe, Sri Lanka
• The BEPS Tracker now covers the following countries: Andorra, Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Belize, Benin, Brunei Darussalam, Burkina Faso, Côte d’Ivoire, Dominica, Gabon, Grenada, Jamaica, Macau, Monaco, Papua New Guinea, Saint Lucia, San Marino, Seychelles, Senegal, Sri Lanka, St. Kitts and Nevis, Trinidad and Tobago, Turks and Caicos, and Zambia
• These countries (domestic law, and all bilateral treaties) have been added to the Withholding Tool: Afghanistan, Anguilla, Bahamas, Belize, Burkina Faso, Cameroon, Congo, Cook Islands, Côte d’Ivoire, Gabon, Guam, Iraq, Monaco, Myanmar, Papua New Guinea, St. Kitts and Nevis, Turks and Caicos, Uganda, and U.S. Virgin Islands

Expanded Table of Contents

Under Portfolio Description you now have the option to select Table of Contents. Once selected, a full Table of Contents for that Portfolio appears. For convenience, the reader can choose to download and/or print the full Table of Contents.

August 2019

Product Enhancements

New Autocomplete Feature
The Autocomplete feature has been added to Bloomberg Financial Accounting. The feature presents link suggestions to FASB Accounting Standards Codification sections based on a user's search terms as the user types them. These link suggestions remain available until the user hits Enter/selects the search icon. This feature replaces the Go To Citation feature and provides a better user experience, eliminating "sorry not found" search results.

June/July 2019

Product Enhancements

State Tax Nexus Tools Updated
State Tax Nexus Tools have been updated to reflect the 2019 State TaxDepartment Survey results. A Chart Builder tool generates state-by-state comparison charts that indicate the nexus policy of each state. Through the Evaluator, a series of questions regarding types of activities performed are asked. Responses are then used to help determine if a company has nexus in one or more states. A detailed, client-ready report is then created providing an explanation of each state's nexus laws and associated nexus consequences

Expanded Country Coverage
Sri Lanka has been added to the Country Guides. Both Sri Lanka and Bangladesh have been added to the VAT Navigator.

Featured Events - Save the Date!

Tax Planning Opportunities With Section 199A
In this complimentary webinar you'll learn how to navigate the nuances of the QBI deduction, gain insight into saving your clients money, and identify additional revenue opportunities for your practice.
July 10, 2019
2:00 PM ET
This is a virtual event, accessible online and over the phone. Access instructions will be provided after registration.
Learn more or register here.

Update On Opportunity Zones
With an estimated $6 trillion of idle capital gains in the economy and plenty of potentially lucrative markets available, opportunity zone funds are poised to become a go-to vehicle for wealthy investors looking for tax-advantaged ways to redeploy capital gains.
July 16, 2019
11:30 AM ET
This is a virtual event, accessible online and over the phone. Access instructions will be provided after registration.
Learn more or register here.

Wayfair: One Year Later
It's been one year since the Wayfair decision upended the physical presence nexus standard for state sales taxes collected by online retailers. While the vast majority of states have implemented economic nexus standards, many questions still linger. This on-demand webinar will help attendees navigate the complexity of complying with the states' emerging economic nexus laws and rules.
On-Demand Pre-Recorded Webinar
This is a complimentary program sponsored by Avalara.
Register for on-demand here

New Portfolios

6040-1^st: T.M., Indirect Foreign Tax Credits
6400-1^st: U.S. Income Taxation of Nonresident Alien Individuals

Revised Portfolios

743-2^nd: Structuring Real Estate Joint Ventures with Private REITs
473-2^nd: Private Foundations - Excess Business Holdings (Section 4943)
450-2^nd: Tax-Exempt Organizations -- Organizational and Operational Requirements
6875-2^nd: U.S. Income Tax Treaties -- Benefits Provided by a Country to Its Own Residents and Citizens

May 2019

Product Enhancements

2019 State Tax Department Survey

The Bloomberg Tax 2019 State Tax Department Survey is now available. Premier State Subscribers can access the survey under the News & Commentary section of their State tab. This annual survey clarifies each state's position on the gray areas of corporate income and sales and use tax and is extremely helpful when evaluating whether corporate activities within a state could result in a tax assessment. The survey gives an in-depth review of states' responses to a variety of topics, including corporate income tax nexus, pass-through entity-level nexus, sales tax notice and reporting requirements, apportionment formulas and much more.

Bloomberg Tax & Accounting Website Now Live

Our new website went live on May 17. Visitors to bna.com will be directed to https://pro.bloombergtax.com when they click on the Tax tab.  You will also notice that we are in the process of changing our  brand name to Bloomberg Tax & Accounting which you will notice appears in the upper left hand corner of each page  Our new fresh look and the addition of the "& Accounting" are exciting ways to launch the second half of 2019!

Featured Events - Save the Date!

Learning from the 2019 Survey of State Tax Departments -- Corporate Income & Pass-through Entity Taxation

In this webinar we'll take a closer look at the recent trends in state corporate income taxation and taxation of pass-through entities.

June 6, 2019, 1:00 pm ET

This is a virtual event, accessible online and over the phone. Access instructions will be provided after registration.

Learn more or register here.

Wayfair: One Year Later

This webinar is designed to help attendees navigate the complexity of complying with the states' emerging economic nexus laws and rules.

June 20, 2019, 2:00 PM ET
This is a virtual event, accessible online and over the phone. Access instructions will be provided after registration.

Learn more or register here.

2nd Annual Bloomberg Tax Leadership Forum: Preparing Multinationals for a Changing Tax Landscape

Join us to gain deep insights into global tax planning, transfer pricing, and taxation of digital assets.
June 27, 2019, 8:00 am -- 5:00 pm, ET
Bloomberg L.P.
New York, NY
Learn more or register here.

April 2019

Product Enhancements

GILTI Calculator

Enables you to calculate your GILTI inclusion amount under IRC §951A, as required by the 2017 tax act, and to better understand the inputs. The calculator, released in beta, gives you the opportunity to share your feedback by clicking the "Calculator Feedback" button.

International Withholding Tax Chart

Allows you to select multiple source countries and make side-by-side comparisons of the withholding tax consequences when investing in, or providing services into, multiple countries. Chartable content can now be saved to Workspaces and exported to Excel. Charts will display both the domestic and treaty rates for different types of withholding tax, while providing links to relevant treaty articles directly from the chart.

International Tax Forms Navigation

Allows you to open and view multiple country forms, similar to the treaty library. The database has a new unstructured layout. Users can select specific filters on the left. The results will immediately display in the center of the page.

Enhanced Portfolio Printing

Enables full or partial printing of any portfolio. Subscribers can choose to print:
Entire portfolio, including working papers

• Detailed analysis
• Single portfolio chapter
• Individual subsections

In addition, subscribers can customize portfolio downloads, choosing file format, content, and paper size.

March 2019

FEATURED EVENT -- SAVE THE DATE

2nd Annual Bloomberg Tax Leadership Forum: Preparing Multinationals for a Changing Tax Landscape

Join us to gain deep insights into global tax planning, transfer pricing, and taxation of digital assets.

June 27, 2019
Bloomberg L.P.
New York, NY

The 2017 Tax Cuts and Jobs Act fundamentally changed the tax landscape for U.S. businesses, as well as had broad implications for multinational corporations. The leadership forum is a unique opportunity to engage with regulators, policy leaders, industry experts, corporate tax leaders, and those in the financial services industry as they adjust to this new climate and look toward business growth in 2020.

Learn more or register here.

Revised Portfolios

• 805-4th: Private Annuities and Self-Canceling Installment Notes
• 6620-1st: Source of Income Rules
• 865-3rd: Charitable Remainder Trusts, Charitable Gift Annuities, and Pooled Income Funds
• 524-2nd: Deductibility of Illegal Payments, Fines, and Penalties

Product Enhancements

Credits and Incentives Navigator and Chart Builder

Covers state tax credits and incentives available to businesses and individuals. It encompasses analysis from the Credits and Incentives Portfolio collection and the Green Incentives Navigator. With this new format, credits and incentives analysis is more easily accessible via search and allows you to build quick comparison charts on desired topics.

State Charts Updated With 2019 and Future Rate Information

State charts were updated to include Property Tax, Individual Income Tax, and Excise Tax Navigators. Chart Builders have been expanded to cover a combined 101 additional topics, including Sports Gambling and Wagering (Excise Tax), Dark Store Valuation Theory (Property Tax), Partnership Audit Procedures (Pass-Through Entities Tax), and Business Interest 163(j) (Corporate Income and Pass-Through Entities Tax).

Special Reports

Section 250 Proposed Regulations Roadmap
In an effort to combat possible indefinite deferral of U.S. taxation with respect to active foreign business income, §951A was enacted. In response to concern about the new GILTI provision potentially harming the competitive business position of domestic corporations, §250 was enacted. It generally permits domestic corporations to deduct 37.5% of their "foreign-derived intangible income" (FDII) and 50% of their GILTI in taxable years beginning before 2026.
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2019 Credit Losses
Explores how the credit loss landscape is set to be transformed by the implementation of ASC 326. This new standard from FASB is sure to impact how corporations can write down losses on financial assets and poses significant risks to companies that don't plan ahead for the new standard. Get the insights you need to provide your clients with the most up-to-the-moment advice possible.
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Highlights of the Final Partnership Audit Rules
This report highlights some of the more significant changes and clarifications made to the partnership audit rules that were included in the final regulations the IRS released (T.D. 9844) on December 22, 2018. They implement the centralized partnership audit regime enacted by the Bipartisan Budget Act of 2015 and subsequently amended by the Tax Technical Corrections Act of 2018. It also details some of the gaps practitioners should watch for.
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Jumpstart - Tax & Accounting Podcast

Recent Proposed Regulations to BEAT -- Part 1 This podcast covers the BEAT proposed regulation and its expansion upon the statute.

Recent Proposed Regulations to BEAT -- Part 2 Bloomberg Tax experts discuss base erosion payments.

Final 965 Regulations This podcast is a discussion around 965 and the final regulations issued by the IRS on January 15, 2019.

Proposed Regulation on Foreign Tax Credit Discussion of the new proposed regulations on foreign tax credit.

Section 199A Update -- Part 3 The third in a multipart podcast series. Bloomberg Tax experts discuss the recent guidance issued on §199A.

Using Family Limited Partnerships in Estate Planning After The 2017 Tax Act Portfolio author Louis Mezzullo discusses some of the requirements and pitfalls in using FLPs in today's estate planning.

The Estate Tax Exclusion: Can or Should You Use The Less Wealthy Spouse's Exclusion? Richard Franklin and George Karibjanian of Franklin Karibjanian & Law PLLC join Practitioners' Insight host Andrea L. Ben-Yosef in a podcast about the new estate tax exclusion.

Videos

• Tax Leadership Forum Welcoming Remarks
• The State of State

February 2019

FEATURED EVENT -- SAVE THE DATE

2nd Annual Bloomberg Tax Leadership Forum: Preparing Multinationals for a Changing Tax Landscape

June 27, 2019
Bloomberg L.P.
New York, NY

The 2017 Tax Cuts and Jobs Act fundamentally changed the tax landscape for U.S. businesses, as well as had broad implications for multinational corporations. The leadership forum is a unique opportunity to engage with regulators, policy leaders, industry experts, corporate tax leaders, and those in the financial services industry as they adjust to this new climate and look toward business growth in 2020.

Join us to gain deep insights into global tax planning, transfer pricing, and taxation of digital assets. 

Learn more or register here .

Revised Portfolios

• 509-2nd T.M., Principles of Capitalization
• 365-3rd: ERISA -- Fiduciary Responsibility and Prohibited Transactions
• 754-5th -- Consolidated Returns -- Elections and Filing

Product Enhancements

New International Homepage
Simplifies international tax treaty access:

• Treaties box provides a full listing of agreement types, with links to each treaty topic.
• Treaty Primer now featured in the Expert Analysis section.
• Treaty Comparison Tool and Multilateral Instrument Tool can both be found under Practice Tools.

Treaty Comparison Tool
Allows you to assess and evaluate articles from different international treaties -- within one centralized location. Country choices no longer disappear and new text appears if a treaty doesn't address a specific topic. 

International Forum Landing Page
Makes it easier to search and browse for current and past topics. It shows a comparative study of international tax law issues. Each topic includes a fact pattern and detailed responses from expert practitioners based in 19 major industrial countries. 

Transfer Pricing Forum Landing Page
Presents a comparative study of transfer pricing issues. Each topic includes a question and detailed responses from expert practitioners based in over 20 major industrial countries.

Special Reports

Opportunity Zones Proposed Regulations Roadmap
Proposed regulations provided guidance relating to the type of gains that may be deferred, the time by which deferred gain must be invested, and the manner in which investors may elect to defer specified gains. Included is a definition of qualified opportunity zone business property. This roadmap highlights key takeaways from the proposed regulations. 
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Base Erosion and Anti-Abuse Tax Proposed Regulations Roadmap
In 2017 §59A was added to the Code, changing the way certain outbound payments made by certain taxpayers with substantial gross receipts were taxed. In December 2018 proposed regulations under §59A contained guidance regarding the determination of the tax on base erosion payments rules for determining if a taxpayer was subject to the BEAT rules for determining the amount of base erosion payments and base erosion tax benefits. Reference this detailed roadmap for additional guidance.
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Section 199A Regulations Roadmap
In January 2019, regulations were released that finalized the August 2018 proposed regulations with some modifications. This roadmap highlights significant differences between the August 2018 proposed regulations and the final regulations, along with additional changes in the January 2019 proposed regulations. 
Download your copy today.

Jumpstart Podcasts

Fine Tuning an Estate Plan After Death -- Part 2 The second in a two-part podcast about how to maximize the benefit to beneficiaries through income tax planning.

Hybrid Arrangements (267A) This podcast is a discussion surrounding the new proposed regulations under 267A conducted by Bloomberg Tax experts.

Trust Planning with §199A This podcast covers the impacts of §199A as it relates to existing and future trust-related arrangements.

Executive Compensation Changes Impacts of recently issued IRS guidance made by the 2017 tax act to deferred compensation.

January 2019

Product Enhancements

Tax Reform Guidance Watch

Provides the latest information on guidance and proposed regulations issued by the IRS to implement provisions under the 2017 tax act through our roadmaps, Daily Tax Report® articles, proposed and final regulations, and podcasts posted alongside key IRC and Tax Management Portfolios.

Quick Tax Reference 2018/2019

Includes tables, charts, and schedules that incorporate the changes from the 2017 Tax Act (Pub. L. No. 115-97) and the Bipartisan Budget Act of 2018 (Pub. L. No. 115-123) in PDF format. A print copy was mailed to subscribers.

Expand Page Option

Allows the reader to have an easier, more comprehensive reading experience. The Expand Page Option instantly opens the document in a wider view, eliminating white space on either side of the page.

Sales & Use Tax Rate Finder

Brings you timely and accurate sales and use tax rate information for every taxing jurisdiction in the U.S. (including Puerto Rico) and Canada. The latest enhancements include:

• Improved search results using street address or Zip + 4 code
• More detailed rate information in one place to save you time.
• Customizable fields, export and import capabilities, and ability to set up favorites.
• Rate-change emails that include Excel files for easy firmwide referencing.

Related-Content BNA Pick -- U.S. Income Tax Treaties

Brings resources together in one place to improve users' ability to cross-reference to the explanatory content most relevant to them. Those researching in-force U.S. income tax treaties in English can now conveniently access documents like protocols, technical explanations, committee reports, and memoranda from the Related-Content BNA Pick on the right side of the page.

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2018 Tax and Accounting Enhancements

To help you navigate the ever-shifting landscape of federal, state, and international taxation and financial accounting, Bloomberg Tax has added even more content, features, and practice tools. Below is a summary of some of the enhancements made in 2018 -- all with the goal of equipping you with the resources you need to provide exceptional tax guidance and stay up-to-date on tax reform developments as they unfold.

Tax Reform

Legislative efforts are underway to expand upon the changes made by the 2017 federal tax act, but the bills will require 60 votes to pass in the Senate -- and thus the support of at least some Democrats. The Treasury Department and the IRS are also playing a major role in shaping the impact of tax reform legislation through the issuance of regulations and other guidance. Our editors, reporters, and network of leading practitioners are tracking, reporting, and providing insights and analysis on developments as they unfold.

Tax Reform Watch

Provides the latest information about tax reform legislation through our Tax Reform Roadmap and Tax Reform Guidance Roadmap , Daily Tax Report® articles, the latest bill text, FAQs, client letters, podcasts, and state tax impact.

Federal Tax

Bloomberg Tax Internal Revenue Code

Bloomberg Tax is pleased to offer full text of the current Internal Revenue Code free of charge. Whether on our free site or on our product, our IRC is updated continuously and includes Editor's Notes written by expert staff at Bloomberg Tax indicating when a section has been repealed or when there is a delayed effective date, allowing you to see the current and future law. Links to related code sections make it easy to navigate within the IRC.

Bloomberg Industry Group Legislative History

Access to our exclusive legislative history, covering the period from 1959 to the present. Appearing as a button in the Internal Revenue Code, BNA Legislative History provides exclusive analysis of how Congress has amended specifi code sections over time.

Quick Tax Reference Guides

Tables, charts, and schedules that incorporate the changes from the 2017 Tax Act (Pub. L. No. 115-97) and the Bipartisan Budget Act of 2018 (Pub. L. No. 115-123).

2019 Federal Tax Guide

A must-have reference for preparing 2018 individual and business tax returns for the year ahead. The 2019 Federal Tax Guide covers taxation of individuals, corporations, estates and trusts, and pass-through entities.

IRC 199A Deduction Calculator

Quickly determine the deduction under Section 199A for 20% of the Qualified Business Income (QBI) of pass- through entities, such as partnerships and S corporations, with our new tool.

Client & IRS Response Letters

Access our library of Client & IRS Response Letters. For each IRS Response Letter, we explain the purpose, taxpayer action required, samples of each letter, and links to additional resources.

Practice Guides & Checklists

Gain practical guidance on important tax topics and transactions, including new Practice Guides on the 199A deduction, year-end tax planning strategies, estate planning, partnership, and more. Each guide reviews the most important considerations and provides links to key Portfolios, primary sources, and a checklist.

State Tax

Wayfair Coverage

States in recent years have enacted a frenzy of new laws and regulations to capture more tax revenue from online sales. However, they have confronted one primary hurdle in doing so: the much-maligned "physical presence" rule from the U.S. Supreme Court's 1992 Quill Corp. v. North Dakota decision.

Sales and Use Tax Navigator

Now includes nexus rules for online marketplace sellers that might not otherwise be covered by states' economic or affiliate nexus standards.

Corporate Income , Pass-Through Entities , and Individual Income Tax Navigators

The Corporate Income, Pass-Through Entities, and Individual Income Tax Navigators now include specific tax return due dates for tax years 2015 to present; conformity to the federal due date change and other compliance issues; and short period return filing information for corporations and pass-through entities.

Pass-Through Entity Navigator

Now includes states' guidance on the treatment of I.R.C. §199A on the deduction for qualified business income and I.R.C. §965 on the transition tax on deferred foreign income.

Corporate Income Tax Navigator

Now includes states' guidance on the treatment of I.R.C. §951A on global intangible low-taxed income (GILTI) and foreign derived intangible income (FDII) and I.R.C. §965 on the transition tax on deferred foreign income.

Puerto Rico

State tax professionals have expanded access to the Puerto Rico library, which includes a Portfolio, Country Guide, and VAT Navigator chapters and translated PDF tax forms.

International Tax

Country Guides

The Global Tax Guide has a new name: Country Guides . This change better represents the comprehensive scope of our international content and makes it easier for you to navigate to the compliance information you need for your research.

BEAT Calculator

The Bloomberg Tax BEAT Calculator saves time by enabling you to easily compute the BEMTA by entering the components of the calculation into an easy-to-follow interface. You can input any relevant credits, various streams of income, and deductions into preset fields, which are readily available for editing to see the impact changed values would have on your minimum tax.

MLI Watch

Stay current on the OECD's Multilateral Instrument with the BEPS Tracker, MLI tool, and treaty alerts. The clearinghouse MLI Watch page features these tools, plus practitioner commentary, links to OECD content, and the latest synthesized texts from signatory countries.

News

News has a fresh look on Bloomberg Tax that makes it easier to find, read, and share articles. The enhanced presentation of the Daily Tax Report []{.underline} and other tax publications features a modern display of news stories as well as new options for filtering tax topics and customizing your emails. The updated look makes it easier to view articles on mobile devices, share via social media, and navigate to other Bloomberg Tax publications.

Federal Tax Developments Tracker

Stay up-to-date with new developments with our powerful Federal Tax Developments Tracker. This new tool provides comprehensive coverage, concise summaries and direct links to dozens of federal developments each day, including IRS agency documents, regulations, tax cases, and much more.

Payroll

Full domestic and international Payroll content is now available on Bloomberg Tax. The Payroll Tab features the practical and comprehensive Payroll Administration Guide, daily news and developments, interactive charts, and coverage for all 50 states and more than 90 countries. It also delivers strategic white papers, webinars, and custom research designed to help professionals carry out their payroll responsibilities.

Financial Accounting

Bloomberg Financial Accounting has moved to a great new platform designed for accounting professionals. Available to Bloomberg Tax subscribers, Financial Accounting features nearly 90 Portfolios, U.S. GAAP Summaries, Fast Answers, daily news and developments, an SEC EDGAR search tool, and topic pages

for hot topics such as accounting for income taxes, revenue recognition, and leasing. All content is searchable and linked to standard-setter content, including FASB, AICPA, and IASB.

As always, we welcome and encourage your feedback. Please send your comments and suggestions to bnatax@bna.com