What's New in Tax & Accounting

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.

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

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

Revised Portfolios

743-2nd: Structuring Real Estate Joint Ventures with Private REITs
473-2nd: Private Foundations - Excess Business Holdings (Section 4943)
450-2nd: Tax-Exempt Organizations -- Organizational and Operational Requirements
6875-2nd: 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!

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

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.
Download your copy today

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.
Download your copy today.

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.
Download your copy today.

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

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

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. 
Download your copy today.

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.
Download your copy today.

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.


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. View our Year End Enhancements video.

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