New State Features for Bonus Depreciation Available From Bloomberg Tax & Accounting

Bloomberg Tax & Accounting announced an enhancement to its Advantage Fixed Assets software that addresses the challenges of bonus depreciation calculations.

Feb 11th 2020
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The latest software update is aimed at states whose rules do not conform with the Internal Revenue Code. Since the introduction of bonus depreciation to the federal tax code in 2001, many states have disallowed this tax benefit either partially or in full.

Bloomberg Tax & Accounting's added state bonus depreciation feature includes new state books and reports designed to manage the complexity of complying with state regulations by providing built-in state specific rules for the application of bonus, as well as calculations of federal-to-state modifications.

The most recent release of the software provides functionality to handle requirements in the following states: 

  • California
  • New York
  • Illinois
  • North Carolina
  • Minnesota
  • Florida

Additional states will be added in future releases based on customer feedback. For more information visit https://pro.bloombergtax.com/state-books/.

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