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Bloomberg tax planner

Bloomberg tax planner export for 1040 and 1120

Thomson Reuters provides a utility that exports Form 1040 and Form 1120 information to Bloomberg Tax Planner applications for 1040 and 1120. This utility generates a text file that is compatible with, and can be opened by the Bloomberg Tax Planner application.
We strive to ensure the accuracy of the export. However, there are many instances where our categorization and storage methods do not directly align with the data presentation in the Bloomberg Tax Planner application. In such cases, we exclude the data elements from the export.
Due to these fundamental differences between our compliance data and Bloomberg Tax Planner’s planning data requirements, our export to the Bloomberg Tax Planner file is not comprehensive. The following charts detail the data that Thomson Reuters exports to the Bloomberg Tax Planner file.

Updates

We may modify, add to, or delete our data exported to the Bloomberg Tax Planner application for 1040 and 1120 from time to time. When these changes occur, we will release them with the regularly scheduled 1040 and 1120 application updates.

Limitations

  • 1040: Unemployment compensation is tracked in GoSystem Tax as a total. When imported into Bloomberg Tax Planner, the total appears on the taxpayer line.
  • 1040: The K-1, collectibles (28%) may double up. Please review the data.
  • 1040: The greater the number of K-1 activities, the greater the difference between GoSystem Tax and Bloomberg Tax Planner. This generally relates to activities that are retired, unlocking of losses, and the different tracking of basis, at-risk, and passive losses.

This article applies to:

  • Product: GoSystem Tax RS
  • Return type: 1040 Individual, 1120 Corporation
  • Subject: Export
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