Corporate Tax Analysis Software assesses impact of carrybacks.

Press Release Summary:

Designed to take complexity and risk out of managing taxes, preparing forms, and verifying accuracy, BNA Corporate Tax Analyzer v2010.1 automates calculation and tracking of carryforwards, carrybacks, NOLs, FTCs, AMT, GBCs, and charitable contributions over multiple years. All calculations and rules are built in to program to accurately analyze interplay of tax attributes, and then play them out over carryback period using up to 30 different scenarios.

Original Press Release:

BNA Software Introduces a New Level of Automation, Efficiency, and Precision for Corporate Carryback Claims

ARLINGTON, Va., -- BNA Software®, an operating division of BNA, today announced the release of a major enhancement to its BNA Corporate Tax Analyzer (CTA) product. This release, v2010.1, enables corporate tax professionals to more easily analyze the impact of carrybacks and assist with the preparation of federal carryback claims.

"We developed this enhancement in direct response to requests for more precision and a longer-term view of carryback claims," said David N. McPherson, JD, LLM, Product Manager and Senior Tax Specialist, BNA Software. "Our customers are also seeking ways to reduce the amount of time it takes to prepare Forms 1139 and 1120X because their tax preparation software doesn't analyze the ripple effect that carryback claims have on multiple tax years.

"Accuracy is the key. When a company with an NOL or capital loss files a Form 1139 and the claim is for over $2 million, the application is closely scrutinized by the IRS Joint Committee of Taxation. Claims on an 1139 are paid within 90 days, so cash-strapped companies cannot afford to make errors, or leave money on the table by electing to claim the wrong carryback period. And because BNA Corporate Tax Analyzer is the same software the IRS uses to perform its audits, our customers can be confident that their calculations are based on the same methodology used by federal auditors."

The capability to assess the impact for each carryback period - be it two, three, four, five, or even ten years - is unique to CTA. All of the calculations and rules are built in to the program to accurately analyze the interplay of tax attributes, and then play them out over the carryback period using up to 30 different scenarios.

The BNA Software approach to the automating preparation of Form 1139 also offers a new game plan for accounting firms that goes beyond accuracy and assurance. The form takes many billable hours to prepare manually, and in turn, due to volume, many accounting firms only prepare 1139s for clients claiming refunds of at least $5 million. Using BNA Corporate Tax Analyzer gives them the option to cost effectively lower this threshold by reducing the time needed to prepare the form.

"Although the economy has begun to show signs of improvement, the difficult challenges corporations have dealt with the past two years have made loss management top-of-mind for many corporate tax professionals," said McPherson. "Unfortunately, as businesses try to recover financially, the lingering effects of errors caused by manual tax calculations eventually surface - too often during IRS audits. That's why BNA Corporate Tax Analyzer continues to gain market share in the medium to large corporate arena. CTA is a unique income tax management solution, proven in the corporate environment and by the Internal Revenue Service."

BNA Corporate Tax Analyzer is the only product that automates the calculation and tracking of carryforwards, carrybacks, NOLs, FTCs, AMT, GBCs, charitable contributions, and more over multiple years. The software takes the complexity and risk out of managing taxes, preparing forms, verifying accuracy, planning, documentation, and IRS audits. And CTA is backed by exceptional customer support and professional training services.

To learn more about BNA Corporate Tax(TM) Analyzer, visit, or call toll free 800-424-2938 and select option 3.

About BNA Software

BNA Software is an operating division of specialized news and information publisher BNA, headquartered in Arlington, Virginia. BNA has been America's premier independent publisher of legal and regulatory news and analysis for over 80 years. The company's clients include all of the Fortune 100 and all of the top 50 accounting firms. Founded in 1983, BNA Software develops expert solutions for tax and accounting professionals. With category-standard software and top rated technical support, BNA Software is the solution of choice for professional firms and corporations of every size. More than 60,000 customers and users, including the IRS, depend upon BNA Software for the highest degree of tax, regulatory, and compliance expertise available in the market. Visit for more information.

BNA Software is a registered trademark, and BNA Corporate Tax is a trademark of Arlington, Va.-based news publisher BNA.

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