On June 17, 2013, Bloomberg BNA launched several enhancements on the Tax and Accounting Center, including new products and as well as improvements on existing products. We are very excited about these enhancements and we are confident they will be valuable tools for your tax research. 

Internal Revenue Code Enhancements

We have updated our presentation of the IRC to allow for easier navigation, improved readability, and quicker access to corresponding authorities and Bloomberg BNA expert analysis. User-friendly content tabs have been added to each IRC section to provide easy access to committee reports, code history, news, and Bloomberg BNA expert analysis. 

Federal Excise Tax Navigator         

We are excited to offer in-depth coverage of excise taxes in our new Federal Excise Tax Navigator. This product provides detailed coverage of excise taxes in an efficient research platform. The Navigator is designed with end-users in mind, allowing for readability and organization, without sacrificing the analysis and authority that Bloomberg BNA is known for. 

A smart chart builder function will be added later in the year. With this additional feature, which will include state content, subscribers will be able to create a quick smart chart on various excise taxes across multiple jurisdictions. This will allow subscribers to accurately compare excise taxes across jurisdictions, while also providing references to more detailed analysis. 

Committee Reports  

When viewing a Code section, subscribers can now link to the specific section of relevant Committee Reports (from 1996 - Present) that explain the amendments made to that IRC section by that legislation. 

Exchange-Traded Options Adviser  

This is the first of a series of "adviser"-type Bloomberg BNA products on financial instruments and products.  The advisers are designed to focus on issues important to traders and investors-but tax practitioners too.  They tend to be structured more around products and transactions than around IRC sections and tax topics.  This first adviser runs through the economic advantages of trading options instead of the underlying property, the relative advantages and disadvantages of equity options vs. non-equity options, the tax treatment that exchange-traded-option traders and investors can expect, and the constructive sale, wash sale, and tax straddle rules. 

Peter D. Mills, J.D., LL.M.

Managing Editor-U.S. Income Tax & IRS Procedure