A recent survey by Bloomberg Tax & Accounting has highlighted the need for tax technology in corporate tax departments as businesses prepare for significant changes to tax laws, including the expiration of key provisions from the 2017 Tax Cuts and Jobs Act (TCJA).
The findings reveal widespread challenges in adapting to the evolving tax landscape, with many organisations still relying on outdated manual processes that hinder their ability to respond effectively.
The 2025 Tax Changes Readiness Survey, which gathered insights from more than 400 corporate tax professionals, reveals challenges in adapting to legislative changes due to outdated processes.
Notably, 63% of respondents are seen to be still manually collecting data from enterprise resource planning and general ledger systems for tax calculations, while 76% depend on Excel, hindering efficiency and adaptability.
As TCJA provisions are set to expire at the end of 2025, businesses are said to be under pressure to re-evaluate their strategies in the face of legislative uncertainty.
Despite 80% of professionals expressing concern about the potential changes, less than half have begun scenario modelling to assess their impact.
This reliance on manual workflows exacerbates compliance burdens, notes the survey.
The survey also emphasises the importance of proactive planning and automation.
Bloomberg Tax & Accounting head Evan Croen said: “The looming TCJA sunset presents a perfect storm of legislative uncertainty, data management struggles, and an urgent need for advanced tools.
“Tax professionals need modernised workflows to adapt efficiently. Investing in tax technology now ensures businesses can meet compliance standards while focusing on high-value strategic initiatives.”
A 71% of those who dealt with the enactment of TCJA in 2017 regret not investing earlier in tax technology to manage compliance complexities.
Bloomberg Tax said its suite of tools and resources are designed to assist tax professionals in preparing for potential changes to tax rates, deductions, credits, and other critical tax items.
Bloomberg Tax Workpapers offers automation capabilities that minimise human error and risk, while Compliance Tracker helps users monitor critical deadlines for phaseout schedules and reporting obligations.
