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PODCAST

Talking Tax

Talking Tax, from Bloomberg Tax, is a weekly discussion of the most pressing issues facing tax and accounting professionals. Each week the podcast features discussions with lawmakers, federal regulators, lawyers, and journalists. From the courts to Capitol Hill to the IRS, Talking Tax has it covered.

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All Episodes

15:31

Treasury Equity Hub Caught in Trump's DEI Crosshairs

Talking Tax ·

2025/03/05

President Donald Trump's early executive order to end federal diversity, equity, and inclusion programs upended at least one team in the Treasury Department.The Treasury Equity Hub, formed in 2021, evaluated how effective the department's policies and programs were at reaching all types of Americans. Removing this team could hurt further research into racial disparities in IRS enforcement, Treasury Equity Hub Director Diane Lim said. A 2023 high-profile study showed that Black taxpayers were

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17:46

US Audit Board's Future Depends on Trump, GOP Moves

Talking Tax ·

2025/02/26

The US audit board has already been forced to revise its priorities as the Trump administration begins to reshape the federal government.The Public Company Accounting Oversight Board pulled an auditor disclosure rule that was set for SEC approval earlier this month. The audit board opted to delay finalizing another project that would expand how auditors consider the financial impact of their clients’ law violations days after Donald Trump's November election win. But deeper changes might be coming

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17:58

How Budget Reconciliation Works for Tax Cut Extensions

Talking Tax ·

2025/02/19

Republicans in Congress have been working to find consensus to cement tax code changes made in President Donald Trump’s first presidency and jump-start his new administration using the budget reconciliation process.The maneuver allows Republicans with full control of Washington to avoid the Senate’s filibuster, so they can effectively move legislation without Democrats’ support. But the process is complicated and comes with many potential pitfalls. The process will be made all the more difficult

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10:58

Companies Mull Gaps in Brazil's Transfer Pricing Rules

Talking Tax ·

2025/02/12

Brazilian taxpayers and practitioners continue to clamor for more guidance on the country's new transfer pricing regime implemented last year.The country switched from a mathematical model to an arm's-length principle for transfer pricing last year, bringing it in line with global standards. That pivot left a lot of questions for the Receita Federal, the country’s revenue authority, to answer through guidance, and it's been working to issue rules ever since. Most recently, Brazil issued

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15:15

IRS Crypto Reporting Rules Face Industry, GOP Ire

Talking Tax ·

2025/02/05

Treasury Department and IRS finalized rules requiring crypto exchanges to provide information on taxpayers’ buying and selling activities are meeting industry and Republican pushback.Centralized brokers must issue form 1099-DA, starting in 2026 for tax year 2025, and decentralized brokers are to start doing so in 2028 for tax year 2027. The form includes such things as personal data, gross proceeds on sales, and transaction dates. Crypto tax advisers bring up two themes about the new rules: First,

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17:06

Ex-OECD Delegate Talks Global Tax Deal, Trump Memo

Talking Tax ·

2025/01/29

President Donald Trump threw a major wrench into the fate of the OECD global tax deal on his first day in office, sparking concerns among the international tax community about the deal being fundamentally reshaped.Trump issued a presidential memo Jan. 20 stating the global tax deal has no "force or effect" in the US and instructed the Treasury Department to come up with a list of protective measures to impose on any country that enacts discriminatory or extraterritorial taxes against American

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14:18

Close Look at Pass-Through Tax Break Business Loves

Talking Tax ·

2025/01/22

Few of the provisions of the tax code this year have garnered as much attention from industry as the about-to-sunset pass-through deduction.In their 2017 tax overhaul, Republicans allowed owners of pass-through businesses such as partnerships, S-corporations, and LLCs to deduct 20% of certain business income from their taxes. Businesses and their lobbyists say it gives those firms small and large parity with traditional corporations. Critics say its benefits largely flow to the wealthy. That

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18:40

Government Accounting Chair Eyes AI, Tech Integration

Talking Tax ·

2025/01/15

The leader of a top US standard-setter wants his board to take the next step in using emerging technology to craft accounting rules for local and state governments.Joel Black, chair of the Governmental Accounting Standards Board, said a key priority for the board this year is shifting gears from monitoring emerging tools such as artificial intelligence to preparing for its future integration. In his final two years as leader, Black said he intends to craft an enduring focus on how technology can

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13:38

IRS Employees Prep for Trump Federal Workforce Revamp

Talking Tax ·

2025/01/08

President-elect Donald Trump's plans to deconstruct the federal workforce would take a bite out of IRS efforts to answer taxpayer phone calls and enforce compliance for tax cheats.After getting billions in funding from the 2022 tax-and-climate law, the IRS started a long-needed rebuild, including bringing on more workers. Between Oct. 1, 2021 and Sept. 30, 2023, the IRS processed nearly 53,000 new hires, the Treasury Inspector General for Tax Administration said in a September report. But Trump's

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14:46

What It Means for Taxes as the New Congress Gets Busy

Talking Tax ·

2024/12/30

Jan. 3 marks the beginning of the next Congress, where Republicans will lead both chambers and control the White House. Democrats being out of power has big implications for tax policy, as GOP lawmakers heading into the new year debate what to renew from the 2017 GOP tax law, known as the Tax Cuts and Jobs Act. The TCJA was passed with no votes from Democrats and benefits skewed toward the wealthy and corporations. Incoming GOP leaders have proposed breaking their top priorities into two bills and

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14:48

How Amazon Storage Impacts Sellers' Tax Compliance

Talking Tax ·

2024/12/23

Online retailers that rely solely on third-party logistics providers like Amazon for tax compliance may still face tax liability for direct sales through their own websites.Many states enacted marketplace facilitator laws in the years since the Supreme Court's 2018 ruling in South Dakota v. Wayfair, shifting tax collection responsibilities to platforms like Amazon or Walmart. But individual vendors can still face additional tax obligations because of direct sales, how their inventory is controlled,

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13:30

Ex-IRS Head Rettig Warns of Agency Funding Cut Effects

Talking Tax ·

2024/12/18

A new White House administration and Republican-led Congress are slated to disrupt how the IRS operates. Republicans' taste for cuts to the agency's annual appropriations and the tens of billions of added funding from the 2022 tax-and-climate law is putting the IRS and the Treasury Department on offense, as they make a case for why a well-funded IRS is good for everyone. The Treasury Department has warned that further clawbacks would mean customer service—a bipartisan concern—as well as enforcement

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13:41

Fuel Producers Prep for Tax Credit Without IRS Rules

Talking Tax ·

2024/12/11

Fuel producers are trying to prepare for a tax credit regime change, even though the Treasury Department has failed to issue rules around those credits.The clean fuel production tax credit under Section 45Z takes effect next year, replacing a longstanding blenders credit. The new credit gives tax breaks to fuel according to its carbon intensity score. But the yet-to-be-released Treasury and IRS rules will explain how to calculate that score. Debbie Gordon, leader of RSM US LLP's excise and energy

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13:57

US Companies Ready International Tax Asks in 2025 Bill

Talking Tax ·

2024/12/04

US companies are ramping up their efforts to lobby Congress on the international tax provisions they'd like to see in a comprehensive 2025 tax bill. Among their priorities is retaining the current rates on foreign income, which were included in Republicans' 2017 tax law and are poised to increase in 2026. But there are open questions about how lawmakers can pay for these extensions and make good on President-elect Donald Trump's domestic corporate tax proposals. On this week's episode of "Talking

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10:01

What GOP Election Wins Could Mean for Trump Tax Cuts

Talking Tax ·

2024/11/20

The re-election of Donald Trump and Republican sweep in Congress makes an extension of the 2017 GOP tax cuts more likely, but there will be hurdles.Republicans want to use a fast-track process to move legislation—but that maneuvering comes with various rules and procedures. Meanwhile, senators in the party elected John Thune (R-S.D.), a long-time member of the Finance Committee, to become majority leader in January, succeeding Sen. Mitch McConnell (R-Ky.) Thune's experience on the Finance panel

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18:05

IRS Audits of Intercompany Transactions Build Steam

Talking Tax ·

2024/11/13

The IRS is winning more cases in the US Tax Court over companies' valuation of intangible assets, such as patents and trademarks, through transfer pricing.The wins have caught the attention of companies and practitioners as they mull the growing risks of transfer pricing, which governs transactions between related companies that are part of the same multinational group. Disputes between the IRS and companies such as Coca-Cola and 3M have showcased the agency's newfound ability to audit their

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9:45

What Trump Victory Holds for IRS, Upcoming Tax Talks

Talking Tax ·

2024/11/06

The nation is unpacking what comes next with Donald Trump's second presidency and with a Senate that flipped from Democratic to Republican. One of the biggest questions that remains unanswered is how this impacts upcoming talks over myriad provisions in the GOP's signature 2017 tax law that expire at the end of 2025.Idaho Republican Sen. Mike Crapo—no stranger to tax policy and negotiations—becomes chair of the Senate Finance Committee and will have a major hand in what happens with those expiring

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18:01

California Explores Relaxing CPA Education Rules

Talking Tax ·

2024/10/30

California regulators are prepared to walk away from strict licensing rules that require accountants to earn the equivalent of five years of college to qualify.The California Board of Accountancy has proposed reforms that would grant the certified public accountant license to candidates with a traditional bachelor’s degree plus two years of work experience in addition to passing the CPA exam. The proposal would unwind current rules that call for 150 hours of college credits to qualify—a requirement

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14:51

Corporate Tax Leaders Weigh AI's Risk-Reward Calculus

Talking Tax ·

2024/10/23

Artificial intelligence is becoming a bigger part of tax practice and policy every day. The Big Four are spending billions of dollars on AI models, and even mid-tier accounting firms seem willing to at least tread into generative AI transformation, albeit slowly.These investments raise questions about how corporate in-house tax departments are evaluating AI integration. In this special edition of Talking Tax, Bloomberg Tax Insights editor-at-large Rebecca Baker chatted with three different in-house

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11:31

Corporations Face Tax Uncertainty Ahead of 2025 Cliff

Talking Tax ·

2024/10/16

The fate of the 2017 GOP tax overhaul is top of mind for corporations in the weeks leading up to the election.Many of the law's provisions are expiring in 2025, setting Congress up to negotiate another major tax law. Corporations are closely watching what happens to bonus depreciation, interest expense deductions, and research and development expensing, S&P Global Rating Managing Director Shripad Joshi said. Plus, both presidential candidates have campaigned on changing the corporate tax, which the

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416 results

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