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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

12:46

Tax Pros Grapple With Complex Corporate Book Tax Rules

Talking Tax ·

2024/10/09

After more than two years, the Treasury Department has proposed rules to implement the new minimum tax on companies’ book income. Now comes the hard part.The regulations, which Treasury issued last month, would govern how the corporate alternative minimum tax is applied and calculated. CAMT, enacted in 2022, requires big companies to pay at least 15% in taxes on the income they report on their financial statements—a crackdown on companies that have been able to pay little or nothing in the past by

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11:39

Reading Signals From Apple's $14 Billion EU Tax Ruling

Talking Tax ·

2024/10/02

The European Court of Justice's ruling against Apple Inc. over a $14.4 billion Irish tax bill stunned members of the international tax community, who said it throws the high court's precedent on tax state aid cases into disarray.The EU high court ruled last month that the company's tax positions in Ireland, which were agreed to by Irish authorities in 1991 and 2007, amounted to illegal state aid. EU law stipulates that member states shouldn't give companies preferential treatment—state aid—over

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15:33

Multistate Tax Group's Counsel Talks State Consistency

Talking Tax ·

2024/09/25

The Multistate Tax Commission dates to the 1960s, yet the intergovernmental tax agency and its mission on behalf of state revenue departments are often not well understood. The map of tax laws and regulations across the 50 states would be much more complicated and inconsistent without the efforts of committed attorneys, auditors, and administrators working on behalf of the commission.On this episode of Talking Tax, Bloomberg Tax senior reporter Michael J. Bologna discusses the MTC's goals and

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15:35

Reliving Lessons From Tax Overhaul Ahead of 2025 Cliff

Talking Tax ·

2024/09/18

The GOP's 2017 tax law—the biggest change in the US tax code in three decades—left a mammoth task for the IRS and Treasury Department.It resulted in the Treasury and a severely underfunded IRS creating the blueprint for taxpayers and tax practitioners trying to follow the law, releasing over 200 pieces of formal guidance and more than 300 pieces of informal guidance. Many of these provisions are set to expire next year and face an uncertain fate as the November election approaches with control of

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14:58

How House Democrats Are Readying for 2025 Tax Talks

Talking Tax ·

2024/09/11

Rep. Brad Schneider (D-Ill.) likes to be prepared.Schneider and fellow House Democrats are getting behind-the-scenes briefings that started this summer to bone up on their tax policy knowledge ahead of what's likely to become a big battle in 2025. The Illinois Democrat is a member of the tax-writing Ways and Means Committee and he's running to lead the influential New Democrat Coalition. The hope, he said, is to find agreement on tax policy that will be permanent so lawmakers don't once again find

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15:44

Tax Bill, Appropriations Loom as Lawmakers Come Back

Talking Tax ·

2024/09/04

Lawmakers return to Washington next week for the final sprint of legislating before the November elections, on the heels of a failed tax bill vote, and with an appropriations deadline fast approaching.Congress will be under pressure in the next few weeks to reach a deal on government funding to avoid a shutdown on Sept. 30. The Democratic-controlled Senate is set to clash with the GOP House over whether to slash IRS funds or keep them steady, though with so little time left in session lawmakers

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21:14

Energy Tax Credit Market Booms as Regulations Come Out

Talking Tax ·

2024/08/28

The market for clean energy tax credits has been booming, with demand and supply skyrocketing since the 2022 tax-and-climate law established new credits and launched a way for energy developers to easily sell those credits to investors.A midyear report by the energy tax marketplace Crux forecasts that energy tax credit transfer deals could total between $20 billion and $25 billion this year, while financial services firm Evercore ISI estimates that more than $100 billion in transferable credits

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11:17

Undoing Microsoft's California Tax Ruling Isn't Simple

Talking Tax ·

2024/08/21

When Microsoft Corp. won a $94 million income tax refund from the California Office of Tax Appeals in February, it was considered one of the biggest victories for corporate taxpayers ever in California. Now it’s unclear if Microsoft will get that refund, or if other multinationals with similar claims will either. A law passed in June reversed the ruling upholding Microsoft’s refund, and the first two lawsuits challenging the reversal landed last week.The intent of the new law (S.B. 167) is to avoid

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15:33

Inside EY's Generative AI Rollout and Tax Challenges

Talking Tax ·

2024/08/14

Ernst & Young LLP is developing a generative AI tool for tax professionals that's meant to automate repetitive data work and make tax planning more efficient.The Big Four company is investing $1.4 billion into gen AI globally. Other Big Four firms have made similar pledges. The investments are in part a bet that the technology can fill in some gaps from the longstanding accounting shortage. But implementing the technology in tax departments is difficult, in part because of how often policies change

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12:07

More States Welcome Cannabis Business Tax Deductions

Talking Tax ·

2024/08/07

Nearly 75% of cannabis businesses operate at a loss, and many in the industry point to a feature of the Internal Revenue Code as the reason why.Cannabis companies are prohibited from deducting ordinary business expenses—like rent or payroll—from their federal taxes as long as marijuana remains under the most restrictive portion of the Controlled Substances Act. That could change if marijuana is moved from Schedule I to Schedule III of the act, as the Biden administration has proposed. But in the

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12:48

New EU Tax Panel Chair Takes Aim at Avoidance Schemes

Talking Tax ·

2024/07/31

Italian economist Pasquale Tridico, newly elected chair of the European Parliament's Subcommittee on Tax Matters, has some fresh ideas to curb tax avoidance, which he says will be one of his top priorities.His committee can't propose legislation or substantially alter it in any way. But the panel has gained influence and exposure over time. Set up soon after the Panama Papers leaks, the committee has become a forum for politicians, companies, researchers, and activists to share opinions and

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11:55

GOP Tax Team Lead Talks Corporate Tax Rate, Priorities

Talking Tax ·

2024/07/24

The corporate tax rate is coming up in nearly "every conversation" House Ways and Means Committee Rep. Carol Miller (R-W.Va.) has been at recently.Miller is leading one of the ten House Ways and Means GOP tax teams, created to collect information and prepare for tax discussions in 2025, when much of the 2017 tax law expires. Miller's "Supply Chains" team is focusing on energy tax credits and the corporate tax rate, among other issues. This week members met with former Ways and Means Chair Kevin

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10:25

Is There a Faster, Cheaper Way to Collect Back Taxes?

Talking Tax ·

2024/07/17

The state tax gap—the difference between the true tax liabilities owed to a state and the amount voluntarily submitted to revenue agencies—is possibly the most stubborn and perplexing problem facing tax administrators. For decades, revenue commissioners have tried to close the gap through audits and enforcement sweeps, but the process is slow, costly, and uncertain.Janette Lohman, a former director of the Missouri Department of Revenue, believes there is a way to collect more delinquent taxes

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31:36

Accounting Leader Calls for CPA Training to Evolve

Talking Tax ·

2024/07/10

Training for CPAs must evolve to focus on the skills and experiences necessary to meet future market demands, the leader of the largest US accounting industry group said.Barry Melancon, president and CEO of the American Institute of CPAs, also defended a required fifth year of college for CPA candidates, saying current rules have achieved their purpose of elevating the role of accountants and turning out better-educated professionals. Melancon, who is preparing to retire in December, spoke to

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21:34

New IRS Criminal Division Chief Carves Out Priorities

Talking Tax ·

2024/07/02

The new chief of the IRS criminal division wants America to know he’s hiring special agents, and they’re fulfilling their mission to investigate tax and financial crimes.Guy Ficco started his new gig in April following an almost three-decade career at the agency. He comes into the position at the same time the IRS is flush with tens of billions in funding from the Democrats’ 2022 tax-and-climate law. In fiscal year 2023, CI initiated more than 2,676 criminal investigations and identified over $37.1

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24:51

High Court's Moore Ruling Sharpens Wealth-Tax Debate

Talking Tax ·

2024/06/27

The US Supreme Court brought a muted end last week to its biggest tax case in years, but the arguments that propelled the case are far from over, especially about what the court’s ruling could mean for future attempts to enact a wealth tax.The court voted 7-2 to uphold the mandatory repatriation tax, a one-time tax on past foreign corporate profits. Washington state residents Charles and Kathleen Moore had challenged the constitutionality of the tax, arguing that it had forced them to pay $14,729

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20:46

How the Wealthy Are Prepping for an Estate Tax Clip

Talking Tax ·

2024/06/18

Wealthy taxpayers are rushing to prepare in case a more generous exemption from the estate tax expires at the end of 2025 along with many of the individual tax cuts from the Republicans' 2017 tax overhaul. In 2024, taxpayers are exempt from the 40% estate tax on the first $13.6 million of assets passed on to heirs. But the exemption is set to fall by about half, practitioners estimate, if Congress doesn’t act to extend it. People are moving money into different types of trusts now to take advantage

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26:21

Colombia Official Talks Global Tax Deal, Mineral Trade

Talking Tax ·

2024/06/12

Countries are under pressure to finalize and sign the text of the OECD's multilateral tax treaty, one part of the international tax deal known as Pillar One, by the end of June. Several OECD officials, including Manal Corwin, director of the organization's Center for Tax Policy and Administration, have reported significant progress on finalizing the document. But negotiations have hit a snag. The problem area is treatment of another part of Pillar One, known as Amount B, that's meant to simplify

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19:15

Companies, Countries Respond to the Global Minimum Tax

Talking Tax ·

2024/06/05

Six months into implementation of the new global corporate minimum tax, countries are racing to craft incentives to attract and maintain outside investment. Companies, too, are pouring resources into complying with the tax.The tax took effect in January in dozens of countries across the globe, with a goal of "raising the floor" tax rate to 15% in every country that a multinational company operates in, to reduce profit shifting to low-tax countries. In this podcast episode, Bloomberg Tax reporter

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27:41

Programming Note & UnCommon Law Episode: AI Trained...

Talking Tax ·

2024/05/03

Talking Tax is on hiatus for a bit while we create some great new episodes for you. Until then, we're pleased to offer a special presentation of our ABA Silver Gavel award-winning series, UnCommon Law.Generative AI tools are already promising to change the world. Systems like OpenAI's ChatGPT can answer complex questions, write poems and code, and even mimic famous authors with uncanny accuracy. But in using copyrighted materials to train these powerful AI products, are AI companies infringing the

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416 results

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