Talking Tax

In this engaging discussion, Roman historian Anna Dolganov from the Austrian Academy of Sciences reveals intriguing insights from a recently translated scroll detailing ancient tax evasion tactics. She uncovers a sophisticated scheme involving forgery and manipulation of slave ownership aimed at dodging taxes in Roman provinces. The conversation highlights the parallels between historical and modern evasion methods and the severe punishments faced by tax evaders in that era. Dolganov also shares the ongoing research ambitions that could shed more light on this fascinating topic.

Pharmaceutical companies are facing a storm as they adapt to looming tariffs and the complexities of transfer pricing. The discussion highlights how these tariffs could revolutionize where drugs are manufactured and where intellectual property resides. Companies are exploring varied strategies to navigate the shifting landscape, while concerns about drug pricing and national security arise. The podcast concludes with insights into the future implications of these trade policies and their potential impact on the pharmaceutical industry.

Erin Slowey, a Bloomberg Tax reporter specializing in IRS leadership changes, dives deep into the chaos at the IRS following the departure of former Commissioner Billy Long. She discusses the implications of high turnover, with seven leaders since 2025, and how this instability affects taxpayer trust. Slowey highlights the challenges facing new nominees, particularly in terms of qualifications and public scrutiny. The conversation also touches on the impact of political uncertainty and the crucial Senate confirmation process for a new IRS leader.

The podcast dives into the chaos companies face due to the Trump administration's Liberation Day tariffs. It highlights the urgent collaboration between tax and customs teams to manage costs effectively. Executives are holding emergency meetings to navigate shifting tariffs and compliance challenges amid increasing audits. The discussion also touches on the evolving landscape of trade deals and their potential benefits for U.S. business expansion, while stressing the need for coordinated strategies to adapt to changing regulations.

Cheri Freeh, Chair of the Tax Executive Committee at AICPA, shares critical insights on the imminent phaseout of paper tax refunds. She highlights the confusion facing low-income and unbanked taxpayers as they shift to electronic payments. Freeh also discusses the challenges real estate trusts face when submitting banking info under current IRS rules. Additionally, she sheds light on the banking obstacles that high-risk businesses, particularly in the marijuana industry, endure when trying to secure services for direct deposits.

The Trump administration is shaking up the landscape for tax-exempt organizations, especially churches, by allowing more political advocacy without risking their status. There's a spotlight on Harvard and threats to its tax-exempt status amid accusations of bias, while colleges scramble to adjust admissions policies to avoid scrutiny. Experts discuss the delicate balance the IRS must maintain between safeguarding free speech and preventing misuse of charitable statuses. Concerns about the ethical implications of IRS powers add another layer to this heated conversation.

In this discussion, Chris Cioffi, a Bloomberg Tax reporter renowned for his insights on Capitol Hill, reveals the quirkiest tax breaks in the recent $3.4 trillion law, including perks for whale captains and spaceport builders. He dives into the implications of reduced gambling loss deductions and the fierce debates over potential fixes. Cioffi also outlines the challenges of achieving bipartisanship in future tax legislation, spotlighting the urgency for lawmakers as elections approach and the complex dynamics at play.

Hernan Katz, Founder and CEO of Webridge Technology, shares valuable insights into navigating tariffs and transfer pricing. He emphasizes lessons learned from Latin America, where companies have adapted to fluctuating tariffs for decades. Katz discusses the necessity for cross-functional collaboration among departments to tackle complex trade issues effectively. He also highlights the evolving role of tax departments in corporate strategy, stressing the importance of aligning pricing strategies with customs valuation to enhance compliance.

Lauren Vella, a Bloomberg tax reporter specializing in international tax developments, delves into the recent G7 agreement altering the global minimum tax. She explains the significance of the U.S. exemptions and the complexities this introduces. The podcast also discusses Canada's repeal of its digital services tax to rekindle trade talks with the U.S. Vella highlights the backlash from other nations feeling pressured to comply with U.S. changes and the broader implications for global tax reform in a shifting political landscape.

In this discussion, Christina Ho, a PCAOB board member, shares her insights from her tenure at the Treasury and supports SEC oversight for auditors. Joining her are whistleblowers Cynthia Cooper and Sherron Watkins, who gained fame for exposing corruption at WorldCom and Enron, respectively. They debate the crucial role of the PCAOB and warn against legislative efforts to dissolve it. The trio emphasizes audit independence, the significance of strong oversight, and the lessons learned from corporate scandals, while navigating ongoing regulatory challenges.