Talking Tax

The tax filing season that just kicked off is the third that is being affected by the coronavirus pandemic. Kelly Phillips Erb, Bloomberg Tax editor and host of the Tax Girl podcast, says we haven't yet returned to the way things worked pre-pandemic.In addition to a paper return backlog and understaffed IRS, this year's returns will also be complicated by stimulus checks and advance child tax credit payments. Erb joins our weekly podcast, Talking Tax, to talk about what filers and tax pros can expect in the coming weeks and about why, this year, it may not necessarily be a good idea to file early.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Companies operating in the EU are facing a changing tax landscape in the years ahead, which means they must prepare now to set up systems to report and comply with the new measures.The European Union is targeting 2023 to implement the OECD’s 15% minimum tax. Companies will have to overhaul the way they collect information internally to be able to accurately calculate their effective tax rate for each jurisdiction. In addition, a public country-by-country reporting requirement and possibly another directive targeting shell companies are looming on the horizon.Marlies de Ruiter, global international tax policy leader at EY in the Netherlands, talks about what companies need to focus on now to comply with the coming changes, what important additional information on the minimum tax to watch for from the Organization for Economic Cooperation and Development, and why some companies are already choosing to disclose their tax information before it's required.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Kevin Brady, the top Republican on the powerful House Ways and Means Committee, is planning one final legislative push before he retires at the end of this Congress.During the Trump administration, the Texan was instrumental in shepherding the Republican-led 2017 tax law and working across the aisle on a retirement policy overhaul. An outspoken fan of the Houston Astros, Brady has also been a longtime cornerstone for the GOP in the annual Congressional Baseball Game.On the latest episode of our weekly Talking Tax podcast, Brady discusses his impending retirement, the legislation he hopes to advance before he leaves, and his thoughts on how to make the IRS more customer friendly.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Tax preparers are bracing for another frustrating filing season as the IRS warns of unprecedented challenges driven by the pandemic and staffing shortages.The IRS is facing some major issues ahead of the Jan. 24 launch of tax season. The agency entered the new year with millions of unprocessed paper tax returns and has long struggled to keep up with a deluge of phone calls from people and tax pros looking for assistance.National Taxpayer Advocate Erin Collins recently described the agency's telephone service as "the worst it has ever been." The IRS only answered about 11% of the 282 million phone calls it received in fiscal 2021—and those who did get through spent more time than ever on hold.St. Louis-based tax practitioner Jan Roberg is the guest on the latest episode of our weekly Talking Tax podcast. Roberg speaks with Bloomberg Tax reporter Kaustuv Basu about the upcoming tax filing season, offers advice to taxpayers on how to best communicate with the IRS, and shares thoughts on what Congress can do to improve the agency's customer service.Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690

A severe talent shortage caused by the "Great Resignation" will be the most important issue affecting accounting work in 2022, according to three senior accountants.Labor shortages, along with a loss of institutional knowledge, will cause problems not only at the firms accountants are auditing, but within the accounting firms themselves. Given how widespread this phenomenon is across different sectors, it's a problem that can't necessarily be solved with higher salaries and bonuses.On today's Talking Tax podcast, Bloomberg Tax's Amanda Iacone speaks with three accountants about what they expect will be driving their profession in 2022. In addition to the Great Resignation, they also talk about complying with new sustainability reporting rules and the prospect of new rules coming from the Financial Accounting Standards Board.Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690

Tax pros are keeping a close eye on Capitol Hill negotiations, with the Internal Revenue Service's 2022 enforcement agenda dependent on how much money Congress gives it to do the job.The Biden administration wants to give the IRS a funding increase for fiscal 2022, plus an additional $80 billion in funding over a decade as part of its stalled tax and social spending package. The goal: give the agency extra resources so it can more aggressively crack down on tax evasion.On today's episode of weekly Talking Tax podcast, two tax enforcement professionals discuss what the new year may have in store at the IRS' enforcement arm. Michelle Levin, a shareholder at Dentons, and Alina Solodchikova, a principal at RSM US, talk about where they think the agency's enforcement targets will be—everything from microcaptive insurance and conservation easements to cryptocurrency.Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690

Corporate tax departments and accounting firms haven't had much success in diversifying their workforce in recent years, a recent Bloomberg Tax survey shows.The survey data show that while corporate tax departments have seen an increase in the number of female managers over the past four years, overall the tax industry's race and gender demographics still aren't representative of the general population when it comes to high-level jobs.On today’s episode of our weekly podcast, Talking Tax, we speak with Katrina Welch, North America director of tax at Gordon Food Service, and Melinda Phelan, a partner at Baker & McKenzie LLP. Welch and Phelan speak with reporter David Hood about the survey and explain why even when senior leaders are committed to diversity and inclusion, actual change may take time and better strategies.Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Cryptocurrencies had a big year in 2021, with the asset class drawing in over $2.2 trillion of value. However, these gains have drawn scrutiny from tax authorities.The U.S. in particular has made efforts in recent months to develop rules that would require cryptocurrency exchanges to track the activity of traders to assess their tax compliance.On today’s episode of our weekly podcast, Talking Tax, we hear from Sulolit "Raj" Mukherjee, head of tax for Binance U.S., the largest cryptocurrency exchange in the world. He talks to Bloomberg Tax's Hamza Ali about what the new rules mean for exchanges and the traders that use them. He also discusses the global effort by the OECD to harmonize reporting requirements for crypto exchanges worldwide.Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Cities and counties have been using so-called "sin taxes" to disincentivize socially harmful behavior for many years. But can this principle be applied to gun violence?A few localities think it can and have passed their own excise taxes on guns and ammunition, even though the legal basis for these taxes may be unclear. One of them, Cook County, Ill., recently had its gun tax struck down by the Illinois Supreme Court as a violation of the constitution’s uniformity clause. The high court never reached a decision on whether Cook County’s tax constituted a direct violation of the right to “keep and bear arms” under the Second Amendment— an issue the plaintiff Guns Save Life still wants the court to answer.On today's episode of our weekly podcast, Talking Tax, we hear two perspectives on this: one from the gun rights attorney who sued Cook County, and another from an economist and gun control advocate. Bloomberg Tax's Michael Bologna spoke to Pete Patterson with the firm Cooper & Kirk about the status of the litigation, and also to Rosanna Smart, a RAND Corporation economist, who supports local gun control measures but questions the value of excise taxes as a strategy for addressing gun violence.Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.Everytown for Gun Safety advocates for universal background checks and other gun control measures. Bloomberg Law is operated by entities controlled by Michael Bloomberg, who serves as a member of Everytown for Gun Safety's advisory board.

We're now at the stage where companies, not just individuals, are investing in cryptocurrencies. But that means that accountants have to find a way to quantify crypto's famously volatile price swings on their company's financial statements.There is no specific reference to crypto in U.S. financial accounting rules. But many investors, crypto fans, and even companies themselves want accounting rulemakers to change this—and there are signs the accounting standard-setters may be listening.On this week’s podcast Talking Tax, Bloomberg Tax's Nicola M. White hears from Vivian Fang, accounting professor at the Carlson School of Management at the University of Minnesota. Fang discusses why investors care about the value of companies’ crypto assets and about what future crypto accounting rules might look like.Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.