Talking Tax

Research from former IRS economist Kim Bloomquist made waves last year when he found that the agency's audits of low-wage Earned Income Tax Credit filers has been going up while audits of high-income earners have been going down.Bloomquist joins us on our weekly podcast, Talking Tax, to discuss why this has been happening and how—or even whether—the Biden administration will attempt to tackle this problem.

Businesses all across the country have been shutdown for days, weeks, or even months at a time due to the coronavirus pandemic. Many assumed their insurance policies would help them defray some of their lost revenue. But those assumptions were, by and large, wrong.In this special audio documentary, “Business, Interrupted” we look at why insurers denied the claims of their shuttered policyholders. A team of reporters from Bloomberg Law and Bloomberg Tax look into the so-called “virus exclusion” clauses, that insurers quietly inserted into many of their business policies, and how those clauses are now creating strife between insurers and businesses.We hear from several small business owners across the country about the shock they felt when their pandemic claims were denied, in some cases within hours after filing. We also hear from regulators and lawmakers about whether they will force insurers to retroactively honor these claims, a possibility that insurers view as an existential threat to their entire industry.--With assistance from Lydia Beyoud, Evan Weinberger and, David Hood

President-elect Biden's plans to reshape tax policy, including the roll back of several provisions from the 2017 Tax Cuts and Jobs Act, may be partially or fully thwarted if Republicans hold onto the Senate.That's according Colin Wilhelm, a Bloomberg Tax reporter who covers Capitol Hill. Colin joins host Amanda Iacone on our weekly podcast, Talking Tax, to talk about what a Biden administration would try to do on taxes and whether it can succeed. Colin also talks about the shortlist of potential nominees to head the Treasury Department and why it's likely we'll see the U.S.'s first female Treasury Secretary next year.

A series of auditing scandals in the U.K. made it seem like a fait accompli that we'd see major legislation forcing auditors to be more independent. But 2020's unending string of crises means Parliament has been unable to devote attention to this difficult issue.On this episode of our weekly podcast, Talking Tax, host Amanda Iacone speak with Bloomberg Tax U.K. correspondent, Michael Kapoor, about why the push to overhaul the British auditing industry is stalling and about what this means for the industry's handful of big firms.

The NCAA used oppose the legalization of sports betting. But, now that it's lost that fight at the Supreme Court, the collegiate athletic association has decided to cash in on the trend.On this episode of our weekly podcast, Talking Tax, host Jeff Leon talks with reporter Sam McQuillan about the NCAA's decision to allow colleges to enter into endorsement deals with sports betting companies. Sam also talks about about how the schools' tax exempt statues makes these types of deals with gambling companies tricky to hash out.

The 137 countries trying to forge a global approach to taxing multinational companies are behind schedule, hobbled by the pandemic and by disagreements about dozens of issues large and small. And the U.S., home of many corporate giants, has objections.On this episode of our weekly podcast, Talking Tax, host Amanda Iacone talks with Bloomberg Tax reporter Isabel Gottlieb about why these international negotiations are flailing and what could happens as a result if they collapse altogether.

New rules for corporate auditors are on their way, but many of these auditing firms are worried that international standards for how firms assess their risk will diverge from those in the U.S., leaving them to cope with a patchwork quilt of do's and don'ts.On this episode of Talking Tax, host Amanda Iacone talks with Tom Seidenstein, chair of the International Auditing and Assurance Standards Board. Tom explains how the IAASB developed its new auditing standards and how it tried to harmonize them as much as possible with its U.S. counterpart.

The Supreme Court is back in session, and is set to consider a tax case that could lead to more scrutiny of Treasury actions.CIC Services, LLC v. IRS is scheduled for arguments Dec. 1. The justices will consider whether a Civil War-era law prohibits courts from ruling on a reporting requirement at issue, before the plaintiff has actually been penalized.Kristin Hickman, a law professor at the University of Minnesota who specializes in tax and administrative law, says this case, along with a similar one on the court’s docket for this fall, could give the judicial branch a much more prominent role in taxation than it has ever had. (Hickman has written amicus briefs in support of CIC Services.)She speaks with host Jeff Leon for the latest episode of Talking Tax, our weekly tax podcast.

One of the main takeaways from The New York Times' bombshell report unveiling the President's tax returns is that the line between his business and personal filings is nearly nonexistent.However, Bloomberg News' Laura Davison says that's pretty common for people like Donald Trump who are in the real estate and development business and own their own closely held family business.On today's episode of Talking Tax, Laura speaks with host Amanda Iacone about Trump's taxes and about how professionals in the tax field are reacting to the newest revelation.

It seems no one is really happy with the IRS' rules governing the professional conduct of tax professionals: not the courts, not tax professionals, and not even the IRS itself.On today's episode of Talking Tax, host Jeff Leon speaks with two people who have special insight into the agency's efforts to rewrite its ethics rules: a tax practitioner who has been following this issue for years, and a tax advisory who fought back against an IRS ethics charge—and won.