Talking Tax

Another day, another multi-billion dollar emergency spending bill clears Congress.On this episode of our podcast, Talking Tax, congressional reporter Colin Wilhelm talks about why the legislation passing today is more of a stopgap measure, and how a larger bill that could have significant impacts on the tax code is likely just over the horizon.

Some accounting firms that delayed or deprioritized adopting new technology are now finding that their slow-and-steady strategy is no longer an option. The remote work necessitated by the coronavirus pandemic is forcing these firms to go digital—and fast.On today's episode of Talking Tax, host Amanda Iacone talks with Garrett Wagner, a CPA who also runs a consulting firm that helps accountants upgrade their tech. He says the firms that are behind in their remote work capabilities may need to partner with—or, in some cases, be outright taken over by—other firms that are stronger in this area.

Many tax professionals plan their entire years around this upcoming Wednesday, April 15—also known as Tax Day. But things will be different this year.The IRS has delayed the filing and payment deadlines for federal taxes by three months to give tax payers and tax preparers more time to deal with the fallout from the ongoing coronavirus pandemic.And while this extra time was certainly welcomed, it does mean that this filing season will be unlike nearly any other most CPAS have experienced. On this episode of Talking Tax, we talk to Ed Karl, vice president at the American Institute of Certified Public Accountants, about what this sudden schedule change means for tax preparers.(Note: This interview with Karl was recorded on April 8, before the IRS moved back many of its filing deadlines for things like trusts and estates.)

This would normally be the time when most companies would be closing their books for the first quarter and getting ready to report their earnings. But now, with the coronavirus pandemic in full force, many companies are simply struggling to survive and operating with a skeleton crew.On this week's episode of our podcast, Talking Tax, we hear from Todd Castagno, a tax and accounting analyst for institutional investors at Morgan Stanley. He tells Talking Tax host Amanda Iacone about the challenges companies are facing in communicating with investors when many are having a hard time even quantifying their own assets. Producer: David Schultz.

Congress and federal agencies are taking steps that, until recently, would have been unthinkable in an attempt to mitigate some of the economic damage wrought by the coronavirus pandemic.On this episode of Talking Tax, we hear from reporter Allyson Versprille about whether the IRS is doing enough to make life easier for taxpayers—and for its own employees. And Bloomberg Tax's Colin Wilhelm talks about how Congress' $2 trillion spending package is essentially a "bridge loan for the American public."

Small businesses are still struggling to deal with the chaos that resulted from the Supreme Court's Wayfair decision less than two years ago. Rep. Andy Kim (D-N.J.) is one of the people hoping to bring order from this chaos for small businesses.On this episode of our podcast, Talking Tax, we speak with Kim, the chairman of a House Small Business subcommittee that handles tax issues, about how the Wayfair decision is affecting businesses in his district and elsewhere, and about whether Congress is inclined to address their problems.

These are trying times for CFOs at companies both large and small. Ash Noah, a former CFO for a global logistics company, says it reminds him of the Great Recession, the 9/11 attacks, and the Gulf War all rolled into one.On this special coronavirus episode of our Talking Tax podcast, we hear from Noah, now a managing director at the Association of International Certified Professional Accountants, about what CFOs need to be doing now to respond to the pandemic and about what the federal government should be doing to help keep companies' finance departments above water.

The ink from the President’s signature was barely dry on last year’s SECURE Act before many of its provisions went into effect, forcing companies to change the way they manage their employees’ retirement accounts. Many of these companies are turning to people like Veena Murthy, a principal at the accounting firm Crowe, LLP, who helped craft the SECURE Act in her previous job as a counsel at Congress’ Joint Committee on Taxation. Bloomberg Law’s Warren Rojas spoke with Murthy about some of the changes the SECURE Act wrought and what benefits managers should be doing about them.

Andrea Grainger, head of transfer pricing operations at insurance and reinsurance giant Swiss Re, is closely watching ongoing OECD talks aimed at rewriting global corporate tax systems.She spoke with Bloomberg Tax reporter Isabel Gottlieb about how different parts of the plan would affect her industry—and why all companies should be paying attention.

Peter Blessing, an associate chief counsel at the IRS, joins Bloomberg Tax senior reporter Allyson Versprille to talk about the agency's strategy for wrapping up implementation of the 2017 tax law.At Bloomberg Tax's 2020 Outlook on Tax event in Washington, Blessing discusses challenges resulting from companies wanting to bring intellectual property back to the U.S. He also addresses initial international issues arising from the IRS's real-time auditing program for some large corporations.