Talking Tax

The podcast discusses the IRS's $80 billion windfall and how Congress is now taking back some of that money, potentially impacting the agency's modernization plans. The funding issues faced by the IRS and their impact on compliance and enforcement are explored. The episode also previews the next season's focus on a potential ban on non-compete clauses.

AI is becoming a 'co-pilot' for tax professionals, automating tax filings and compliance. Generative AI is democratizing the technology for tax professionals. AI helps companies tell their tax stories, plan taxes, and navigate global tax rules. KPMG invests in training professionals and responsible AI practices. AI is transforming corporate tax departments and directors need to stay proactive.

July was a big month for the OECD, marking its release of a tranche of documents detailing progress on the global tax deal agreed to by more than 130 countries in 2021.The agreement includes reallocation of the residual profits of large multinational companies to market jurisdictions, known as Pillar One, and a 15% global minimum tax, known as Pillar Two.On this week’s episode of Talking Tax, Bloomberg Tax reporter Lauren Vella speaks with Manal Corwin, director of the OECD's Center for Tax Policy and Administration, about nuances of the latest guidance and next steps to move the deal forward.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Demand from clean energy and corporate clients looking to secure their share of credits from the tax-and-climate law is helping boost tax and law firms' footprints.The Biden administration’s 2022 Inflation Reduction Act offers tax incentives to accelerate the US's transition into renewable energy. The tax credits from the law give companies and investors stability for at least the next 10 years."It really put a stamp of approval on these transaction structures and the interest of the administration in exploring and facilitating the growth of renewable energy project development," Alexander Leff, partner at international law firm Clifford Chance, said in an interview.Those looking to benefit from those tax credits are leaning on these firms as the IRS and Treasury Department continue to release guidance on the law's provisions.On this week's episode of Talking Tax, Bloomberg Tax reporters Pavithra Rajesh and Erin Slowey talk with Leff about the wider implications of these clean energy provisions. He also discusses Clifford Chance's recent expansion into Houston—a move the company had planned before the Inflation Reduction Act, but one he called "a natural extension" for the firm's energy portfolio.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

The IRS rocked the name, image, and likeness industry after it released a memo saying that many organizations that fund college athletes won't be tax-exempt.The NCAA allows for college athletes and recruits to be compensated for the use of their name, image, and likeness—also known as NIL. NIL collectives were formed, often separate from the university, as a way to help fund and facilitate deals for athletes. Many of these collectives found creative ways, including vying for tax-exempt status, to attract donors.Ayden Syal, CEO and co-founder of MOGL, joins Bloomberg Tax's Erin Slowey on this week's episode of Talking Tax to break down the impact of the recent IRS decision and what it means for his company—a marketplace and software provider for student-athletes, universities, brands, and NIL collectives.Syal also talks about how his company helps college athletes during filing season and how he sees the NIL industry transforming over the next couple of years.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Governments landed agreement on some of the global tax deal's biggest open issues earlier this month. But major political questions remain.The issues will play out over the coming years in the US and around the world, said Bob Stack, who was the Treasury Department's OECD tax negotiator under the Obama administration and is now a managing director at Deloitte.In a conversation with Bloomberg Tax's Isabel Gottlieb, Stack talked about the recent agreement by the negotiating governments that will shield US companies' US income from foreign minimum tax for an extra year, and what that means for future global tax legislation in the US Congress.Stack also talked about prospects for the agreed, conditional freeze on new digital services taxes during remaining negotiations over implementation of Amount A, the global deal's profit reallocation plan.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

The US Senate passed a long-stalled tax treaty with Chile last month, overcoming a dispute between Republicans and the Treasury Department over treatment of foreign tax credits.Business groups had been pushing for the measure to strengthen economic ties with the South American country and to allow companies to avoid double taxation. Chile is one of the biggest producers of lithium, a key element in batteries and other technology.On this week’s episode of Talking Tax, Bloomberg Tax reporter Chris Cioffi talks with Business Roundtable Vice President for Tax and Fiscal Policy Catherine Schultz about a range of topics, including the Chile tax treaty and the fate of other treaties pending in the Senate. They also discuss Republican concerns that emerged in this Congress over double taxation and how lawmakers resolved the issue, at least temporarily, in the treaty.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Unverified claims that the IRS plans to hire a horde of weapon-carrying agents are putting agency employees at risk, said Tony Reardon, longtime leader of the National Treasury Employees Union."It places them squarely in danger," Reardon said, referring to charges from Republican politicians that thousands of armed agents would soon be probing Americans’ finances as a result of tax-and-climate law funds.Reardon, who's worked at NTEU for more than three decades and was first elected national union president in 2015, is set to retire in August. NTEU represents about 65,000 IRS employees as well as workers at dozens of other departments and agencies.On this week's episode of Talking Tax, he talks with Bloomberg Tax reporter Naomi Jagoda about a range of topics, including how things have changed for IRS employees over the years and how the IRS can improve recruitment and retention.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

The IRS has sounded the alarm multiple times over the past year about widespread scams associated with the employee retention credit—a pandemic-era tax incentive meant to encourage businesses to retain their employees during the worst of the Covid-19 crisis.Still, advertisements by third-party bad actors promoting the credit persisted, and faulty employee retention credit claims became so prevalent that in March, the IRS put the employee retention credit on its "Dirty Dozen" list of scams.The issue of false or incorrectly claimed credits has begun to bleed into the world of mergers and acquisitions, prolonging deals and creating more hours of due diligence work.On this week's episode of Talking Tax, Bloomberg Tax reporter Lauren Vella sits down with Jenn McCabe, a partner at Armanino LLP, to hear about the fallout from what was meant as a pandemic rescue plan.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Small family vineyards throughout France face an uncertain future as the cost to transfer estates within a family climb under a complicated system of inheritance taxation and rising property values from sales to foreign or institutional investors.The costs can be so great that some can’t pay the inheritance tax without running up long-term debt or selling off a portion of their estate. French lawmakers are considering ways to help reduce the tax burden for family vineyards, which number just 7,000 today.On this week’s episode of our podcast, Talking Tax, Bloomberg Tax correspondent Shaun Courtney talks about her reporting into the inheritance tax challenges facing France's small family-owned vineyards. She traveled to Champagne to visit a vineyard owned by Sophie Moussié, the fifth generation in her family to run the estate.Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.