Talking Tax

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Deloitte Tax CEO Talks Global Reforms, Tech Future Sep 20, 2023

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The new CEO of Deloitte's tax practice is grappling with many of the same challenges as the Big Four firm's clients: rapid shifts in how tax practitioners work thanks to artificial intelligence, a shortage of skilled staff, and reforms that will impose a new global minimum tax.

Companies are starting to get their arms around the new rules that will impose a 15% global minimum tax and whether they should tackle implementation in-house or seek outside help, said Carin Giuliante, chair and CEO of Deloitte Tax LLP.

Giuliante, the first woman to lead the firm’s US tax practice, took the helm in June and pledged to provide a “digital experience” to clients and to invest in training and career development for the firm’s professionals.

She spoke to Bloomberg Tax & Accounting senior reporter Amanda Iacone about new Internal Revenue Service regulations for cryptocurrency assets, how artificial intelligence is reshaping the tax practice, and the firm’s ongoing commitment to diversify and support its workforce.

Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

NFL Kickoff Could Boost Tax Revenue in Betting States Sep 13, 2023

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Sports betting is in more states than ever, with new gamblers every day wagering in person and over the internet. And the new NFL season is expected to drive up tax revenue even more in the 30 states—plus Puerto Rico and Washington, D.C.—that have legalized sports betting since a 2018 US Supreme Court ruling overturning a federal ban.

States collected an estimated $3.62 billion in direct gaming taxes generated in the second quarter, a 9.6% increase over the second quarter of 2022, according to a recent report from the American Gaming Association. While most states impose taxes ranging from 10% to 15%, some, like New York, take as much as 51% from sportsbooks.

SportsHandle senior analyst Chris Altruda spoke with Bloomberg Tax reporter Angélica Serrano-Román about the approaches states have taken to taxing sports betting and those allowing operators to deduct so-called "free bets," which some states are starting to limit.

Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Congress Returns to a Busy Fall With Tax in the Mix Sep 06, 2023

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Congress' tax writers return to Capitol Hill with several priorities that remain unaddressed, as September shapes up to be a busy month with tax policy firmly in the mix.

On the second part of a two-part podcast series looking at Congress as it returns from its August recess, we discuss the status of House Republicans' tax package and what would have to happen to get a bipartisan pact extending business tax breaks and enhancing the child tax credit. We also talk about GOP lawmakers' trip to Europe to meet with financial officials from the OECD and Germany, and the progress being made on a bipartisan Taiwan tax bill in September.

Host David Schultz breaks down all this and more with Bloomberg Tax Congress reporters Chris Cioffi and Samantha Handler, running through the tax items on lawmakers' agenda.

Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

IRS' Windfall Getting Swept Away on Capitol Hill Aug 30, 2023

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A year ago, the tax world was pleasantly surprised when Congress granted the chronically underfunded IRS an $80 billion windfall in the Inflation Reduction Act. Now that surprise is turning into dismay among some as Congress starts to claw back that money bit by bit.

President Joe Biden agreed to reallocate about a quarter of that funding as a part of this spring's debt ceiling deal. And now Republican appropriators on Capitol Hill are proposing to take away even more of the money.

On the first part of a two-part podcast series looking at Congress as it returns from its August recess, we sort out what this means with Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center and former unit chief for tax policy studies at the Congressional Budget Office.

She spoke with Bloomberg Tax reporter Chris Cioffi about just how much the IRS could lose through this year's appropriations process and about what that would mean for the agency's grand modernization plans.

Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

AI Is Becoming a 'Co-Pilot' for Tax Professionals Aug 23, 2023

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Artificial intelligence has been helping companies with their taxes for a while—and now it’s on to the next stage.

Companies have been using AI to automate and speed up the grunt work involved in their tax filings and tax compliance for some time.

With the recent advance into “generative” AI—the type that can generate new content after being "trained" on mountains of data—the technology is being democratized, and put into the hands of tax professionals more broadly. It’s becoming almost like a “co-pilot” that’s helping practitioners do their jobs better, said Rema Serafi, national managing principal for tax at KPMG LLP.

On this week’s episode of Talking Tax, Bloomberg Tax senior reporter Michael Rapoport speaks with Serafi on the future of AI and tax, including how AI will let companies tell their tax stories better, help with their tax planning, and navigate the ever-more-complex world of global tax rules.

Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

OECD's Manal Corwin Talks Next Steps in Global Tax Deal Aug 16, 2023

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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.

Tax Firms Expand as Clean Energy Credit Demand Grows Aug 09, 2023

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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.

IRS Cracks Down on NIL Collectives' Tax-Exempt Status Aug 02, 2023

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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.

The Politics of the Global Tax Deal, and What's Next Jul 26, 2023

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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.

Business Roundtable Official Talks Chile Tax Treaty Jul 19, 2023

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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.

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