Talking Tax

Latest Episodes:

Treasury Union Retiring Chief Talks IRS Worker Safety Jul 12, 2023

Show notes

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.

Employee Retention Credit a Due Diligence Snag for M&A Jul 05, 2023

Show notes

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.

Family Vineyards Grapple With French Inheritance Taxes Jun 28, 2023

Show notes

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.

KPMG's Bank Audit Troubles Give Accounting a Black Eye Jun 22, 2023

Show notes

Most of the banks that failed or came close to it this spring had one thing in common: They had recently received a clean bill of health from their auditor, KPMG.

This development has caused major problems for the Big Four auditing firm and has shareholders, regulators, and even lawmakers asking KPMG tough questions.

On this week's episode of our podcast, Talking Tax, Bloomberg Tax reporter Amanda Iacone talks about her reporting into KPMG's troubles and why this newest accounting scandal, just one of many over the past two decades, has stirred up concern for many in the profession.

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

Developing Countries Want Voices Heard on Global Tax Jun 14, 2023

Show notes

The OECD's global tax deal is approaching a milestone: The organization expects to see the release this summer of major remaining pieces of the agreement that have been under negotiation.

But throughout the process, many developing countries have felt their concerns weren't sufficiently addressed, said Marlene Nembhard-Parker, a senior tax official in Jamaica who is also co-chair of the Inclusive Framework of 143 countries working on the global tax agreement.

Meanwhile, the United Nations also has a new international tax effort in the works. That project isn't intended to duplicate or undermine the OECD's work, she said, but to "address the issues of legitimacy as to who is responsible for setting global tax rules."

On this week's Talking Tax, Nembhard-Parker speaks about developing countries' perspective on the agenda and outcomes of the OECD and UN work, and why the commitment from governments to reach agreement on Pillar One creates a sense of "cautious optimism."

Nembhard-Parker's remarks are part of a pre-recorded interview aired during the Bloomberg Tax Leadership Forum, held virtually Tuesday.

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

Key Minnesota Lawmaker on Tackling Corporate Taxes Jun 07, 2023

Show notes

Minnesota lawmakers just finished a historic legislative session that achieved something rarely seen in the state tax arena—a budget featuring both the biggest tax cut and the biggest tax hike in state history. The resulting tax overhaul measure includes $3 billion in tax relief from one-time refunds, tax credits, and a tax waiver on most Social Security income. But it also raises $1 billion through a tax on the earnings of foreign subsidiaries of multinational corporations and a new levy on individuals with investment income over $1 million.

The state's lawmakers also made headlines for first passing and then rescinding a plan to calculate corporations' state income taxes on the basis of their worldwide income. The controversial plan would have made Minnesota the only state to abandon “water’s edge” rules, which permit businesses to exclude foreign affiliates’ income when they file their state income tax returns.

On this episode of Talking Tax, Bloomberg Tax senior reporter Michael J. Bologna discusses this consequential legislative session with Rep. Aisha Gomez (D), chair of the House Taxes Committee. Gomez, a progressive in her third term, discusses the practical, political, and personal challenges she had to overcome in delivering the tax package.

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

Warner Bros, FTI Tax Leaders on Navigating Uncertainty May 31, 2023

Show notes

What does it mean to be a good tax leader, as an in-house tax professional or as a tax adviser who wants to make the tax functions of your clients better? How do you build a great team?

Bloomberg Tax Insights editor Rebecca Baker sat down with Jared Dunkin, the vice president of tax and senior tax counsel at FTI Consulting, and Dunkin's mentor and former boss, Todd Davis, the executive vice president and senior tax counsel for Warner Bros. Discovery, to find some answers to these questions.

Dunkin and Davis discuss how to handle the ambiguity of tax when corporate executives—their bosses—demand certainty, how to wage the war for talent, and how to set priorities for their tax teams, particularly when it comes to cross-border tax work.

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

Tax Automation Promises to Ease Tech Frustrations (Re-Run) May 17, 2023

Show notes

Note: This episode originally aired May 19, 2022.

Automation tools increasingly used by seasoned tax professionals are helping to take some of the pain and manual labor out of routine compliance work.

That futuristic tech goes beyond robotics process automation and can link together the many programs and platforms that accountants rely on everyday. Those building blocks can automate every step in the tax process from onboarding clients to tax return delivery, according to John McGowan, the CEO of Hubsync and former chief information officer for two Big Four tax practices.

On this episode of Talking Tax, McGowan talks to Bloomberg Tax about the challenges that firms face in adopting new ways of working and how it can not only help get work done faster but could make CPA firms more attractive to job candidates and clients alike.

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

Puerto Rico's Tax Reform Faces Hurdles Amid Criticism May 10, 2023

Show notes

Puerto Rico lawmakers say a tax plan backed by Gov. Pedro Pierluisi still falls short of being the long-sought tax overhaul the island desperately needs.

After years of modifications, Puerto Rico still has one of the most complex tax systems in the US, with over 400 tax breaks, deductions, credits, and exemptions.

The Democratic governor presented a proposal earlier this year that would lower income taxes for both individuals and corporations and simplify the US territory's tax code. The Senate says it’s working on a counter-proposal but has provided few details.

Bloomberg Tax’s Angélica Serrano-Román and Bloomberg News’ Jim Wyss sat down with Kenneth Rivera Robles, a tax partner at Galíndez LLC and treasurer of the board for Puerto Rico's Manufacturers Association, Sen. Juan Zaragoza Gómez, president of the Puerto Rico Senate’s finance committee, and Ella Woger-Nieves, the CEO of Invest Puerto Rico.

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

IRS Chief Talks Goals, Work with Congress, and More May 03, 2023

Show notes

New IRS Commissioner Danny Werfel has a lot on his plate.

He is tasked with effectively spending the IRS's new $80 billion in Inflation Reduction Act funds and ensuring the agency has smooth tax-filing seasons, while also needing to respond to questions and concerns from Congress.

On this episode of Talking Tax, Werfel talks to Bloomberg Tax's Naomi Jagoda in his first podcast interview since his confirmation in March. Werfel talks about his goals for his first six months on the job, how he plans to keep Congress informed about the agency's work, how he plans to improve trust in the agency, and more.

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

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected