Talking Tax

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Student Loan Forgiveness? It's Taxable in Some States Sep 28, 2022

Show notes

An estimated 43 million Americans qualifying for the Biden administration’s student loan debt forgiveness program won’t have to account for the $10,000 benefit on their federal 1040 tax returns next year, but they could face a very different reality when they file their state returns.

The federal government and most states are waiving taxes on the cancellation of debt program. According to one analysis, roughly seven states—Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina, and Wisconsin—plan to make debtors pay income taxes ranging from a few hundred dollars to as much as $900, depending on the state.

On this episode of Talking Tax, Bloomberg Tax senior correspondent Michael J. Bologna caught up with Jared Walczak, vice president of state projects at the Tax Foundation, to help sort through some of these potentially complicated state tax issues. He explained which states plan to tax student loan debt cancellation and how taxpayers should account for the benefit.

Accounting Standards Chief Tackles Crypto, Tax Law Sep 21, 2022

Show notes

Richard Jones took the helm of the board charged with writing US accounting rules the same year the coronavirus pandemic upended the economy.

Jones and the six other members of the Financial Accounting Standards Board had to act quickly to tackle questions on how to use accounting standards during such an uncertain time. Two years later, FASB is plotting its next big moves, including writing rules for buzzy topics like cryptocurrency and figuring out how the new tax-and-climate law will impact its work.

On this episode of Talking Tax, Jones speaks with Bloomberg Tax's Nicola M. White about FASB's agenda and how the standard-setter works with a Securities and Exchange Commission that's increasingly active in accounting issues.

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

EY Faces Headwinds as Firm Leaders Push for Split Sep 14, 2022

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Ernst & Young faces numerous challenges as it tries to gain ground in the competitive advisory market while maintaining its place in the audit industry as its leaders push ahead with a planned breakup of the $40 billion revenue firm.

The consequential deal could hinder EY's ability to retain and hire the skilled professionals it needs to deliver in-demand audit and reporting services as a stand-alone audit firm, said Jim Peterson, former in-house attorney for Arthur Andersen, the former top audit firm which collapsed in 2002.

On this episode of Talking Tax, Peterson discusses with Bloomberg Tax's Amanda Iacone about what EY’s breakup means to the accounting industry and the risks that firm leaders face as they try to decouple the global business.

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

Companies Still Lag in Use of Data for Tax Planning Sep 08, 2022

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Tax data and technology can be helpful for companies when making projections for tax planning purposes, but companies have to weigh when the best time is to implement them.

Data can give more certainty for companies in scenario planning, such as for the Inflation Reduction Act and everyday business decisions, said Greg Engel, vice chair of tax at KPMG LLP. Still, 52% of companies aren’t using tax data for this work, according to a recent KPMG report.

On this episode of Talking Tax, Engel speaks about the importance of companies incorporating tax data into tax planning, how companies are trying to hire to fill this need, and why now is the best time to integrate it.

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

IRS Aims to Stop Abusive Schemes from Gaining Traction Sep 01, 2022

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The IRS is seeking to prevent new, potentially abusive transactions from gaining traction with taxpayers. Early this year, the agency launched a group, called the Joint Strategic Emerging Issues Team, so that representatives from a wide range of IRS offices can collaborate to quickly identify areas where there's a high risk of noncompliance and determine how best to address these issues.

On this episode of Talking Tax, we speak with two IRS officials involved in the team: Benjamin Swartz, senior adviser to the commissioner of the Small Business/Self-Employed Division, and Holly Porter, associate chief counsel for passthroughs and special industries.

Swartz and Porter discuss the goals of JSEIT, the makeup of the team, and the types of issues the group is focusing on.

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

Companies Urged to Start Preparing for Global Tax Deal Aug 25, 2022

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Tax directors around the world are grappling with a two-pillar global tax agreement that will require multinational companies to change where and how much tax they pay.

As details of how these complex new rules will work in practice come to light, some companies have begun modeling their effect on their tax bills.

Rio Tinto PLC, which is part of the OECD's business advisory group, has had a front row seat during the development of the rules and has already put together a team to analyze their impact.

On this episode of Talking Tax, we speak with Mark Munsel, general manager of the OECD digital project at Rio Tinto. He heads up the multi-disciplinary team at the company that has been tasked with figuring out how the rules work.

Munsel advises companies to start early and begin collecting and organizing the data required to comply with the rules, or risk not being ready when countries start implementing them.

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

Navigating Accounting Firm Mergers and Shakeups Aug 11, 2022

Show notes

The accounting world has been shaken up with several high-profile mergers and acquisitions among firms in recent years, reflecting the growing needs of clients.

Abe Schlisselfeld of Marks Paneth LLP had a front-row seat to this trend, serving as the firm's managing director during its acquisition by accounting firm CBIZ Inc. in 2021. Schlisselfeld was at the helm to help shepherd the top-50 accounting firm's transition.

On this episode of Talking Tax, Schlisselfeld, senior managing director of CBIZ Marks Paneth, speaks about his experience of overseeing an accounting firm merger, focusing on the challenges faced and lessons learned, as well as sharing advice about how to retain talent and manage major changes.

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

Becoming Tax Court Chief Judge in the Time of Covid Aug 04, 2022

Show notes

Kathleen Kerrigan is stepping into her new role as the US Tax Court's chief judge with an overarching goal to help the court in living with the Covid-19 pandemic.

Kerrigan says her work will include moving to more in-person trials while still maintaining flexibility. In addition, she hopes to increase electronic filing now that DAWSON—the case management system launched by the court in late 2020—makes that possible.

On this week's Talking Tax, Kerrigan also spoke about access to Tax Court records, avenues to advance or resolve cases pre-trial, and work by the court to promote diversity and equity.

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

States Eye Reforms Aimed at Shell Corporation Secrecy Jul 28, 2022

Show notes

The United States ranks first globally for financial secrecy, according to the latest report by the Tax Justice Network and US authorities are trying to do something about it. The Pandora Papers show secretive business structures are thriving in states including Delaware, Nevada, South Dakota, and Wyoming.

A few states are taking the problem seriously including New York, which debated but failed to enact the LLC Transparency Act (A9415/S8439) earlier this year. Among other things, the proposed law would require full disclosure of the beneficial owners of limited liability companies and the creation of a publicly searchable database of this information.

On this episode of Talking Tax, we hear two perspectives on New York’s proposal. Ryan Gurule, policy director of the Financial Accountability and Corporate Transparency Coalition, contends the states have an important role to play to halt illicit financial flows that facilitate tax evasion and money laundering. Elizabeth “Beth” Garvey, a shareholder in the government policy practice of Greenberg Traurig LLP, cautions that New York’s proposal would create a “backdoor tax” and interfere with the state’s business development objectives. Gurule and Garvey spoke with Bloomberg Tax senior correspondent Michael Bologna.

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

The Implications of Ending the US-Hungary Tax Treaty Jul 21, 2022

Show notes

The July 8 news that the US was canceling a bilateral tax treaty with Hungary that has been in place since 1979 took a lot of people by surprise.

While Treasury pointed to conditions in the treaty it said were unfavorable to the US, the announcement also came amid Hungary's continued opposition at the European Union to the 15% minimum tax the Biden administration has championed.

On this week's Talking Tax, Sean Foley, the global head of KPMG's transfer pricing dispute resolution network, talks about the implications of the treaty termination, including on dispute resolution and withholding taxes.

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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