Talking Tax

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Stalled Biden Agenda Leaves Planned Tax Hikes in Limbo Feb 24, 2022

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Corporations and wealthy taxpayers breathed a sigh of relief when Democrats' economic agenda stalled in the Senate late last year.

The roughly $2 trillion package—which the Biden administration branded "Build Back Better"—included a variety of tax hikes, including major changes for pass-through entities.

While corporations and high earners may have dodged anticipated tax increases last year, they aren't necessarily off the hook. The legislation remains stalled, but labor and environmental advocates are pushing for President Joe Biden to re-engage with holdout Sen. Joe Manchin (D-W.Va.) in an effort to find a deal.

A pair of tax professionals appear on the latest episode of Talking Tax to discuss the Biden administration's stalled tax plans. Laura Zwicker, chair of the Private Client Services Group at Greenberg Glusker, covers how the proposals would effect her high-net-worth clients and what she is advising them to do while the legislation remains in limbo. Then Sarah Brodie, a partner at Morgan Lewis, highlights how partnerships dodged major changes to how they are taxed.

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

EU's Fight to Close VAT Gap Turns to E-Invoicing Push Feb 17, 2022

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The European Union wants to harmonize how companies issue electronic value-added invoices across the bloc as part of a broader push to make VAT easier to pay.

The EU is hoping e-invoicing will help ease complexity and close the gap between expected VAT revenue and what countries actually collected. Lost VAT revenue reached 135 billion euros ($152 billion) in 2019 alone, according to the European Commission.

The Commission in January launched a public consultation to explore its role in reducing the administrative burdens of VAT compliance—including harmonizing e-invoicing rules—for businesses and in helping member countries fight VAT fraud. At least 13 EU countries already have, or plan to implement, e-invoicing systems, but variations in rules across the bloc are creating administrative headaches for companies.

The deadline for comments is April 15 and the Commission plans a legislative proposal in summer or fall.

On the latest episode of Talking Tax, Ellen Cortvriend, director of indirect tax technology at PwC Belgium, talks about what countries are doing on the e-invoicing front, what's ahead for the EU, and what businesses could expect this year. Cortvriend also leads PwC’s global e-invoicing and e-reporting division.

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

State Auditors Also Bear Heavy Loads This Tax Season Feb 10, 2022

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The Biden administration made headlines last year with its plan to provide $80 billion to the IRS to bolster audit and enforcement activities, and tackle the so called “tax gap”—the difference between the amount taxpayers owe and how much they actually pay. It's estimated at $600 billion annually.

But what about the states?

State revenue departments will face some significant challenges, such as years of chronic underfunding by state legislatures, the loss of experienced auditors, practical limitations resulting from the Covid-19 pandemic, and the growing complexity of state tax codes.

To learn about how states are dealing with these state audit and enforcement challenges, we hear from Greg Matson, executive director of the Multistate Tax Commission, and Nancy Prosser, the commission's general counsel. They talk with Bloomberg Tax's Michael J. Bologna about their priorities for this year and why working remotely just isn't as satisfying for tax auditors.

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

Tax Season Is Here, But IRS Isn't Yet 'Back to Normal' Feb 03, 2022

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The tax filing season that just kicked off is the third that is being affected by the coronavirus pandemic. Kelly Phillips Erb, Bloomberg Tax editor and host of the Tax Girl podcast, says we haven't yet returned to the way things worked pre-pandemic.

In addition to a paper return backlog and understaffed IRS, this year's returns will also be complicated by stimulus checks and advance child tax credit payments. Erb joins our weekly podcast, Talking Tax, to talk about what filers and tax pros can expect in the coming weeks and about why, this year, it may not necessarily be a good idea to file early.

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

Companies Must Prepare for EU's Changing Tax Landscape Jan 27, 2022

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Companies operating in the EU are facing a changing tax landscape in the years ahead, which means they must prepare now to set up systems to report and comply with the new measures.

The European Union is targeting 2023 to implement the OECD’s 15% minimum tax. Companies will have to overhaul the way they collect information internally to be able to accurately calculate their effective tax rate for each jurisdiction. In addition, a public country-by-country reporting requirement and possibly another directive targeting shell companies are looming on the horizon.

Marlies de Ruiter, global international tax policy leader at EY in the Netherlands, talks about what companies need to focus on now to comply with the coming changes, what important additional information on the minimum tax to watch for from the Organization for Economic Cooperation and Development, and why some companies are already choosing to disclose their tax information before it's required.

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

Kevin Brady Has Big Plans for Last Year in Congress Jan 20, 2022

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Kevin Brady, the top Republican on the powerful House Ways and Means Committee, is planning one final legislative push before he retires at the end of this Congress.

During the Trump administration, the Texan was instrumental in shepherding the Republican-led 2017 tax law and working across the aisle on a retirement policy overhaul. An outspoken fan of the Houston Astros, Brady has also been a longtime cornerstone for the GOP in the annual Congressional Baseball Game.

On the latest episode of our weekly Talking Tax podcast, Brady discusses his impending retirement, the legislation he hopes to advance before he leaves, and his thoughts on how to make the IRS more customer friendly.

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

Poor IRS Phone Service Among Many Tax Season Hurdles Jan 13, 2022

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Tax preparers are bracing for another frustrating filing season as the IRS warns of unprecedented challenges driven by the pandemic and staffing shortages.

The IRS is facing some major issues ahead of the Jan. 24 launch of tax season. The agency entered the new year with millions of unprocessed paper tax returns and has long struggled to keep up with a deluge of phone calls from people and tax pros looking for assistance.

National Taxpayer Advocate Erin Collins recently described the agency's telephone service as "the worst it has ever been." The IRS only answered about 11% of the 282 million phone calls it received in fiscal 2021—and those who did get through spent more time than ever on hold.

St. Louis-based tax practitioner Jan Roberg is the guest on the latest episode of our weekly Talking Tax podcast. Roberg speaks with Bloomberg Tax reporter Kaustuv Basu about the upcoming tax filing season, offers advice to taxpayers on how to best communicate with the IRS, and shares thoughts on what Congress can do to improve the agency's customer service.

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

'Great Resignation' Hitting Accounting Industry Hard Jan 06, 2022

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A severe talent shortage caused by the "Great Resignation" will be the most important issue affecting accounting work in 2022, according to three senior accountants.

Labor shortages, along with a loss of institutional knowledge, will cause problems not only at the firms accountants are auditing, but within the accounting firms themselves. Given how widespread this phenomenon is across different sectors, it's a problem that can't necessarily be solved with higher salaries and bonuses.

On today's Talking Tax podcast, Bloomberg Tax's Amanda Iacone speaks with three accountants about what they expect will be driving their profession in 2022. In addition to the Great Resignation, they also talk about complying with new sustainability reporting rules and the prospect of new rules coming from the Financial Accounting Standards Board.

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

What's In Store for IRS 2022 Enforcement Agenda Dec 30, 2021

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Tax pros are keeping a close eye on Capitol Hill negotiations, with the Internal Revenue Service's 2022 enforcement agenda dependent on how much money Congress gives it to do the job.

The Biden administration wants to give the IRS a funding increase for fiscal 2022, plus an additional $80 billion in funding over a decade as part of its stalled tax and social spending package. The goal: give the agency extra resources so it can more aggressively crack down on tax evasion.

On today's episode of weekly Talking Tax podcast, two tax enforcement professionals discuss what the new year may have in store at the IRS' enforcement arm. Michelle Levin, a shareholder at Dentons, and Alina Solodchikova, a principal at RSM US, talk about where they think the agency's enforcement targets will be—everything from microcaptive insurance and conservation easements to cryptocurrency.

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

Diversifying Tax Proving Much Harder Than Expected Dec 24, 2021

Show notes

Corporate tax departments and accounting firms haven't had much success in diversifying their workforce in recent years, a recent Bloomberg Tax survey shows.

The survey data show that while corporate tax departments have seen an increase in the number of female managers over the past four years, overall the tax industry's race and gender demographics still aren't representative of the general population when it comes to high-level jobs.

On today’s episode of our weekly podcast, Talking Tax, we speak with Katrina Welch, North America director of tax at Gordon Food Service, and Melinda Phelan, a partner at Baker & McKenzie LLP. Welch and Phelan speak with reporter David Hood about the survey and explain why even when senior leaders are committed to diversity and inclusion, actual change may take time and better strategies.

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

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