Talking Tax

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Tax Cut 2.0 Package in the Mix for September Sep 18, 2018

Show notes

House Speaker Paul Ryan (R-Wis.) wants the House to vote by the end of the month on a second round of tax cuts known as Tax 2.0. The package would make some of the temporary provisions in the 2017 tax law permanent and create new retirement and innovation tax incentives. But GOP leaders could face resistance from some members in their party opposed to making the cap on state and local tax deductions permanent. During this episode of Hill Roundtable, Bloomberg Tax’s Allyson Versprille and Kaustuv Basu talk to Amanda Iacone about Tax 2.0 and more. Host: Amanda Iacone. Producer: Nicholas Anzalotta-Kynoch

Altera’s Tax Saga, IRS Administrative Procedure, and the Death of a Judge Sep 13, 2018

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Intel subsidiary Altera Corp., in a case being closely watched by tech companies, suffered a setback when an appeals court reversed a tax court ruling in its favor. Yet before the three-judge panel could issue its written opinion, one of the judges died. The appeals court withdrew its opinion, and now another judge will step in to break the tie. In this week’s special edition of Talking Tax, Bloomberg Tax reporter Sony Kassam and legal editor Carolina Vargas follow the winding trail of Altera Corp. v. Commissioner in advance of the Oct. 16 reargument. This episode is part one of a three-part series examining the case. Hosts: Sony Kassam and Carolina Vargas. Producer: Nicholas Anzalotta-Kynoch.

Talking Tax - Episode 77 - Do Proposed Regulations for §199A Provide Clarity for Business Owners? Aug 23, 2018

Show notes

Jim Kehl of Weil, Akman, Baylin & Coleman, in Timonium MD, joins Talking Tax host Andrea L. Ben-Yosef to talk about the complicated subject of §199A, a tax code provision added by the 2017 tax act, and the proposed regulations, released on August 8, implementing §199A’s 20% deduction for businesses taxpayers own directly and indirectly through interests in pass-through entities.” The proposed regulations provide more insight into the definition of a trade or business, which is crucial in determining whether the business owner can take the deduction. For more information, please see the article by Jim Kehl, §199A Gets an Update Three Months After Its Enactment (Bloomberg TM Memorandum (April 16, 2018). See also the special report Section 199A: Understanding the 20% Pass-Through Deduction, at https://www.bna.com/section-199a-understanding-m57982090077/.

Talking Tax - Episode 76 - How the 2017 Tax Act Affects Alimony, Prenups, and Trusts (Part 2) Aug 10, 2018

Show notes

In Part 2, George D. Karibjanian and Richard S. Franklin of Franklin Karibjanian & Law PLLC join Talking Tax host Andrea L. Ben-Yosef to talk about how the 2017 tax act’s repeal of §682 impacts existing trusts, including alimony trusts and lifetime QTIPs. Without §682, starting in 2019 the taxability of these trusts may remain with the spouse putting money into the trust even post-divorce. Existing trusts should be reviewed, because they will not likely be grandfathered, and practitioners should take the ramifications of the 2017 tax act into account when planning alimony trusts and lifetime QTIPs under the new regime beginning in 2019. For more information, please see the article by George D. Karibjanian, Richard S. Franklin, and Lester B. Law, Alimony, Prenuptial Agreements, and Trusts Under the 2017 Tax Act (Bloomberg Tax Estates, Gifts and Trusts Journal (May 10, 2018)). The article can be found at https://www.bna.com/alimony-prenuptial-agreements-m73014477712/.

Talking Tax - Episode 75 - Career Tips From 2 of Accounting’s Most Powerful Women Aug 03, 2018

Show notes

Taking the CPA exam, studying technology, and setting career goals that fit your personality should be top priorities for young female accountants, two winners of the Most Powerful Women in Accounting award told Bloomberg Tax. Abby Dupree, managing partner at Carroll and Company, CPAs in Tallahassee, Fla., and Kimberly Ellison-Taylor, global strategy leader for the financial services industry at Oracle America, Inc., joined Bloomberg Tax’s Courtney Rozen July 25 to talk about how the accounting profession can better appeal to women. In June, Dupree and Ellison-Taylor were named two of the most powerful women in accounting by the American Institute of Certified Public Accountants and CPA Practice Advisor.

Hill Roundtable - Episode 75 - IRS Funding Bill Coming Up for Senate Vote Jul 30, 2018

Show notes

The House of Representatives was busy last week passing a set of tax bills related to health savings accounts and a measure to repeal the medical device tax permanently. The House is on summer recess now, but the Senate is set to vote on a package of bills that include a funding boost for the IRS. Capitol Hill reporter Allyson Versprille spoke with Talking Tax host Amanda Iacone on July 30 about that legislative activity plus the addition of another IRS overhaul bill to the agenda—and the donor-disclosure debate that could be stalling Senate confirmation of Charles Rettig as IRS commissioner.

Talking Tax - Episode 74 - How the 2017 Tax Act Affects Alimony, Prenups, and Trusts (Part 1) Jul 20, 2018

Show notes

George D. Karibjanian and Richard S. Franklin of Franklin Karibjanian & Law PLLC join Talking Tax host Andrea L. Ben-Yosef to talk about how the 2017 tax act affects alimony by taking away the deduction for the spouse making the alimony payments. This is a revenue raiser and “the most sinister provision” in the 2017 tax act, they said. This new regime, beginning in 2019, will impact the negotiations for future prenuptial agreements, separation agreements, and divorce decrees. While there is a grandfather clause for existing divorce decrees and separation agreements, that is not the case for prenups, so those might not take into account this change in the law and possibly have to be modified. For more information, please see the article by George D. Karibjanian, Richard S. Franklin, and Lester B. Law, Alimony, Prenuptial Agreements, and Trusts Under the 2017 Tax Act (Bloomberg Tax Estates, Gifts and Trusts Journal (May 10, 2018)). The article can be found at https://www.bna.com/alimony-prenuptial-agreements-m73014477712/.

Hill Roundtable - Episode 74 - Republicans Fine-Tune Timing for Tax Law Changes Jul 16, 2018

Show notes

Republicans are preparing a timeline for passing a series of tax law changes, including making the tax cuts for individuals permanent and eliminating taxes that form a key part of the Affordable Care Act. Meanwhile, a bill that would increase the fiscal year 2019 budget for the Internal Revenue Service continues to advance in the House. Capitol Hill reporter Kaustuv Basu spoke with Talking Tax host Amanda Iacone on July 16 about House Ways and Means Committee Chairman Kevin Brady’s (R-Texas) plans to bring an outline of the “tax 2.0” bill to the Republican conference by the end of the month and the timing for the health care bills.

Talking Tax - Episode 73 - Association Health Plans Jul 05, 2018

Show notes

Alden Bianchi of Mintz Levin and Christopher Condeluci of CC Law & Policy join Talking Tax host Andrea L. Ben-Yosef to discuss the new rules for association health plans, which change the standards for determining which small employers are permitted to join with other small employers to form, maintain, and participate in single, large group health plans. These health care law experts discuss how association health plans work, who should consider using them, and how they will impact the health care marketplace.

Talking Tax - Episode 72 - Tax Court Issues Fewer Opinions in Second Quarter Jul 03, 2018

Show notes

Fewer opinions, frequent disputes about business expense deductions, and the importance of representation. These are takeaways from a Bloomberg Tax analysis of U.S. Tax Court opinions released during the second quarter of 2018. Legal editor Carolina Vargas and reporter Courtney Rozen reviewed every Tax Court case from early April through mid-June, tallying aspects such as judge, winner, and issue. They joined Bloomberg Tax’s Amanda Iacone on July 3 to talk about trends they spotted in their analysis of second-quarter cases.

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