Talking Tax
Talking Tax, from Bloomberg Tax, is a weekly discussion of the most pressing issues facing tax and accounting professionals. Each week the podcast features discussions with lawmakers, federal regulators, lawyers, and journalists. From the courts to Capitol Hill to the IRS, Talking Tax has it covered.
Episodes
Corporate Tax Disclosures Let Investors Peer Into the Black Box
Investors are getting a lot more information about an area that’s been a mystery in the past: What goes into companies’ tax bills.
The US, the European Union, and Australia all have new or forthcoming requirements for companies to publicly disclose more details about the makeup of their tax payments—especially where they’re paying. That can help investors compare companies and shed light on ins
Accounting Firms Navigate Compensation as AI Tools Upend Work
Artificial intelligence is putting accounting firm leaders on alert for workers well-versed in using and managing the new tools as the industry invests heavily in modernizing workflows.
Firms should be staying attuned to the talent market and updating their salary structures accordingly to both attract early-career workers and retain staff looking to climb the ranks, according to Dominic Pisco
IRS Pivots to Fill Holes in Tax Filing Season After DOGE Cuts
Time is running out to file your taxes to the IRS as the April 15 deadline approaches.
But for the IRS, the work is only just beginning and it's off to a rocky start.
Elon Musk's Department Government Efficiency in 2025 pressured about a quarter of the IRS's workforce to leave, and the agency is on its seventh leader in the span of a little over a year. The agency also managed during one of
How Tax Administration Reforms Could Pass Congress This Year
Lawmakers in both chambers of Congress are taking a closer look at a range of bipartisan IRS administration changes.
House tax writers have advanced several pieces of legislation that would fix problems identified by taxpayer advocates and tax professionals. Some have become law.
Senate Finance Committee lawmakers, meanwhile, recently introduced a large package that includes dozens of provi
Washington's Novel Millionaires Tax Inches Closer to Reality
States are struggling to make up for revenue gaps in the wake of federal cuts and President Donald Trump's tax-and-spending law.
In Washington state, lawmakers have answered the challenge with a novel tax on millionaires. The legislature recently sent a bill (S.B. 6346) to Gov. Bob Ferguson (D) that would create the state's first income tax.
If Ferguson signs it, which he is expected to do
Tax Filing Season Is Underway: Here's How It's Going So Far
There are about five weeks left in tax filing season — the busiest time of year for the IRS and tax preparers.
IRS CEO Frank Bisignano told lawmakers earlier this month the tax season has so far been a success, with quick refund turnaround times and a shrinking backlog. That is despite a tumultuous 2025 for the agency, when the IRS lost about a quarter of its workforce to resignation offers, be
States Still Decoupling From GOP Tax Law Deep Into Filing Season
Tax-filing season is well underway, and yet many states are still figuring out whether to conform to or decouple from provisions in last year's GOP-led tax overhaul, especially the deductions and other breaks for corporate taxpayers. The upshot is one of the more complicated filing periods in recent years.
Corporate taxpayers are watching which states reject federal tax policy changes, such as
Tariff Refunds Would Threaten Tax, Transfer Pricing Headaches
The Supreme Court's decision to nix a wide swath of the Trump administration's tariffs comes with some big tax and transfer pricing questions for tax executives as companies battle to collect refunds from the government.
The court's 6-3 ruling sets up what would be a messy refund process, though the justices basically said nothing about it, leaving companies to take their claims to court.
I
DOJ Tax Attorneys Focus on Immigration, Nonprofits After Shakeup
Tax enforcement has entered a new age.
The decades-old Justice Department Tax Division is now split between the broader civil and criminal divisions. Critics say the reorganization sends a signal that tax enforcement won't be a priority.
While the reorganization may mean tax attorneys are pulled into different DOJ priorities, it also could mean more investigations will include tax charges,
State Tax Breaks for Data Centers Come Under Fire With AI Boom
Data centers have emerged as a major political target in state capitals as they proliferate across the country and elected officials hear complaints from their voters about the massive, energy-guzzling warehouses.
That has put tax breaks for data centers—which can amount to hundreds of millions of dollars annually in some states—squarely in the legislative cross hairs.
State lawmakers in mor
US Audit Board Awaits Latest Shake-Up With New Slate of Leaders
A new slate of leaders is poised to make its mark on the US audit board and launch the next chapter for the embattled regulator.
Among those set to serve on the Public Company Accounting Oversight Board are two administration officials who have held key roles at federal agencies targeted by a White House campaign to hobble federal agencies and derail regulations. Those agencies include the Cons
Fiscal Stress Permeates Government Accounting Rule Writer's Work
Trump administration cuts to federal funding are trickling down to cities and states across the country—and a top public-sector accounting leader is taking note.
Governmental Accounting Standards Board Chair Joel Black is leading his team in crafting public sector financial reporting rules at a time when local governments are assessing resource constraints following cuts to funding resulting f
US Tax Carve-Out Beats Retaliation, OECD Business Rep Says
A global minimum tax deal that exempts American companies from key provisions is a better outcome for European business than the alternative of US retaliatory taxes, the co-chair of the OECD’s business committee said.
The package agreed to this month by more than 145 countries at the Organization for Economic Cooperation and Development headed off a threat of steep US taxes on foreign companies
OECD Deal Success Hinges on Implementation, Rep. Estes Says
Republicans on Capitol Hill are keenly watching how other countries implement a long-sought OECD agreement that exempts US companies from parts of the global minimum tax framework.
Rep. Ron Estes (R-Kan.), a member of the tax-writing House Ways and Means Committee, hasn't ruled out resurrecting legislation imposing retaliatory taxes on firms from nations that slow-walk codifying the deal.
The de
Making Sense of the Global Tax Carve-Out for US Companies
The OECD just published the parameters of a deal that would exempt US companies from two key enforcement rules in the global minimum tax framework.
The deal, which spans 88 pages in the form of administrative guidance, includes a slew of safe harbor rules that address everything from how US companies can get the exemption to more advantageous treatment of substance-based tax incentives like the
How Transfer Pricing Offers a Fix for Student Athletes (Rerun)
We're off for the New Year holiday, so we're serving up an encore presentation of a Talking Tax podcast about challenges with paying student athletes.
Ever since student athletes gained the right to be compensated for use of their image in advertisements and merchandise sales, the money has flooded in, but so have some problems.
The athletes can now be compensated for their name, image, and
PwC Coaches New Tax Associates on AI Tools in US Training Effort
PwC's new training program aims to give early-career recruits hands-on experience integrating artificial intelligence tools into everyday work.
The Big Four accounting and advisory firm started piloting AI immersion sessions in October, with a full rollout to new US associates slated for July. The sessions are happening across PwC's tax, assurance, and advisory business.
"We truly believe
Tariffs, Big Audits, Roil Transfer Pricing Heading Into New Year
A slew of big tax disputes and the worldwide upheaval brought on by the Trump administration's aggressive trade policy made for an exceptionally interesting year for transfer pricing professionals, and left them with lingering questions heading into 2026.
President Donald Trump's April tariff announcements sent shock waves through the global economy and forced corporate tax heads—and C suites—t
Taxpayers 'Gamble' by Committing Fraud, Even With Diminished IRS
Anyone thinking about pushing the boundaries of tax law should remember that there's no federal statute of limitations on prosecuting fraud, even with weakened IRS enforcement, said Carolyn Schenck, who spent 20 years at the agency primarily combating tax evasion.
"If people think that a current administration or a past administration might go soft on tax fraud, that's still an awfully big gamb
Cross-Border Tax Fraud an Old Story, Roman Scroll Shows (Rerun)
For the holidays, we serve up an encore presentation of a Talking Tax podcast that shows cross-border tax fraud has been around a long time.
When researchers studied a previously mislabeled scroll, they discovered detailed attorney notes for a case against taxpayers accused of using forged documents and sham transactions between the Roman provinces of Judaea and Arabia to escape taxes on their
What Comes Next for the IRS and Tax After the Long Shutdown
Congress is back after ending the longest shutdown in US history. But the bipartisan accord left funding for the IRS and Treasury Department ending in less than three months and the fate of the enhanced premium tax credits at the center of the crisis still unresolved.
On this episode of Talking Tax, Bloomberg Tax Congress reporter Zach C. Cohen and Bloomberg Government health policy reporter Er
Mamdani's NYC Tax Agenda Prompts Advisers to Caution Patience
New York City Mayor-elect Zohran Mamdani ran on an expansive affordability agenda that would be paid for by higher taxes on corporations and wealthy individuals.
The democratic socialist's vision will be tough to realize, though, because any tax hikes would have to be approved by the New York State legislature and tax hike-averse Gov. Kathy Hochul (D). Local tax practitioners are emphasizing th
Grant Thornton Leader Leveraged PE Deal to Raise Audit Bar
Grant Thornton’s top audit leader is bullish on the practice’s future after a 2024 deal that sold a significant stake in the accounting and advisory firm to private equity investors led by New Mountain Capital.
The audit practice has benefited from a boost in dedicated resources and also bolstered its safeguards against conflicts of interest. Those improvements stem from an operating contract bet
Plan to Drop 10-Qs Threatens to Trip Up Analysts' AI Models
A Trump administration push to reduce the frequency of corporate earnings reports risks hurting the accuracy of artificial intelligence-fueled models used by analysts, an accounting adviser said.
Chief financial officers and other C-suite leaders would in turn need to address greater reputational risk if a plan to give public companies the option to file financial reports semiannually instead o
Treasury Is Working to Implement GOP Tax Law Amid Shutdown
Despite the ongoing US government shutdown, many at the Treasury Department remain on the job working on guidance related to the July GOP tax law.
Those at Treasury handling the international provisions used to be coworkers of Beth Bell, who became a principal at PwC’s National Tax Service in Washington less than a month ago.
On this week's episode of Talking Tax, Bell sat down with Bloombe
Ireland Mulls Tax Options to Stay Competitive in Global Economy
Ireland has presented a frugal budget for 2026 in the face of uncertainties caused by President Donald Trump's tariff and tax policies.
The 15% global minimum tax on corporations and Trump's threats to impose large tariffs on pharmaceutical companies—most of which are US companies headquartered in Ireland—have increased pressure on the country to find ways to remain competitive.
With forei
What an IRS CEO Means for Tax Administration, Agency Functions
Taxpayer advocates are keeping close watch on this week's decision to name Social Security Administration Commissioner Frank Bisignano as CEO of the IRS, and have many questions about what it could mean for the agency.
Treasury Secretary Scott Bessent said Monday he was creating a new IRS CEO position, and Republicans in Congress seem to be generally supportive, though some said the White Hous
How Transfer Pricing Can Help Fix a Student Athlete Pay Problem
Ever since student athletes gained the right to be compensated for use of their image in advertisements and merchandise sales, the money has flooded in, but so have some problems.
While the athletes can now be compensated for their name, image, and likeness—or NIL—schools still can't directly pay them for playing, and the NCAA has rejected any notion of "pay-for-play." Instead, athletes can rec
Hashing Out US-World Tensions on 'Side-by-Side' Global Tax Deal
About three months have passed since Treasury Secretary Scott Bessent announced that the US, along with its Group of Seven allies, agreed to work on a system that would exempt American companies from parts of the global minimum tax.
In that time, the US proposed a technical solution to separate its tax system from the global minimum tax.
But other countries have raised concerns about what t
How IRS Attorney Departures Will Prolong Cases, Spur Settlements
Big job cuts and reductions in resources at the IRS are liable to prolong disputes over tax bills and force the agency to leave money on the table when cases are finally resolved.
More than 170 attorneys have withdrawn from representing the IRS in cases in US Tax Court since Donald Trump became president in January, according to a Bloomberg Tax analysis. Many have quit the IRS altogether amid a
Companies Face Tariff-Induced Transfer Pricing Audit Risks
President Donald Trump's widespread tariffs are boosting tax dispute risks for companies that are scrambling to understand how to factor the new trade duties into their transfer pricing and tax planning without attracting an audit.
Tariffs raise the prices of imported goods, meaning companies importing products from their own affiliates may have to—or want to—adjust the pricing of those transac
Enrolled Agents Anticipate IRS Chaos for Next Tax Filing Season
Tax preparers consider themselves foot soldiers on the front lines of Americans' income tax preparations.
They provide advice and file the returns, helping the government collect its revenue and make sure people are paying their fair share. They are also some of the first to warn taxpayers about scams. This group of preparers includes enrolled agents, who are the only federally licensed tax pra
Congressional Deadline on Shutdown Deal Adds to IRS Challenges
Congress is back in session with just a few weeks to reach an agreement before government funding runs out Sept. 30. For IRS watchers, the lack of agreement on how to fund the tax collection agency or whether to extend expiring tax breaks rank among the key issues lawmakers will grapple with over the coming months.
In this week’s episode of Talking Tax, Bloomberg Tax reporter Zach C. Cohen and
IP Poses Risks, Opportunities for Companies' Tariff Planning
As President Donald Trump's tariffs make waves in the world economy, multinational companies are mulling what it could mean for their intangible assets like intellectual property and brand recognition.
The vast majority of corporate value comes from intangibles. In 2020, such assets made up 90% of the value of the S&P 500, according to an often-cited study by IP consultant Ocean Tomo—up from u
KPMG Juggles AI Efficiency Gains With Long-Term Talent Strategy
Big Four accounting firms are racing to integrate next-generation AI technology across their service lines and develop a talent strategy to match the industry's new era.
KPMG is focused on making sure it's balancing efficiency gains because of artificial intelligence with long-term workforce development, according to Sandy Torchia, vice chair of talent and culture at KPMG US. The firm has crea
Cross-Border Tax Evasion Is an Old Story, Roman Scroll Reveals
Proof from an ancient Roman scroll: As long as there have been taxes, there has been tax evasion.
When researchers studied a previously mislabeled scroll, they discovered detailed attorney notes for a case against taxpayers accused of using forged documents and sham transactions between the Roman provinces of Judaea and Arabia to escape taxes on their assets.
The assets in question were ensl
Pharmaceutical Companies Navigate Transfer Pricing as Tariffs Loom
Pharmaceutical companies are scrambling to respond to the Trump administration's tariff threats, seeking to mitigate duties on their products while keeping the impact on their tax bills to a minimum.
The industry has long leveraged complex transfer pricing arrangements to cut down on its tax bills, but now the looming tariffs could spark a major rethink for where companies make their drugs and
Help Wanted: Top Job at IRS Open After Confirmed Chief Splits
One of the most unwanted jobs in Washington is now up for grabs—again.
President Donald Trump's IRS commissioner, Billy Long, exited as the head role last week and is expected to be nominated as the ambassador to Iceland. Treasury Secretary Scott Bessent will fill the job in the interim.
The vacancy at the top of the IRS continues the turbulence the agency has experienced since the start of
Tariffs Draw All Hands—Tax and Others—to the Executive Suite
It’s been four months since the Trump administration announced its “Liberation Day” tariffs, and companies are still scrambling to make sense of what it means for their operations and tax planning.
Rates keep changing, sometimes day to day, as countries struggle to make lasting trade deals with the US, while corporate tax and customs departments put their heads together to minimize the costs t
Small Business, Trusts Brace for Phaseout of Paper Tax Refunds
Millions of taxpayers used to getting paper checks from the Treasury Department will soon have to find another way to get their money as the agency phases out paper refunds.
The Treasury will send its final tax refund on a paper check by October, if it stays the course set by President Donald Trump’s March 25 order to transition fully to electronic payments. Tax observers fear that the change c
Trump Administration Signals Changing Standards for Tax-Exempts
Tax-exempt organizations are closely watching the Trump administration to see if it makes good on its intention to alter standards around claiming tax-free status.
The IRS gave a green light to churches speaking about political campaigns and candidates without losing their tax-exempt status, while President Donald Trump publicly threatened Harvard University's tax status because of allegations
The Tax Bill's Obscure Breaks and the Road Ahead for Congress
Tax breaks for whale captains in Alaska and spaceport builders were among the lower-profile perks included in the GOP's $3.4 trillion tax-and-spending law enacted this month.
The policies were necessary to gain votes of Republican holdouts, enabling the measure to pass in both the Senate and House in time for GOP lawmakers' self-imposed July 4 deadline.
The law moved through Congress faste
What Latin America Can Teach About Tariffs, Transfer Pricing
Multinational corporations have been hustling to make sense of the flurry of US tariff policy changes this year, and figure out how to factor that into their transfer pricing.
One place that's been in this situation before: Latin America. For decades, companies there have been navigating tariffs and the impacts on their tax planning—including transfer pricing, or how companies value transactio
What the G7 Did to the Global Tax Pact, and What Comes Next
The fate of the OECD-led global tax deal was rocked this week after the US and its Group of Seven allies came to an understanding that would exempt American companies from two key parts of the global minimum tax framework.
G7 countries agreed to the exemption over the weekend in exchange for Congress removing Section 899 from its tax-and-spending bill—a provision referred to as the "revenge ta
US Audit Board’s Role Still Sparks Debate Two Decades Post-Enron
Congress is reconsidering the accounting guardrails it put in place more than two decades ago to ensure investors can trust the revenues and asset values listed companies publish.
Republican budget proposals would abolish the US audit regulator and reassign its work to the Securities and Exchange Commission. While lawmakers negotiate over what will end up in a final version of their tax and spe
Here's the Status of the GOP Tax Bill Moving Through Congress
The Republican-led Senate Finance Committee unveiled its portion of the mammoth tax-and-spending legislation that's quickly moving through Congress, and there's a lot to unpack.
The Senate bill has dozens of differences from the House version. It makes several business breaks permanent, softens the excise tax on university endowments, and phases out more slowly cuts to clean energy credits, wh
Big Four Layoffs Hit Amid Uncertain Time for Accounting Pipeline
Recent layoff announcements at Big Four accounting, tax, and consulting firms come as the industry faces economic uncertainty and a shrinking talent pool.
The accounting profession is at a crossroads as a new class of students graduate. While recent data shows heightened interest in both undergraduate and master's degree programs, the industry faces possible disruptions like workforce reduction
Why Markets Fear Impact of House GOP's Proposed Retaliatory Tax
The “revenge” tax provision that’s in the giant tax bill working its way through Congress has a lot of people worried.
Known as Section 899, the provision would impose stiff, retaliatory tax rates on companies and people from countries that the US deems to be imposing "unfair" and "discriminatory" taxes against US companies. It was included in the version of the bill House Republicans narrowly
International Provisions in GOP Tax Bill Face Senate Changes
Companies scored wins after the House passed a multi-trillion-dollar tax bill that largely preserved the current tax rates on foreign-earned income.
Republicans' 2017 Tax Cuts and Jobs Act created a new international tax regime including a minimum tax on global intangible low-taxed income, or GILTI, a reduced tax rate on foreign-derived intangible income, or FDII, and a base erosion and anti-a
A Budget Watchdog Veteran Warns GOP Tax Bill to Hike Deficit
House Republicans are moving quickly to get a massive tax-and-spending package across the finish line before week's end even as they negotiate with party factions over outstanding concerns.
Some Republicans are demanding deeper cuts to social programs like Medicaid to curb deficits as part of the deal and to reduce the package's cost to extend the 2017 tax overhaul. And yet the bill increases
IRS Staff Downsizing Offers New Look at Private Sector Tax Work
With the massive wave of federal government layoffs, tens of thousands of workers from the IRS and other agencies are likely looking for new jobs, potentially in the private sector for the first time.
Caroline Ciraolo, a partner at Kostelanetz and founder of the firm's office in Washington, D.C., has started an initiative that connects former federal tax professionals with law firms and other
IRS Workforce Cuts, Leadership Departures Ripple Across Agency
The IRS right now isn't the same agency it was at the start of this year.
That's because about 20% of IRS workers have signaled they want to leave or have been fired. The ripple effects of this exodus could go far, not just for the IRS itself, but for businesses and individual taxpayers trying to file their returns.
Roughly half of the 30 people at the top of the IRS organizational chart ha
Why GOP Lawmakers Are Targeting the US Audit Board
House Republicans are pushing a plan to dismantle the US audit board and send its watchdog duties to the Securities and Exchange Commission as part of a federal budget-cutting process. It's not the first GOP attempt to rein in the Public Company Accounting Oversight Board, but this time it comes against the backdrop of the Trump administration's sweeping drive to cut regulations and downsize gover
Congress Returns With Ambitious Plans to Move on Tax Extensions
Before leaving for a two-week break, House Republican lawmakers adopted a Senate budget outline to expedite legislation to push through trillions of dollars in tax cuts, raise the debt ceiling, and slash billions in spending.
Now comes the hard part where policy committees need to fill in the fine details. The Senate framework called for $1.5 trillion in new tax cuts, to enact policies like some
IRS Workforce Cuts to Impede Progress on AI, Modernization
Deep cuts to the IRS workforce mean the agency might have to rely more heavily on technology to keep up taxpayer services and enforcement.
The IRS is set to lose 20,000 workers after the Trump administration's second deferred resignation offer. That's in addition to thousands who have already left or are on administrative leave.
Barry Johnson, former IRS chief data and analytics officer, over
Tariffs, Trump's Global Tax Snub Hit OECD Negotiations
The Trump administration's massive new tariff pronouncements, on top of its pullback from the OECD’s global tax deal, have cast doubt on the future of global tax policy efforts.
The two-pillar OECD-led agreement seeks to create a 15% global minimum tax for large multinational corporations and change the way the companies allocate their profits among countries.
While the US is still taking par
What the Changing IRS Workforce Means for Taxpayers
The hard-charging effort led by billionaire Elon Musk to reshape the federal workforce at the IRS and other agencies might lead to lasting changes. But what it means for taxpayers still isn't fully realized.
Some efforts to buy out or fire employees have been postponed until after the filing season ends in April, and are facing legal action.
Ending taxpayer assistance center leases and reducing
Corporate Transparency Act Rules Rollback Shakes Suits
Millions of US companies are off the hook when it comes to disclosing their beneficial owners' identities to the federal government, after the Trump administration announced it wouldn't enforce penalties for domestic entities under the Corporate Transparency Act.
The Treasury Department's previous regulations had required about 30 million businesses operating in the US to disclose who directly or
Tax Cuts, Credits Hang in Balance for NY Budget Talks
New York officials are in the final stage of the state’s budget process, following March 13 passage of the Assembly and Senate individual spending and revenue proposals for fiscal 2026. It's now up to a three-way negotiation between the Legislature's two chambers and Gov. Kathy Hochul (D), who has her own plans for a budget that’s likely to top $252 billion—including a host of tax changes that do
Tariffs Shake Up Companies' Transfer Pricing Planning
Tax departments at multinational companies are scrambling to keep up with the Trump administration's tariff announcements as the updates pile in day to day and sudden shifts complicate transfer pricing calculations.
Tariffs raise companies' costs, and those can't always be passed on to consumers—meaning businesses have to choose where to allocate the costs in their supply chains. While the import
Treasury Equity Hub Caught in Trump's DEI Crosshairs
President Donald Trump's early executive order to end federal diversity, equity, and inclusion programs upended at least one team in the Treasury Department.
The Treasury Equity Hub, formed in 2021, evaluated how effective the department's policies and programs were at reaching all types of Americans. Removing this team could hurt further research into racial disparities in IRS enforcement, Treasu
US Audit Board's Future Depends on Trump, GOP Moves
The US audit board has already been forced to revise its priorities as the Trump administration begins to reshape the federal government.
The Public Company Accounting Oversight Board pulled an auditor disclosure rule that was set for SEC approval earlier this month. The audit board opted to delay finalizing another project that would expand how auditors consider the financial impact of their clie
How Budget Reconciliation Works for Tax Cut Extensions
Republicans in Congress have been working to find consensus to cement tax code changes made in President Donald Trump’s first presidency and jump-start his new administration using the budget reconciliation process.
The maneuver allows Republicans with full control of Washington to avoid the Senate’s filibuster, so they can effectively move legislation without Democrats’ support. But the process i
Companies Mull Gaps in Brazil's Transfer Pricing Rules
Brazilian taxpayers and practitioners continue to clamor for more guidance on the country's new transfer pricing regime implemented last year.
The country switched from a mathematical model to an arm's-length principle for transfer pricing last year, bringing it in line with global standards.
That pivot left a lot of questions for the Receita Federal, the country’s revenue authority, to answer thr
IRS Crypto Reporting Rules Face Industry, GOP Ire
Treasury Department and IRS finalized rules requiring crypto exchanges to provide information on taxpayers’ buying and selling activities are meeting industry and Republican pushback.
Centralized brokers must issue form 1099-DA, starting in 2026 for tax year 2025, and decentralized brokers are to start doing so in 2028 for tax year 2027. The form includes such things as personal data, gross proce
Ex-OECD Delegate Talks Global Tax Deal, Trump Memo
President Donald Trump threw a major wrench into the fate of the OECD global tax deal on his first day in office, sparking concerns among the international tax community about the deal being fundamentally reshaped.
Trump issued a presidential memo Jan. 20 stating the global tax deal has no "force or effect" in the US and instructed the Treasury Department to come up with a list of protective measu
Close Look at Pass-Through Tax Break Business Loves
Few of the provisions of the tax code this year have garnered as much attention from industry as the about-to-sunset pass-through deduction.
In their 2017 tax overhaul, Republicans allowed owners of pass-through businesses such as partnerships, S-corporations, and LLCs to deduct 20% of certain business income from their taxes. Businesses and their lobbyists say it gives those firms small and large
Government Accounting Chair Eyes AI, Tech Integration
The leader of a top US standard-setter wants his board to take the next step in using emerging technology to craft accounting rules for local and state governments.
Joel Black, chair of the Governmental Accounting Standards Board, said a key priority for the board this year is shifting gears from monitoring emerging tools such as artificial intelligence to preparing for its future integration. In
IRS Employees Prep for Trump Federal Workforce Revamp
President-elect Donald Trump's plans to deconstruct the federal workforce would take a bite out of IRS efforts to answer taxpayer phone calls and enforce compliance for tax cheats.
After getting billions in funding from the 2022 tax-and-climate law, the IRS started a long-needed rebuild, including bringing on more workers. Between Oct. 1, 2021 and Sept. 30, 2023, the IRS processed nearly 53,000 ne
What It Means for Taxes as the New Congress Gets Busy
Jan. 3 marks the beginning of the next Congress, where Republicans will lead both chambers and control the White House.
Democrats being out of power has big implications for tax policy, as GOP lawmakers heading into the new year debate what to renew from the 2017 GOP tax law, known as the Tax Cuts and Jobs Act.
The TCJA was passed with no votes from Democrats and benefits skewed toward the wealthy
How Amazon Storage Impacts Sellers' Tax Compliance
Online retailers that rely solely on third-party logistics providers like Amazon for tax compliance may still face tax liability for direct sales through their own websites.
Many states enacted marketplace facilitator laws in the years since the Supreme Court's 2018 ruling in South Dakota v. Wayfair, shifting tax collection responsibilities to platforms like Amazon or Walmart. But individual vendo
Ex-IRS Head Rettig Warns of Agency Funding Cut Effects
A new White House administration and Republican-led Congress are slated to disrupt how the IRS operates.
Republicans' taste for cuts to the agency's annual appropriations and the tens of billions of added funding from the 2022 tax-and-climate law is putting the IRS and the Treasury Department on offense, as they make a case for why a well-funded IRS is good for everyone.
The Treasury Department ha
Fuel Producers Prep for Tax Credit Without IRS Rules
Fuel producers are trying to prepare for a tax credit regime change, even though the Treasury Department has failed to issue rules around those credits.
The clean fuel production tax credit under Section 45Z takes effect next year, replacing a longstanding blenders credit. The new credit gives tax breaks to fuel according to its carbon intensity score. But the yet-to-be-released Treasury and IRS r
US Companies Ready International Tax Asks in 2025 Bill
US companies are ramping up their efforts to lobby Congress on the international tax provisions they'd like to see in a comprehensive 2025 tax bill.
Among their priorities is retaining the current rates on foreign income, which were included in Republicans' 2017 tax law and are poised to increase in 2026.
But there are open questions about how lawmakers can pay for these extensions and make good
What GOP Election Wins Could Mean for Trump Tax Cuts
The re-election of Donald Trump and Republican sweep in Congress makes an extension of the 2017 GOP tax cuts more likely, but there will be hurdles.
Republicans want to use a fast-track process to move legislation—but that maneuvering comes with various rules and procedures.
Meanwhile, senators in the party elected John Thune (R-S.D.), a long-time member of the Finance Committee, to become majorit
IRS Audits of Intercompany Transactions Build Steam
The IRS is winning more cases in the US Tax Court over companies' valuation of intangible assets, such as patents and trademarks, through transfer pricing.
The wins have caught the attention of companies and practitioners as they mull the growing risks of transfer pricing, which governs transactions between related companies that are part of the same multinational group.
Disputes between the IRS a
What Trump Victory Holds for IRS, Upcoming Tax Talks
The nation is unpacking what comes next with Donald Trump's second presidency and with a Senate that flipped from Democratic to Republican. One of the biggest questions that remains unanswered is how this impacts upcoming talks over myriad provisions in the GOP's signature 2017 tax law that expire at the end of 2025.
Idaho Republican Sen. Mike Crapo—no stranger to tax policy and negotiations—becom
California Explores Relaxing CPA Education Rules
California regulators are prepared to walk away from strict licensing rules that require accountants to earn the equivalent of five years of college to qualify.
The California Board of Accountancy has proposed reforms that would grant the certified public accountant license to candidates with a traditional bachelor’s degree plus two years of work experience in addition to passing the CPA exam. The
Corporate Tax Leaders Weigh AI's Risk-Reward Calculus
Artificial intelligence is becoming a bigger part of tax practice and policy every day. The Big Four are spending billions of dollars on AI models, and even mid-tier accounting firms seem willing to at least tread into generative AI transformation, albeit slowly.
These investments raise questions about how corporate in-house tax departments are evaluating AI integration. In this special edition of
Corporations Face Tax Uncertainty Ahead of 2025 Cliff
The fate of the 2017 GOP tax overhaul is top of mind for corporations in the weeks leading up to the election.
Many of the law's provisions are expiring in 2025, setting Congress up to negotiate another major tax law. Corporations are closely watching what happens to bonus depreciation, interest expense deductions, and research and development expensing, S&P Global Rating Managing Director Shripad
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