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.

KPMG's Bank Audit Troubles Give Accounting a Black Eye

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.

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Talking Tax is on hiatus for a bit while we create some great new episodes for you. Until then, we're pleased to offer a special presentation of our ABA Silver Gavel award-winning series, UnCommon Law.
Generative AI tools are already promising to change the world. Systems like OpenAI's ChatGPT can answer complex questions, write poems and code, and even mimic famous authors with uncanny accuracy. But in using copyrighted materials to train these powerful AI products, are AI companies infringing the rights of untold creators?
This season on UnCommon Law, we'll explore the intersection between artificial intelligence and the law. Episode one examines how large language models actually ingest and learn from billions of online data points, including copyrighted works. And we explore the lawsuits filed by creators who claim their copyrights were exploited without permission to feed the data-hungry algorithms powering tools like ChatGPT.
If you like this episode and want to hear part 2, visit news.bloomberglaw.com/podcasts, or search for UnCommon Law in your podcast app.
Guests:

Matthew Butterick, founder at Butterick Law, and co-counsel with the Joseph Saveri Law Firm on class-action lawsuits against OpenAI and others

Isaiah Poritz, technology reporter for Bloomberg Law

James Grimmelmann, professor of digital and information law at Cornell Tech and Cornell Law School

Programming Note & UnCommon Law Episode: AI Trained on Famous Authors’ Copyrighted Work. They Want Revenge – Part 1

The new 15% global minimum tax that took effect this year is turning out to be compliance beast.
The tax, which is part of an international tax deal agreed to by more than 140 countries in 2021, contains a slew of new technical terms, complex rules, and hundreds of pages of administrative guidance.
Now, some of the largest accounting firms in the world have been tasked with interpreting these rules, educating their clients, and building complex data systems to help multinational companies calculate their global minimum tax bills.
In this week's episode of "Talking Tax," reporter Lauren Vella sits down with Danyle Ordway, principal of tax technology and data analytics at Ernst & Young LLP, to talk about how the firm is helping clients adapt to the new levy.
Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

How EY Is Tackling Global Minimum Tax Compliance

A looming decision from the US Supreme Court on federal agency rulemaking power is fueling chatter on just how much it could upend the regulatory process at these agencies.
Justices in January heard two cases, Relentless v. Dept. of Commerce and Loper Bright Enterprises v. Raimondo, which challenge the decades-old landmark administrative principle known as the Chevron doctrine saying that federal courts should defer to agency interpretation when a law is vague.
Bloomberg Tax reporter Erin Slowey spoke with Kristin Hickman, a University of Minnesota law professor who specializes in tax and administrative issues, on the background of Chevron in the tax context and how the Treasury Department and the IRS are expected to be largely insulated from the ruling, no matter the outcome.
Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Breaking Down High Court Chevron Case and Tax Rules

A seven-year-old lawsuit aimed at forcing overhaul of New York City's complicated property tax system has gotten a new life, after the state's high court ruled last month it could move forward.
Tax Equity Now New York, a broad housing coalition, sued the city and the state in 2017, arguing that the city's method for collecting property taxes favors wealthy, white homeowners at the expense of owners and tenants in lower-income neighborhoods. But the suit was dealt a blow in 2020, when a mid-level state appeals court dismissed it.
But in March, the Court of Appeals, the state's top court, revived two causes of action against the city under the state property tax law and the federal Fair Housing Act, sending the lawsuit back to Manhattan trial court for further proceedings. It held that claims against the state and constitutional claims against the city were properly dismissed.
On this episode of Talking Tax, reporter Danielle Muoio Dunn spoke with Martha Stark, the policy director of TENNY and a former New York City finance commissioner, about the court's findings and how the current tax structure impacts homeowners and renters in different parts of the city. Stark said the ruling not only allows the case to proceed, but shows that "the city can act on its own" to create a fairer property tax system without a rewrite of the state's property tax law.
Nicholas Paolucci, a spokesperson for the New York City Law Department, said the department is "carefully reviewing the court ruling and evaluating next steps."
Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Revival of Property Tax Suit Puts NYC in Hot Seat

While senators quibble over the $78 billion bipartisan tax package, the House is turning to next year, when a swath of tax cuts from the Republicans' 2017 law expire.
Congress returns next week, and it's unclear if the full Senate will vote on the tax bill, which is stalled over GOP objections despite getting an overwhelmingly bipartisan House vote in January. The fate of the package of tax breaks for families and businesses likely has ramifications for 2025 tax talks, as Senate Finance Committee Chair Ron Wyden (D-Ore.) has said retroactivity for the business breaks would be too challenging to do next year.
But Senate Republicans—such as Finance Committee Ranking Member Mike Crapo (R-Idaho) and John Cornyn (R-Texas), who's running to replace Minority Leader Mitch McConnell (R-Ky.)—say the GOP may be able to get a better deal in 2025, if they gain control of the White House or the Senate.
Bloomberg Tax reporter Samantha Handler talks with former House Ways and Means Committee Chair Dave Camp (R-Mich.) and Todd Metcalf, former Democratic chief tax counsel for the Senate Finance Committee, about what's next for the deal, how what happens with the legislation now may affect 2025 negotiations, and what the tax committees are already doing to prepare for next year. Camp and Metcalf are both now at PwC's Washington National Tax practice.
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

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