Talking Tax

The IRS doesn’t collect data on taxpayers’ racial or ethnic backgrounds, which advocates say makes it difficult to determine whether tax policies disproportionately hurt minorities.

In this week’s episode of Talking Tax, host Amanda Iacone speaks with reporter Allyson Versprille about the push to allow the IRS to collect more detailed demographic data. Ally also talks about how recent pandemic relief laws have put an enormous amount on the agency’s plate at a time when it may be least able to handle that extra work.

The months of self-isolation and social distancing are beginning to weigh on all of us, and tax professionals are no different. On today's episode of Talking Tax, which originally aired on May 7, we hear from four different accountants about the new stresses they're facing and how they're managing to cope.

Talking Tax host Amanda Iacone speaks with a nearly 40-year veteran of the industry, the owner of a husband-and-wife practice juggling her firm and her five kids, and more. We learn how work practices have been forced to change and about how the crisis has made it imperative that tax professionals shift their role from accountant to adviser.

Producers: Amanda Iacone and David Schultz

Black people are hugely underrepresented in the accounting profession, with some estimates putting the share of CPAs who are African American at less than one percent.

A long and ugly history of racist hiring practices at accounting firms has a lot to do with this, but so do current CPA license requirements, according to Theresa Hammond, professor at San Francisco State University’s College of Business. She says aspiring CPAs must take an additional two to three extra semesters of coursework after graduation, which can put people from low-income backgrounds, who may need to start earning income right away, at a disadvantage.

On this episode of our podcast Talking Tax, host Amanda Iacone speaks with Hammond about her research into why the accounting field still struggles with diversity. She’s joined by Shannon Nash, chair of the National Society of Black CPAs, who talks about her efforts to reform the way CPA licenses are awarded and change the way the African American community views accounting as a profession.

Apple scored a huge and definitive win last week in its lawsuit against the European Commission, effectively blocking the Commission's attempt to force the tech giant to pay tens of billions in taxes.

But Bloomberg Tax's Isabel Gottlieb says this is just one battle in the broader war over how and where multinational companies should pay taxes. On this episode of Talking Tax, Isabel breaks down the lawsuit and talks about where it fits into the escalating global tax debate.

The IRS' delayed tax deadline came and went this week, but many taxpayers are far from stable as the coronavirus pandemic shows no signs of letting up.

On this episode of Talking Tax, reporter Allyson Versprille talks about what practitioners are telling clients who, despite the three month delay, are still struggling to pay their taxes. And she discusses whether the IRS may take even further measures to provide these people with additional relief.

The U.K.'s financial regulator made big waves this week when it ordered the big four accounting firms to split up their auditing and consulting businesses. But Bloomberg Tax correspondent Michael Kapoor says, despite a string of auditing scandals, this move is not nearly as aggressive as it could be.

Kapoor speaks with Talking Tax host Amanda Iacone about what this will mean for the big four firms and whether Parliament will make time in its already busy schedule to enact stronger accounting laws.

By now it's no secret that many states offer film and television productions huge tax breaks. But what you may not know is that those tax breaks can be bought and sold, and they've been ending up in the hands of some very wealthy businesses and individuals—including one person who is arguably the wealthiest, most famous woman on Earth.

On this week's episode of Talking Tax, reporter Sam McQuillan explains to host Siri Bulusu why Hollywood studios are selling the tax credits they get from states, who's buying these credits, and whether there's any momentum among policy makers to address this show business tax scheme.

Treasury Secretary Steven Mnuchin created a stir earlier this month when he sent a letter to the OECD asking it to pause its years long effort to change the way multinational companies are taxed, which many saw as a prelude to the U.S. pulling out of these talks altogether.

Not so, according to Pascal Saint-Amans. He’s the Director of the Center for Tax Policy and Administration at the Organization for Economic Cooperation and Development. He told Bloomberg Tax reporter Hamza Ali that the U.S. is still actively participating in these talks and he expects the countries will reach an initial agreement as soon as this fall.

Saint-Amans spoke to Ali June 24 at the Tax Leadership Forum, a virtual event hosted by Bloomberg Tax.

Two years ago, the Supreme Court gave states the authority to collect sales tax from out-of-state online retailers with its historic Wayfair opinion. Now, with the pandemic blowing gaping holes in budgets across the country, states may be more eager than ever to flex their new authorities.

On this week's episode of Talking Tax, host Amanda Iacone talks with two state correspondents, Michael J. Bologna and Tripp Baltz, about how Wayfair has changed state tax policies over the past two years. They also discuss how states that were reluctant to aggressively pursue sales taxes from online retailers may quickly shed that reluctance now that they are starving for tax revenue.

Congress has lowered the boom and allocated trillions of dollars to counteract the pandemic and its devastating economic fallout. It also made numerous tweaks to the tax code, all aimed at getting more money into people's wallets immediately.

How's that working? Could Congress have been more effective by instead just dropping piles cash out of helicopters?

That's the topic of a panel discussion on this week's episode of Talking Tax. Steven M. Rosenthal of the Urban Institute and Kyle Pomerleau of the American Enterprise Institute talk with moderator Colin Wilhelm, a Bloomberg Tax reporter, about the effectiveness of Congress' relief efforts and what it should do next.