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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.

Talking Tax Bloomberg Industry Group

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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.

    New IRS Tool for Free Tax Return E-Filing Is Live

    New IRS Tool for Free Tax Return E-Filing Is Live

    Many taxpayers with relatively simple returns can now electronically file their returns directly with the IRS for free for the first time.
    The IRS, after months of preparing its government-run free e-filing pilot tool, launched the program to the wider public Tuesday. The Treasury Department expects about 100,000 of the millions eligible to use it.
    Democrats’ Inflation Reduction Act set aside $15 million for the IRS to issue a report on the feasibility of creating a direct e-filing tax return system. The pilot comes after years of controversy and pushback from Republicans and tax-prep software companies saying the IRS shouldn't be a preparer, collector, and enforcer.
    Bloomberg Tax reporter Erin Slowey spoke with Bridget Roberts, chief of Direct File at the IRS, about how the rollout is going, who is eligible, and the fate of a permanent agency-run option.
    Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

    • 17分
    Tough Australian Tax Weapon Gets Court's Go-Ahead

    Tough Australian Tax Weapon Gets Court's Go-Ahead

    Australian authorities continue to crack down on multinational companies it believes are trying to avoid Australian taxes—and a recent court ruling against PepsiCo Inc. gives them a tough weapon.
    A judge ruled in November that sales of beverage concentrate from a Singapore Pepsi affiliate to an Australian Pepsi bottler also effectively included royalties for the use of Pepsi trademarks and intellectual property that the company should have been taxed on. But for the first time, the judge also blessed the use of Australia’s “diverted profits tax,” or DPT, which slams companies with a 40% tax rate if they’re orchestrating their transactions to obtain tax benefits.
    PepsiCo, which is appealing the ruling, didn’t have to pay the DPT itself, since the judge ruled that royalty withholding taxes apply to it instead. But the harsh tax could be used against other big multinationals that rely on trademarks, patents, and other intellectual property as a key part of their business, like pharmaceutical and technology companies.
    Bloomberg Tax senior reporter Michael Rapoport spoke with Angela Wood, a partner at Clayton Utz in Melbourne, about the PepsiCo ruling, its potential effects, and what companies should do to cope with it.
    Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

    • 13分
    IRS Eyes Sports Team Owners Reaping Big Tax Benefits

    IRS Eyes Sports Team Owners Reaping Big Tax Benefits

    Sports team owners for decades have seen enormous tax benefits from their team purchases, dispatching squads of accountants to find write-offs on things from equipment and player salaries to TV rights and more. Now the IRS is looking to make sure all of those savings were above board.
    The IRS's Large Business and International Division announced the audit campaign last month, making sure the income and deductions taken by sports-related partnerships with large losses are reported in compliance with the tax code.
    The campaign comes as sports deals continue to reach new heights and the volume of deals remains hot, Robert Raiola, director of the Sports and Entertainment Group at PKF O’Connor Davies, told Bloomberg Tax, adding that rising values are attracting wealthy buyers and investment firms are getting in on the action.
    On this episode of Talking Tax, Bloomberg Tax reporter Caleb Harshberger spoke with Raiola about how owners have made the most of tax benefits for team ownership and what the new audits could mean for the world of sports.
    Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

    • 12分
    Taxing Digital Is Hard, Former State Tax Chief Says

    Taxing Digital Is Hard, Former State Tax Chief Says

    For more than a decade, states have had to grapple with the challenge of taxing the digital economy. Peering into cyberspace, tax administrators were often left with more questions than answers. What online products and services should be taxed? How does a state source a virtual creation to a specific jurisdiction? Can states even tax digital products and services in the face of federal limits on discriminatory taxes on electronic commerce?
    State tax authorities now have to answer these questions without Gil Brewer, who retired at the end of January from his position as assistant director of tax policy at the Washington State Department of Revenue and stepped down as chairman of the Multistate Tax Commission’s digital products work group. Brewer assisted with Washington’s pioneering efforts to equitably and efficiently tax digital goods and services dating back to 2009. He lobbied the tax commission in 2021 to launch an ambitious project aimed at uniform digital economy tax policies across the states.
    On this episode of Talking Tax, Bloomberg Tax senior reporter Michael J. Bologna caught up with Brewer to discuss his career in tax, his views on state taxation of digital products, and the risks the states and taxpayers face if they fail to develop thoughtful and legally defensible policies taxing digital products and services.
    Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

    • 12分
    Multinationals Shoot Ads With State Film Tax Credits

    Multinationals Shoot Ads With State Film Tax Credits

    State film tax credit programs are increasingly financing advertisements for some of the world’s largest consumer product companies, some of which subsequently sell the credits to other companies looking to reduce their state tax liabilities.
    Twenty-eight states and Puerto Rico allow such incentives for production of commercials. Major companies, including McDonald’s Corp., Kellanova, and AbbVie Inc., receive these to promote products such as burgers, cereal, and prescription drugs. Tax credits are sometimes obtained by ad agencies or production companies, while in other cases the brands obtain them directly. And productions aren't always required to be filmed entirely within the jurisdiction offering the credit.
    Some states allow recipients with minimal or no tax obligations to sell the credits for cash, enabling major corporations like Walmart Inc., Apple Inc., and Bank of America Corp. to buy them up and lower their state tax bills, despite having no involvement in the productions.
    In this episode of Talking Tax, host David Schultz spoke with Bloomberg Tax reporter Angélica Serrano-Román about her recent deep dive into state film tax incentive programs, the companies receiving these benefits, and the buying and selling of credits.
    Data obtained from Georgia, Illinois, New Jersey, and Puerto Rico, which provided insight for the Feb. 5 story, is now available on GitHub.
    Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

    • 15分
    Here's What to Know as Tax Filing Season Kicks Off

    Here's What to Know as Tax Filing Season Kicks Off

    More than 146 million individual tax returns are expected to be filed before the end of the 2024 tax filing season.
    The IRS, with the help of the tens of billions of dollars in supplemental cash from the Democrats' 2022 tax-and-climate law, built up its call centers, expanded its online options, and is now offering more hours at its taxpayer assistance centers to help make a smoother tax filing season for taxpayers and tax professionals.
    It also launched a controversial free agency-run filing tool for low- and moderate-income taxpayers filing simple returns, though access to the tool won't be more widely available to the general public until mid-March.
    Bloomberg Tax reporter Erin Slowey spoke with Tom O'Saben, director of tax content and government relations at the National Association of Tax Professionals, about what's different this tax filing season, what's happening in Congress, and why taxpayers shouldn't rush to file once the season opens.
    Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

    • 17分

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