Talking Tax
338 episodes - English - Latest episode: about 2 months ago - ★★★★ - 96 ratingsTalking 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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Episodes
Programming Note & UnCommon Law Episode: AI Trained on Famous Authors’ Copyrighted Work. They Want Revenge – Part 1
May 03, 2024 21:44 - 27 minutesTalking 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 infringi...
How EY Is Tackling Global Minimum Tax Compliance
April 24, 2024 19:24 - 17 minutesThe 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 cal...
Breaking Down High Court Chevron Case and Tax Rules
April 17, 2024 19:54 - 13 minutesA 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 Slo...
Revival of Property Tax Suit Puts NYC in Hot Seat
April 10, 2024 20:40 - 14 minutesA 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-le...
Tax Bill Holdup Offers Lessons, Some Optimism for 2025
April 03, 2024 19:38 - 17 minutesWhile 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 Commi...
Inside Government Crackdown on Corporate Jet Tax Abuse
March 27, 2024 18:11 - 11 minutesThe corporate jet industry is the latest to be targeted by the government's efforts to make the rich pay the taxes they owe. The IRS began an audit campaign in February to clamp down on executives abusing corporate jet tax breaks for personal use. President Joe Biden's proposed budget would tighten depreciation rules and increase the tax rate on private jet fuel, and Senate Democrats sent a letter urging the Treasury Department and Internal Revenue Service to change how corporate jet owners d...
Investors Await Companies Dishing Out More Tax Details
March 20, 2024 21:13 - 13 minutesComing soon to corporate financial statements: a lot more tax transparency. After seven years and three rounds of proposals, the Financial Accounting Standards Board in December published new rules requiring companies to shed light on the income taxes they pay to federal, international, and state governments. The disclosure rules, which kick in as early as 2025, are a response to years of complaints that current financial reporting rules offer too few details about tax obligations. Soon, comp...
New IRS Tool for Free Tax Return E-Filing Is Live
March 13, 2024 20:43 - 17 minutesMany 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...
Tough Australian Tax Weapon Gets Court's Go-Ahead
March 06, 2024 22:08 - 13 minutesAustralian 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...
IRS Eyes Sports Team Owners Reaping Big Tax Benefits
February 28, 2024 20:41 - 12 minutesSports 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 complianc...
Taxing Digital Is Hard, Former State Tax Chief Says
February 21, 2024 21:36 - 12 minutesFor 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 quest...
Multinationals Shoot Ads With State Film Tax Credits
February 14, 2024 21:37 - 15 minutesState 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 credi...
Here's What to Know as Tax Filing Season Kicks Off
February 07, 2024 21:18 - 17 minutesMore 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...
States Eye Worldwide Reporting to Curb Income Shifting
January 31, 2024 21:02 - 15 minutesFor decades, states’ authorities to tax the earnings of multinational corporations have ended abruptly at the “water’s edge.” Frustration with this limitation, however, has grown in recent years as large, sophisticated businesses employ accounting techniques and asset transactions to shift their domestic earnings offshore. Mandatory worldwide combined reporting—an apportionment method requiring the calculation of taxes based on global income attributable to a particular jurisdiction—is one po...
Ex-Treasury Official Plowgian Talks OECD Deal's Future
January 24, 2024 20:54 - 14 minutesMichael Plowgian, who in December left his role as deputy assistant secretary for international affairs at the Treasury Department, had an eventful stint at the department. The former top OECD negotiator for the US started at Treasury in October 2021 as a counselor right around the time over 140 countries agreed to the global tax deal. Since then, Plowgian has been a part of large steps in the deal's progression—from tranches of Pillar Two rules to the release of a draft multilateral treaty t...
Fate of Latest Tax Proposal Is Far From Certain
January 17, 2024 20:53 - 14 minutesLeaders of the House and Senate tax-writing committees unveiled a bipartisan framework this week that pairs business breaks with an expansion of the child tax credit, but a path toward passage remains rocky. Despite having the blessing of Senate Finance Chair Ron Wyden (D-Ore.) and Ways and Means Chair Jason Smith (R-Mo.), the panels' ranking members aren't yet sold. And while the framework has support from Senate Majority Leader Charles Schumer (D-N.Y.), it's not certain whether Speaker Mike...
A Look at the US-Taiwan Tax Pact and What Happens Next
January 10, 2024 22:41 - 16 minutesIn a Congress where lawmakers are divided on an overwhelming set of issues, helping to alleviate double taxation for businesses operating in both the US and Taiwan is one with rare bipartisan unity. House Ways and Means Committee members voted in unison to send a bill to the House floor aimed at providing treaty-like benefits to the island democracy. Leaders of both the House and Senate tax-writing committees gave the bill their bipartisan blessing and say they're pushing for speedy passage. ...
Business Leader Talks OECD Tax Deal and Its Impact
January 03, 2024 21:52 - 18 minutesOver the past six months, the OECD has released multiple documents with more details on parts of the international tax deal agreed to by over 140 countries in 2021. But even with the additional clarity from the Organization for Economic Cooperation and Development, there are still fundamental questions about key parts of the deal—such as a simplified transfer pricing method, known as Amount B—that remain. The tax agreement comprises two parts: a reallocation of large multinationals' residual ...
Union Head Talks IRS Hiring Push, Possible Shutdown
December 20, 2023 19:58 - 15 minutesThe union that represents about 65,000 IRS employees is teaming up with the agency to help attract new talent amid a hiring spree. The Democrats' tax-and-climate law gave the IRS tens of billions to dollars to modernize and go after taxpayers who haven't been paying what they owe. To do that, the IRS needs to build up its workforce, but it is competing with the more-lucrative private sector. That's where the National Treasury Employees Union is stepping in. Bloomberg Tax reporter Erin Slowey ...
US Chip Industry Win Hinges on Lucrative Tax Credit
December 13, 2023 21:38 - 10 minutesMore of the supply chain that helps create semiconductor chips wants in on a lucrative new tax credit aimed at boosting US competitiveness against China. As of now under IRS proposed rules, companies that manufacture materials or chemicals supplied to the manufacturing of semiconductors or equipment don't qualify for the 25% tax credit from the 2022 CHIPS Act. Bloomberg Tax’s Erin Slowey speaks with Tymon Daniels, vice president of tax for Corning Inc., a US materials science company that is ...
African Official Talks Global Tax Deal Challenges
December 06, 2023 20:16 - 12 minutesAfrican countries face several challenges in negotiating the global tax deal involving more than 140 countries at the Organization for Economic Cooperation and Development. The agreement includes reallocation of the residual profits of large multinational companies to market jurisdictions, known as Pillar One, and a 15% global minimum tax, known as Pillar Two. On this week’s episode of Talking Tax, Bloomberg Tax senior reporter Danish Mehboob speaks with Logan Wort, executive secretary at the...
New Jersey's New Tax Lead Shares Vision for Year Ahead
November 29, 2023 20:40 - 12 minutesMarita Sciarrotta, the new acting director of New Jersey's Division of Taxation, will have a busy year ahead as she settles into the role. Sciarrotta, who spent 40 years in the tax division before taking over as acting director in September, said in an interview that she wants to modernize the state's property tax relief programs—an endeavor that likely will require legislation to make needed changes. She also plans to increase hiring as state revenue agencies across the nation grapple with a...
RERUN: Warner Bros, FTI Tax Leaders on Navigating Uncertainty
November 24, 2023 10:00 - 20 minutes(Note: This episode originally aired June 1, 2023) What does it mean to be a good tax leader, as an in-house tax professional or as a tax adviser who wants to make the tax functions of your clients better? How do you build a great team? Bloomberg Tax Insights editor Rebecca Baker sat down with Jared Dunkin, the vice president of tax and senior tax counsel at FTI Consulting, and Dunkin’s mentor and former boss, Todd Davis, the executive vice president and senior tax counsel for Warner Bros. Di...
Inside Malta Pension Promoters' Effort to Outsmart IRS
November 15, 2023 21:01 - 15 minutesFor more than a year, a group of wealth management advisers met regularly to devise strategies to defend their wealthy clients' keeping their riches in individual retirement arrangements based in Malta. The pension plans—which emerged out of a loophole in a 2011 tax treaty between the US and the Mediterranean island nation widely seen as a tax haven—involved a cottage industry of advisers, accountants, and attorneys to facilitate transactions that allowed cash, business interests, and several...
NY Governor Must Soon Act on Bill to Expose LLC Owners
November 08, 2023 21:57 - 21 minutesThe clock is ticking on Gov. Kathy Hochul (D) to take action on legislation that would make New York the first state to publicly list the owners behind limited liability companies. The bill, A3484A, would require LLCs to disclose their beneficial owners and other identifying information, such as their business street address. Those who fail to comply for more than two years would be shown as “delinquent” on state records and subject to a $250 penalty. Entities with “significant privacy intere...
The Moore Supreme Court Case and Its Potential Impact
November 01, 2023 21:43 - 16 minutesIt isn't every day that a dispute over a $14,729 tax bill gets every corner of the tax world paying attention—but the potential ramifications of the dispute now before the Supreme Court go far beyond that. The court will hear oral arguments next month in Moore v. United States, in which Charles and Kathleen Moore, a retired couple from Washington state, are arguing that the “mandatory repatriation tax” should be declared unconstitutional. That tax, enacted as part of the 2017 tax-overhaul law...
Accountants Take Center Stage in Trump, FTX Trials
October 25, 2023 19:49 - 16 minutesA pair of high-profile fraud trials are competing for headlines out of New York courtrooms, with accountants serving as marquee witnesses. Accounting has been a common theme across both the criminal trial of Sam Bankman-Fried, who faces federal fraud charges for allegedly siphoning customer funds from the now-bankrupt FTX cryptocurrency exchange, and the civil trial of former President Donald Trump, who is accused by the New York attorney general of inflating the value of real estate on years...
Crypto Backers Wary of Possible Tax Loophole Closure
October 18, 2023 20:05 - 15 minutesLegislation and proposed regulations on cryptocurrency have the potential to answer some open questions about the taxation of digital assets, though not all of the possible changes may be welcomed by industry. A bill from Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) touches on a variety of crypto tax issues. It would provide a narrow definition of broker for tax reporting, require the marking of crypto assets to market for year-end accounting purposes, and closea tax loophole...
New IRS Unit Targeting Partnerships Will Test Tax Laws
October 11, 2023 19:56 - 12 minutesThe IRS's new unit to tackle pass-through entity tax-law enforcement could take years to stand up fully and for businesses to feel its impact in the form of tougher audits. The push comes after years of concern among IRS officials that the agency lacked the expertise and resources to enforce laws around pass-through entities such as large partnerships, sparking fears some companies were manipulating the rules to pay less than they owed. But setting up and staffing up the new unit won't be eas...
Is Anyone Paying State Taxes on Bitcoin and NFTs?
October 04, 2023 20:42 - 16 minutesState taxpayers have been sitting on a mountain of cryptocurrency assets for nearly a decade. According to one estimate, by the tax software and compliance firm Revenue Solutions Inc., 4.7 million California residents have stockpiled crypto assets valued at $56.2 billion, while 2.3 million New Yorkers are hoarding $27.7 billion in crypto. Are any of them paying capital gains taxes on the accumulated wealth tied up in Bitcoin, Ethereum, Tether and other digital tokens? And what about those inv...
IRS Shifts Auditing for 'Life-Changing' Tax Credits
September 27, 2023 18:49 - 15 minutesOverhauling how the IRS audits low-income taxpayers is a critical step toward more fair audits, many in the industry acknowledged following the agency's announcement earlier this month. The IRS promised that it would "substantially" reduce audits on refundable tax credits that benefit low-income taxpayers, such as the earned income tax credit. That change follows a study released in January that found Black taxpayers claiming the EITC were audited at higher rates than non-Black taxpayers cla...
Deloitte Tax CEO Talks Global Reforms, Tech Future
September 20, 2023 22:12 - 20 minutesThe new CEO of Deloitte's tax practice is grappling with many of the same challenges as the Big Four firm's clients: rapid shifts in how tax practitioners work thanks to artificial intelligence, a shortage of skilled staff, and reforms that will impose a new global minimum tax. Companies are starting to get their arms around the new rules that will impose a 15% global minimum tax and whether they should tackle implementation in-house or seek outside help, said Carin Giuliante, chair and CEO o...
NFL Kickoff Could Boost Tax Revenue in Betting States
September 13, 2023 21:51 - 18 minutesSports betting is in more states than ever, with new gamblers every day wagering in person and over the internet. And the new NFL season is expected to drive up tax revenue even more in the 30 states—plus Puerto Rico and Washington, D.C.—that have legalized sports betting since a 2018 US Supreme Court ruling overturning a federal ban. States collected an estimated $3.62 billion in direct gaming taxes generated in the second quarter, a 9.6% increase over the second quarter of 2022, according t...
Congress Returns to a Busy Fall With Tax in the Mix
September 06, 2023 19:27 - 18 minutesCongress' tax writers return to Capitol Hill with several priorities that remain unaddressed, as September shapes up to be a busy month with tax policy firmly in the mix. On the second part of a two-part podcast series looking at Congress as it returns from its August recess, we discuss the status of House Republicans' tax package and what would have to happen to get a bipartisan pact extending business tax breaks and enhancing the child tax credit. We also talk about GOP lawmakers' trip to E...
IRS' Windfall Getting Swept Away on Capitol Hill
August 30, 2023 20:00 - 17 minutesA year ago, the tax world was pleasantly surprised when Congress granted the chronically underfunded IRS an $80 billion windfall in the Inflation Reduction Act. Now that surprise is turning into dismay among some as Congress starts to claw back that money bit by bit. President Joe Biden agreed to reallocate about a quarter of that funding as a part of this spring's debt ceiling deal. And now Republican appropriators on Capitol Hill are proposing to take away even more of the money. On the fir...
AI Is Becoming a 'Co-Pilot' for Tax Professionals
August 23, 2023 20:29 - 18 minutesArtificial intelligence has been helping companies with their taxes for a while—and now it’s on to the next stage. Companies have been using AI to automate and speed up the grunt work involved in their tax filings and tax compliance for some time. With the recent advance into “generative” AI—the type that can generate new content after being "trained" on mountains of data—the technology is being democratized, and put into the hands of tax professionals more broadly. It’s becoming almost like ...
OECD's Manal Corwin Talks Next Steps in Global Tax Deal
August 16, 2023 20:39 - 28 minutesJuly was a big month for the OECD, marking its release of a tranche of documents detailing progress on the global tax deal agreed to by more than 130 countries in 2021. The agreement includes reallocation of the residual profits of large multinational companies to market jurisdictions, known as Pillar One, and a 15% global minimum tax, known as Pillar Two. On this week’s episode of Talking Tax, Bloomberg Tax reporter Lauren Vella speaks with Manal Corwin, director of the OECD's Center for Tax...
Tax Firms Expand as Clean Energy Credit Demand Grows
August 09, 2023 20:10 - 12 minutesDemand from clean energy and corporate clients looking to secure their share of credits from the tax-and-climate law is helping boost tax and law firms' footprints. The Biden administration’s 2022 Inflation Reduction Act offers tax incentives to accelerate the US's transition into renewable energy. The tax credits from the law give companies and investors stability for at least the next 10 years. "It really put a stamp of approval on these transaction structures and the interest of the admini...
IRS Cracks Down on NIL Collectives' Tax-Exempt Status
August 02, 2023 20:22 - 12 minutesThe IRS rocked the name, image, and likeness industry after it released a memo saying that many organizations that fund college athletes won't be tax-exempt. The NCAA allows for college athletes and recruits to be compensated for the use of their name, image, and likeness—also known as NIL. NIL collectives were formed, often separate from the university, as a way to help fund and facilitate deals for athletes. Many of these collectives found creative ways, including vying for tax-exempt statu...
The Politics of the Global Tax Deal, and What's Next
July 26, 2023 22:00 - 20 minutesGovernments landed agreement on some of the global tax deal's biggest open issues earlier this month. But major political questions remain. The issues will play out over the coming years in the US and around the world, said Bob Stack, who was the Treasury Department's OECD tax negotiator under the Obama administration and is now a managing director at Deloitte. In a conversation with Bloomberg Tax's Isabel Gottlieb, Stack talked about the recent agreement by the negotiating governments that w...
Business Roundtable Official Talks Chile Tax Treaty
July 19, 2023 18:17 - 14 minutesThe US Senate passed a long-stalled tax treaty with Chile last month, overcoming a dispute between Republicans and the Treasury Department over treatment of foreign tax credits. Business groups had been pushing for the measure to strengthen economic ties with the South American country and to allow companies to avoid double taxation. Chile is one of the biggest producers of lithium, a key element in batteries and other technology. On this week’s episode of Talking Tax, Bloomberg Tax reporter ...
Treasury Union Retiring Chief Talks IRS Worker Safety
July 12, 2023 20:37 - 14 minutesUnverified claims that the IRS plans to hire a horde of weapon-carrying agents are putting agency employees at risk, said Tony Reardon, longtime leader of the National Treasury Employees Union. "It places them squarely in danger," Reardon said, referring to charges from Republican politicians that thousands of armed agents would soon be probing Americans’ finances as a result of tax-and-climate law funds. Reardon, who's worked at NTEU for more than three decades and was first elected national...
Employee Retention Credit a Due Diligence Snag for M&A
July 05, 2023 19:48 - 17 minutesThe IRS has sounded the alarm multiple times over the past year about widespread scams associated with the employee retention credit—a pandemic-era tax incentive meant to encourage businesses to retain their employees during the worst of the Covid-19 crisis. Still, advertisements by third-party bad actors promoting the credit persisted, and faulty employee retention credit claims became so prevalent that in March, the IRS put the employee retention credit on its "Dirty Dozen" list of scams. T...
Family Vineyards Grapple With French Inheritance Taxes
June 28, 2023 18:31 - 18 minutesSmall family vineyards throughout France face an uncertain future as the cost to transfer estates within a family climb under a complicated system of inheritance taxation and rising property values from sales to foreign or institutional investors. The costs can be so great that some can’t pay the inheritance tax without running up long-term debt or selling off a portion of their estate. French lawmakers are considering ways to help reduce the tax burden for family vineyards, which number just...
KPMG's Bank Audit Troubles Give Accounting a Black Eye
June 22, 2023 09:00 - 17 minutesMost 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, ju...
Developing Countries Want Voices Heard on Global Tax
June 14, 2023 20:05 - 20 minutesThe OECD's global tax deal is approaching a milestone: The organization expects to see the release this summer of major remaining pieces of the agreement that have been under negotiation. But throughout the process, many developing countries have felt their concerns weren't sufficiently addressed, said Marlene Nembhard-Parker, a senior tax official in Jamaica who is also co-chair of the Inclusive Framework of 143 countries working on the global tax agreement. Meanwhile, the United Nations als...
Key Minnesota Lawmaker on Tackling Corporate Taxes
June 07, 2023 20:23 - 12 minutesMinnesota lawmakers just finished a historic legislative session that achieved something rarely seen in the state tax arena—a budget featuring both the biggest tax cut and the biggest tax hike in state history. The resulting tax overhaul measure includes $3 billion in tax relief from one-time refunds, tax credits, and a tax waiver on most Social Security income. But it also raises $1 billion through a tax on the earnings of foreign subsidiaries of multinational corporations and a new levy on ...
Warner Bros, FTI Tax Leaders on Navigating Uncertainty
May 31, 2023 20:16 - 21 minutesWhat does it mean to be a good tax leader, as an in-house tax professional or as a tax adviser who wants to make the tax functions of your clients better? How do you build a great team? Bloomberg Tax Insights editor Rebecca Baker sat down with Jared Dunkin, the vice president of tax and senior tax counsel at FTI Consulting, and Dunkin's mentor and former boss, Todd Davis, the executive vice president and senior tax counsel for Warner Bros. Discovery, to find some answers to these questions. D...
Tax Automation Promises to Ease Tech Frustrations (Re-Run)
May 17, 2023 19:00 - 17 minutesNote: This episode originally aired May 19, 2022. Automation tools increasingly used by seasoned tax professionals are helping to take some of the pain and manual labor out of routine compliance work. That futuristic tech goes beyond robotics process automation and can link together the many programs and platforms that accountants rely on everyday. Those building blocks can automate every step in the tax process from onboarding clients to tax return delivery, according to John McGowan, the CE...
Puerto Rico's Tax Reform Faces Hurdles Amid Criticism
May 10, 2023 20:19 - 14 minutesPuerto Rico lawmakers say a tax plan backed by Gov. Pedro Pierluisi still falls short of being the long-sought tax overhaul the island desperately needs. After years of modifications, Puerto Rico still has one of the most complex tax systems in the US, with over 400 tax breaks, deductions, credits, and exemptions. The Democratic governor presented a proposal earlier this year that would lower income taxes for both individuals and corporations and simplify the US territory's tax code. The Sen...