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.
Homepage Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Episodes
IRS Chief Talks Goals, Work with Congress, and More
May 03, 2023 21:19 - 28 minutesNew IRS Commissioner Danny Werfel has a lot on his plate. He is tasked with effectively spending the IRS's new $80 billion in Inflation Reduction Act funds and ensuring the agency has smooth tax-filing seasons, while also needing to respond to questions and concerns from Congress. On this episode of Talking Tax, Werfel talks to Bloomberg Tax's Naomi Jagoda in his first podcast interview since his confirmation in March. Werfel talks about his goals for his first six months on the job, how he p...
Treasury's Adeyemo Talks Energy Credits Implementation
April 26, 2023 20:29 - 12 minutesThe Treasury Department and IRS were given big opportunities—and big responsibilities—with the enactment of last year's Inflation Reduction Act. The tasks ahead include issuing guidance on various clean-energy provisions in the tax-and-climate law. The Biden administration and congressional Democrats say the provisions will help to reduce greenhouse gas emissions and create more domestic jobs, but Republicans have raised concerns that the provisions are expensive and mostly benefiting large b...
Black Tax Pro Highlights Benefits of Small Business
April 19, 2023 20:33 - 9 minutesAfter working in Big Four accounting firms, Carmela Walrond decided to work for herself, motivated by a desire to help small business taxpayers. "There's no better feeling than helping someone save lots of money in taxes," says Walrond. Walrond is a partner at JLD Tax Resolution Group and an entrepreneur based in New Jersey. After working in accounting and immigration law, Walrond established her own tax practice in 2019 helping individuals resolve back tax issues. She then merged with JLD Ta...
GOP Taxwriter Prioritizes Oversight This Congress
April 12, 2023 20:52 - 12 minutesThe focus of the House Ways and Means tax subcommittee will be oversight, according to the panel’s new head Rep. Mike Kelly (R-Pa.) Kelly took over the subcommittee that oversees tax policy after Republicans gained control of the House this year. Kelly has introduced legislation that would impose new reporting requirements on the IRS’s use of the $80 billion in funding it received from the Inflation Reduction Act, as well as other bills that similarly target the IRS. On this episode of Talkin...
SEC Top Accountant Talks Banking Crisis, Audit Worries
April 05, 2023 20:46 - 25 minutesThe SEC’s Paul Munter set a blistering pace for accounting guidance during his two years as acting chief accountant—issuing blockbuster guidance on digital assets, SPACs, and more. Now the job of chief accountant is his, as of January, and he joined Bloomberg Tax reporter Amanda Iacone to discuss his goal to ensure investors get reliable and actionable financial reports from corporate America. He expects, for example, companies to disclose risks that could threaten their ability to operate an...
Outgoing OECD Tax Chief on What's Next for Global Deal
March 29, 2023 20:41 - 17 minutesFor the OECD's tax policy chief, years of negotiations on the global corporate tax deal has been a "roller coaster ride" of different approaches by the nations involved. The organization is hoping to see efforts come together with major parts of it resolved this summer, says Grace Perez-Navarro, who is retiring Friday. Countries are pushing to meet a midyear deadline on the remaining key pieces of the deal, including what is known as Amount A—the reallocation of some multinational profits—and...
Grading Progress of Racial Equity in the US Tax Code
March 22, 2023 20:11 - 16 minutesThe US tax code doesn't take race into consideration, but should it? In this episode of Talking Tax, Georgetown Law professor Dorothy Brown argues the case for why the Treasury Department and the Internal Revenue Service should make race a factor in tax policy. Brown, author of the 2021 book, "Whiteness of Wealth: How the Tax System Impoverishes Black Americans—and How We Can Fix it," sits down with Bloomberg Tax editor Yuri Nagano. Brown discusses how her book inspired a recent Stanford Univ...
Connecticut Considers All Options for Family Tax Relief
March 15, 2023 20:31 - 17 minutesTo help reduce poverty, many states have modeled their own versions of tax relief for lower and middle-income workers on an enhanced federal earned income tax credit that expired last year. Rising inflation, pandemic hardships, and increasing economic disparities have intensified calls to create or expand these credits along with child tax credits in both Democratic and Republican-led states. To date, 11 states have enacted their own child tax credits and more than 30 now have an earned incom...
Kentucky's Bourbon Barrel Tax Ages to the Edge of Repeal
March 08, 2023 21:41 - 14 minutesLooking forward to a mint julep on Kentucky Derby Day? You might be interested to know that a bit of each bourbon-soaked cocktail funds school districts, police departments, and other local services in the Bluegrass State. The money flows through Kentucky’s one-of-a-kind bourbon barrel tax, a levy on spirits aging in barrels. It’s a big deal for distillers, who must pay the tax, and municipalities, which derive significant revenue from the roughly 11 million barrels of bourbon inventoried acr...
California Online Sales Tax Deals: Who Really Gains?
March 01, 2023 22:18 - 16 minutesCalifornia cities have made deals with retailers—Best Buy Co. Inc., Apple Inc., QVC, Walmart Inc., and others—to be the point of sale for statewide e-commerce purchases in exchange for a cut of the sales tax proceeds. But who really benefits? On this episode of Talking Tax, senior reporter Laura Mahoney sits down with Bloomberg Law editor Bernie Kohn to talk about her closer look at Dinuba, a small city in California's Central Valley, and its tax-sharing deal with Best Buy. Dinuba gives half ...
Black Tax Leader on Driving Diversity in the Field
February 22, 2023 21:06 - 13 minutesTax practitioner Tifphani White-King is strongly invested in increasing diversity and equity in the world of tax. "I don't lose sight of the fact that I don't see many people that look like me in this field," she said. White-King, principal at Mazars USA, has over two decades of experience in tax, and as a Black woman, has extensive experience navigating a historically white male-dominated profession to become a leader in tax. She chatted with Bloomberg Tax reporter Jeff Leon to share more ab...
Hope--or Not--for More State Sales Tax Harmonization
February 15, 2023 22:13 - 24 minutesState sales taxes are now a fact of life for online buyers and sellers, since the US Supreme Court's 2018 Wayfair decision created a framework for remote-sales tax collection. It might look simple to customers, but for remote sellers and sales platforms—especially small businesses—the massive patchwork of state and local sales tax regimes can be daunting. How much of an "undue burden" on interstate commerce is the patchwork, and should Congress intervene to reduce the inconsistencies across s...
What New EU Tax Disclosure Rules Mean for Companies
February 08, 2023 20:37 - 14 minutesTax transparency is on the rise, and companies are figuring out how to adapt. Large multinationals will soon have to publicly report their tax information in the EU. The pressure for more information isn't just coming from governments. Investors, too, are pushing for greater disclosure of companies' tax arrangements. Companies have long worried that reporting their tax information could set them up for a reputational hit. But now, with public reporting requirements on the horizon, some are ch...
State Remote Worker Taxes Needs High Court Resolution
February 01, 2023 22:02 - 16 minutesThough never popular with neighboring state officials, New York's tax on the income of out-of-state residents working for Empire state companies is being scrutinized more closely. A post-pandemic shift to remote work — as a choice by either the employee or employer — has meant that many former commuters rarely if ever set foot in a New York workplace. There are winners and losers in the current situation and billions of dollars at stake. Officials in both New Jersey and Connecticut have recen...
A Fully Digital IRS, as Envisioned by Taxpayer Advocate
January 25, 2023 18:38 - 16 minutesThe $80 billion in new funding the IRS will get over the next decade offers a chance "to bring US tax administration into the 21st century," according to National Taxpayer Advocate Erin Collins. Collins leads the Taxpayer Advocate Service, an independent office within the agency that provides taxpayer assistance. She's written multiple blog posts about modernization efforts and sent a report to Congress discussing her vision for a revamped, paperless tax enforcement agency. On this episode of...
Crypto Brokers Still In the Dark on Reporting Rules
January 18, 2023 19:45 - 10 minutesThe IRS and Treasury pushed back the effective date for brokers forced to report client transactions to the IRS, giving the cryptocurrency industry some relief as they wait for more guidance. There are still a lot of unknowns about how to report and what exactly is required—answers the industry anticipates in new guidance. On this episode of our Talking Tax podcast, Bloomberg Tax reporter Erin Slowey speaks with Deloitte's Jonathan Cutler, a senior manager, and Rob Massey, global and US tax b...
High Hopes for IRS Funding Boost
January 11, 2023 21:53 - 13 minutesAll eyes are on the IRS in 2023, as the cash-strapped agency is finally getting an $80 billion infusion, with potential big implications for the tax world. Bolstered by the additional multiyear funding in the Inflation Reduction Act, the agency plans to upgrade its outdated systems, staff up, and take bolder steps toward enforcement, aiming largely at big companies and high-wealth taxpayers. Bloomberg Tax reporter Jeff Leon talks about the prospects with Niles Elber, a tax professional at Cap...
Going Through the IRS's Long To-Do List for 2023
January 04, 2023 21:31 - 14 minutesCongress was busy on tax policy in 2022, and that means the IRS will have work to do this year. The agency has issued some guidance clarifying the Inflation Reduction Act's tax provisions, but it has lots more that needs to get out in the coming weeks and months. On this episode of our weekly podcast, Talking Tax, we hear about the big-ticket items the IRS needs to get out the door from three Bloomberg Tax reporters: Erin Slowey, Lauren Vella, and Naomi Jagoda. We also discuss the IRS's plans...
Top Tax Newsmakers Reflect on the Challenges of 2022
December 28, 2022 21:35 - 13 minutesFor this episode of our weekly podcast, Talking Tax, we're revisiting interviews with some of the biggest tax policy makers in the news this year. The OECD's two-pillar plan to reshape the global tax framework, the Inflation Reduction Act, and getting the court system back to a sense of normalcy amid the pandemic were among the biggest tax stories this year. Kathleen Kerrigan, the new chief judge of the US Tax Court, talks about pushing for more electronic filing of petitions and other challe...
State Tax Litigation From Both Sides of the Bar
December 21, 2022 21:47 - 12 minutesMost state tax stories are about legislation, regulation, and litigation. Too often lost in the headlines are the people who develop and manage state tax policies, and their motivations for pursuing careers in tax advocacy and tax administration. On this episode of Talking Tax, we talk with Alan Lindquist, a special assistant attorney general with the Illinois Department of Revenue. Lindquist has had an unusual career, representing taxpayers as a partner at Chicago-based Winston & Strawn LLP ...
How 40 Years of Tax Cuts Have Exacerbated Inequality
December 14, 2022 22:11 - 18 minutesStarting with Ronald Reagan in 1981, every Republican president at some point has made tax cuts a centerpiece of his economic agenda, often with scant evidence that these policies have produced economic benefits that touch all Americans. Delving into some of the more notable moments in this history offers a roadmap to this inequality. How did a tax designed to discourage multigenerational inherited wealth come to be known as the "death tax?" Why are qualified dividends—which most taxpayers se...
'Data Nerd’ Regulator Preps for Digital Auditing Future
December 07, 2022 21:10 - 18 minutesTechnologies such as blockchain and artificial intelligence are quickly reinventing how auditors test corporate accounts, but these innovations also may require a reimagining of auditing standards. Christina Ho, a member of the Public Company Accounting Oversight Board, has called technology the “audit quality challenge of the 21st century." She's leading a working group of technologists, data scientists, and more traditional finance leaders to help the regulator plan for the future of digita...
Energy Companies Weigh New Rules for Tax Credit Boosts
November 30, 2022 21:06 - 13 minutesClean energy developers and investors trying to make the most of the credits in President Joe Biden's tax-and-climate law are evaluating how new requirements to get the boost are impacting projects. The tax-and-climate law devotes $374 billion to support climate and energy measures, including adding more and expanding on existing tax credits for the clean energy industry. One of the energy credit adders in the law, also known as the Inflation Reduction Act, is the domestic content requirement...
Two Discussions on State of International Tax Landscape
November 22, 2022 21:01 - 26 minutesOn this week's episode of Talking Tax, we bring you two discussions that focus on some of the biggest developments facing multinationals' tax departments. First, OECD tax head Grace Perez-Navarro shares with Bloomberg Tax reporter Isabel Gottlieb a glimpse into what's coming next from the global tax deal: the transfer pricing simplification plan known as Amount B, details on which unilateral measures will be revoked, and more guidance on the global minimum tax. Next, the acting commissioner o...
Global Crypto Tax Standards Near With G20 Support
November 16, 2022 22:28 - 11 minutesCalls for regulation and global standards for the cryptocurrency industry have taken on fresh urgency recently, with the stunning collapse of Sam Bankman-Fried’s FTX exchange and its sister trading house Alameda Research. One important regulatory proposal already in progress is the Organization for Economic Cooperation and Development’s Crypto Asset Reporting Framework—CARF—which would standardize how global tax authorities regulate and share information on cryptocurrency assets and still giv...
The Future of Tax: What to Watch for In Next Congress
November 09, 2022 22:11 - 13 minutesThe polls have closed on the midterm elections, but with many races left undecided, it's still unclear which party will lead the next Congress. Though there was no "Red Wave" as some prognosticators predicted, Republicans appear to be closing in on a narrow majority in the House. In the Senate, the balance of power remains up in the air as the Nevada and Arizona races remain uncalled, and the Georgia contest between Democratic incumbent Raphael Warnock and Republican Herschel Walker heads tow...
Fitch's State Ratings Chief on Inflation, Recession
November 02, 2022 20:14 - 15 minutesState policy makers and budget officials are facing a period of greater economic uncertainty as forecasts increasingly point to the likelihood of at least a mild U.S. recession in 2023. Over the past year many states have sought to stay ahead of any downturn by managing their budgets more prudently. Roughly 30 states took some type of permanent tax policy action in 2022 through their legislatures—rate cuts for income, corporate, or both, plus some sales tax holidays—to offer relief to taxpaye...
Deloitte Tax CEO Talks New Laws, Plans Before Guidance
October 26, 2022 20:49 - 11 minutesTax professionals are racing to advise companies on two laws passed this year—the tax-and-climate law and the CHIPS Act—both providing tax credits that can be claimed as soon as Jan. 1. Guidance from IRS and Treasury can't come soon enough as companies try to decipher how they would be affected. On this episode of our weekly podcast, Talking Tax, we discuss one Big Four accounting firm's strategy for working with companies as they eagerly await guidance. Bloomberg Tax's Erin Slowey speaks wit...
Texas Ponders What's Next for Big-Money Tax Breaks
October 19, 2022 20:13 - 10 minutesCompanies have rushed to apply for an expiring Texas program that offers hefty school district property tax abatements for new manufacturing and renewable energy projects. The Chapter 313 incentive has drawn big investment through its 20-year history, but has been criticized as too expensive and harmful to some schools and populations. It wasn't renewed, and policy makers are determining whether and how to redesign it. In the meantime, applications for it leaped to more than 400 this year as ...
Departing OECD Tax Head Saint-Amans Shares Next Steps
October 12, 2022 21:54 - 33 minutesOver the past decade, some of the biggest changes to the international tax framework have come out of the Paris-based OECD—from the worldwide crackdown on base erosion and profit shifting to the two-pillar plan to overhaul global tax rules. Pascal Saint-Amans, the man at the helm of the organization's tax division through those years, recently announced he would be stepping down from his role at the end of October. Bloomberg Tax's Isabel Gottlieb sat down with Saint-Amans to talk about what h...
EY Tax Vice Chair Optimistic On Global Tax Agreement
October 05, 2022 19:30 - 11 minutesThe global tax pact that’s been agreed to by nearly 140 countries has run into some obstacles, but the new global vice chair of tax for EY thinks chances are good that the big changes the agreement calls for will ultimately be implemented. EY’s Marna Ricker acknowledges that there’s a lot of work still to be done on both of the key parts of the agreement—Pillar One, which would reallocate a chunk of the taxing rights on big companies’ profits to other countries, and Pillar Two, which would im...
Student Loan Forgiveness? It's Taxable in Some States
September 28, 2022 20:05 - 14 minutesAn estimated 43 million Americans qualifying for the Biden administration’s student loan debt forgiveness program won’t have to account for the $10,000 benefit on their federal 1040 tax returns next year, but they could face a very different reality when they file their state returns. The federal government and most states are waiving taxes on the cancellation of debt program. According to one analysis, roughly seven states—Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina...
Accounting Standards Chief Tackles Crypto, Tax Law
September 21, 2022 21:07 - 13 minutesRichard Jones took the helm of the board charged with writing US accounting rules the same year the coronavirus pandemic upended the economy. Jones and the six other members of the Financial Accounting Standards Board had to act quickly to tackle questions on how to use accounting standards during such an uncertain time. Two years later, FASB is plotting its next big moves, including writing rules for buzzy topics like cryptocurrency and figuring out how the new tax-and-climate law will impac...
EY Faces Headwinds as Firm Leaders Push for Split
September 14, 2022 22:39 - 14 minutesErnst & Young faces numerous challenges as it tries to gain ground in the competitive advisory market while maintaining its place in the audit industry as its leaders push ahead with a planned breakup of the $40 billion revenue firm. The consequential deal could hinder EY's ability to retain and hire the skilled professionals it needs to deliver in-demand audit and reporting services as a stand-alone audit firm, said Jim Peterson, former in-house attorney for Arthur Andersen, the former top a...
Companies Still Lag in Use of Data for Tax Planning
September 08, 2022 20:04 - 12 minutesTax data and technology can be helpful for companies when making projections for tax planning purposes, but companies have to weigh when the best time is to implement them. Data can give more certainty for companies in scenario planning, such as for the Inflation Reduction Act and everyday business decisions, said Greg Engel, vice chair of tax at KPMG LLP. Still, 52% of companies aren’t using tax data for this work, according to a recent KPMG report. On this episode of Talking Tax, Engel spea...
IRS Aims to Stop Abusive Schemes from Gaining Traction
September 01, 2022 19:09 - 14 minutesThe IRS is seeking to prevent new, potentially abusive transactions from gaining traction with taxpayers. Early this year, the agency launched a group, called the Joint Strategic Emerging Issues Team, so that representatives from a wide range of IRS offices can collaborate to quickly identify areas where there's a high risk of noncompliance and determine how best to address these issues. On this episode of Talking Tax, we speak with two IRS officials involved in the team: Benjamin Swartz, sen...
Companies Urged to Start Preparing for Global Tax Deal
August 25, 2022 20:47 - 10 minutesTax directors around the world are grappling with a two-pillar global tax agreement that will require multinational companies to change where and how much tax they pay. As details of how these complex new rules will work in practice come to light, some companies have begun modeling their effect on their tax bills. Rio Tinto PLC, which is part of the OECD's business advisory group, has had a front row seat during the development of the rules and has already put together a team to analyze their...
Navigating Accounting Firm Mergers and Shakeups
August 11, 2022 20:00 - 10 minutesThe accounting world has been shaken up with several high-profile mergers and acquisitions among firms in recent years, reflecting the growing needs of clients. Abe Schlisselfeld of Marks Paneth LLP had a front-row seat to this trend, serving as the firm's managing director during its acquisition by accounting firm CBIZ Inc. in 2021. Schlisselfeld was at the helm to help shepherd the top-50 accounting firm's transition. On this episode of Talking Tax, Schlisselfeld, senior managing director o...
Becoming Tax Court Chief Judge in the Time of Covid
August 04, 2022 20:28 - 13 minutesKathleen Kerrigan is stepping into her new role as the US Tax Court's chief judge with an overarching goal to help the court in living with the Covid-19 pandemic. Kerrigan says her work will include moving to more in-person trials while still maintaining flexibility. In addition, she hopes to increase electronic filing now that DAWSON—the case management system launched by the court in late 2020—makes that possible. On this week's Talking Tax, Kerrigan also spoke about access to Tax Court rec...
States Eye Reforms Aimed at Shell Corporation Secrecy
July 28, 2022 20:53 - 22 minutesThe United States ranks first globally for financial secrecy, according to the latest report by the Tax Justice Network and US authorities are trying to do something about it. The Pandora Papers show secretive business structures are thriving in states including Delaware, Nevada, South Dakota, and Wyoming. A few states are taking the problem seriously including New York, which debated but failed to enact the LLC Transparency Act (A9415/S8439) earlier this year. Among other things, the propose...
The Implications of Ending the US-Hungary Tax Treaty
July 21, 2022 20:20 - 16 minutesThe July 8 news that the US was canceling a bilateral tax treaty with Hungary that has been in place since 1979 took a lot of people by surprise. While Treasury pointed to conditions in the treaty it said were unfavorable to the US, the announcement also came amid Hungary's continued opposition at the European Union to the 15% minimum tax the Biden administration has championed. On this week's Talking Tax, Sean Foley, the global head of KPMG's transfer pricing dispute resolution network, talk...
Land Conservation Tax Break Under Increasing Scrutiny
July 14, 2022 20:37 - 15 minutesTax-advantaged land deals known as syndicated conservation easements are under increasingly heavy scrutiny from the IRS and Congress. The transactions involve a tax break under tax code Section 170(h) that is designed to encourage property owners to give away the development rights for land or buildings for conservation purposes. Syndicated deals—which involve multiple parties who buy into a property, often based on promises of super-sized deductions worth several times more than their invest...
Biden's Economic Plan Races the Clock on Capitol Hill
July 07, 2022 20:44 - 16 minutesThe Biden administration and Democratic lawmakers are quickly running out of time to move a revamped tax, climate, and health care package before the midterm elections. Biden's broad "Build Back Better" agenda stalled in December when Sen. Joe Manchin (D-W.Va.), a pivotal vote in the evenly split chamber, announced he wouldn't support it. Senate Majority Leader Chuck Schumer (D-N.Y.) has been negotiating with Manchin about a narrower bill focused on clean energy incentives, health care, and t...
Tax Credit Limit Looms Over Electric Vehicle Market
June 30, 2022 19:12 - 14 minutesThe electric vehicle market in the United States is reaching an inflection point as companies look to boost manufacturing at the same time that two more large automakers are on the verge of losing a critical consumer incentive. The $7,500 electric vehicle tax credit begins phasing out at 200,000 vehicles sold per manufacturer, a threshold General Motors Co. and Tesla Inc. hit years ago. Ford Motor Co. and Toyota Motor Corp. are quickly approaching that sales milestone, which has automakers an...
Crypto Industry Likes Senators' Tax Plans. Should You?
June 23, 2022 20:05 - 21 minutesA sweeping cryptocurrency bill unveiled earlier this month addresses many of the biggest open questions for the young and volatile asset class, from sanctions compliance to stablecoin oversight. When it comes to the taxation of digital assets, the proposal from Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) would give the industry much of what it has been asking for. The bill would establish that cryptocurrency rewards created through the processes known as "staking” and “minin...
Oil and Gas Super Profits Hit With New Windfall Taxes
June 16, 2022 18:05 - 9 minutesMore countries are turning to temporary windfall taxes targeting the huge profits being made by oil and gas companies as prices continue to climb. The UK, Italy, and Argentina, among other countries, have taken different approaches in designing these new taxes. The UK and Italy want to impose a 25% tax on the profits of energy companies to help people facing a cost-of-living crisis, while Argentina wants to impose a 15% tax. On this episode of Talking Tax, senior reporter Hamza Ali spoke with...
Navigating the New Foreign Tax Credit Regulations
June 09, 2022 19:40 - 14 minutesOne of the hottest issues in the corporate-tax world right now is about when multinational companies can use the taxes they pay in foreign countries to defray their US tax bills. The Treasury Department has made that process tougher. Last December, it tightened US foreign tax credit rules, narrowing the range of taxes that qualify for it. But many companies have complained that Treasury went too far—rendering some taxes ineligible for the credit even though they’ve been eligible for years, an...
Navigating the IRS's Complex New Partnership Audits
June 02, 2022 19:07 - 9 minutesA 2015 law promised to streamline the Internal Revenue Service's method for auditing partnerships—a type of "pass-through" business where the partners report their share of the proceeds on their personal tax returns. The Bipartisan Budget Act of 2015 included provisions intended to make it easier for the IRS to scrutinize partnerships. But the law created new concerns and unintended consequences for those navigating the audit process, according to Rochelle Hodes, principal of the Washington N...
Flat Income Tax Revival Draws Sharply Mixed Reviews
May 26, 2022 19:54 - 23 minutesWith cash cushions plump with federal pandemic relief dollars and a surge in tax revenues, state legislatures across the country have cut taxes aggressively this year. But several states went further, converting their tiered income tax structures to flat-rate systems. Arizona, Georgia, Iowa, and Mississippi have committed to the flat tax in recent weeks, and Oklahoma is likely to join the group soon. The shift away from graduated income tax structures, which tax higher incomes at higher rates...
Tax Automation Promises to Ease Tech Frustrations
May 19, 2022 21:12 - 17 minutesAutomation 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 CEO of Hubsync and former chief information officer ...