Talking Tax
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.
Episodes
July 16, 2025 • 14 mins
Tax breaks for whale captains in Alaska and spaceport builders were among the lower-profile perks included in the GOP's $3.4 trillion tax-and-spending law enacted this month.
The policies were necessary to gain votes of Republican holdouts, enabling the measure to pass in both the Senate and House in time for GOP lawmakers' self-imposed July 4 deadline.
The law moved through Congress faster than many predicted, and some law...
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July 9, 2025 • 13 mins
Multinational corporations have been hustling to make sense of the flurry of US tariff policy changes this year, and figure out how to factor that into their transfer pricing.
One place that's been in this situation before: Latin America. For decades, companies there have been navigating tariffs and the impacts on their tax planning—including transfer pricing, or how companies value transactions between their related entities.
...
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July 2, 2025 • 17 mins
The fate of the OECD-led global tax deal was rocked this week after the US and its Group of Seven allies came to an understanding that would exempt American companies from two key parts of the global minimum tax framework.
G7 countries agreed to the exemption over the weekend in exchange for Congress removing Section 899 from its tax-and-spending bill—a provision referred to as the "revenge tax" that would have hiked taxes on f...
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June 25, 2025 • 29 mins
Congress is reconsidering the accounting guardrails it put in place more than two decades ago to ensure investors can trust the revenues and asset values listed companies publish.
Republican budget proposals would abolish the US audit regulator and reassign its work to the Securities and Exchange Commission. While lawmakers negotiate over what will end up in a final version of their tax and spending bill, the proposals have prom...
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June 18, 2025 • 17 mins
The Republican-led Senate Finance Committee unveiled its portion of the mammoth tax-and-spending legislation that's quickly moving through Congress, and there's a lot to unpack.
The Senate bill has dozens of differences from the House version. It makes several business breaks permanent, softens the excise tax on university endowments, and phases out more slowly cuts to clean energy credits, while smoothing edges on the so-calle...
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June 11, 2025 • 20 mins
Recent layoff announcements at Big Four accounting, tax, and consulting firms come as the industry faces economic uncertainty and a shrinking talent pool.
The accounting profession is at a crossroads as a new class of students graduate. While recent data shows heightened interest in both undergraduate and master's degree programs, the industry faces possible disruptions like workforce reductions and emerging artificial intellige...
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June 4, 2025 • 14 mins
The “revenge” tax provision that’s in the giant tax bill working its way through Congress has a lot of people worried.
Known as Section 899, the provision would impose stiff, retaliatory tax rates on companies and people from countries that the US deems to be imposing "unfair" and "discriminatory" taxes against US companies. It was included in the version of the bill House Republicans narrowly passed last month, and now gets Sen...
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May 28, 2025 • 19 mins
Companies scored wins after the House passed a multi-trillion-dollar tax bill that largely preserved the current tax rates on foreign-earned income.
Republicans' 2017 Tax Cuts and Jobs Act created a new international tax regime including a minimum tax on global intangible low-taxed income, or GILTI, a reduced tax rate on foreign-derived intangible income, or FDII, and a base erosion and anti-abuse tax, or BEAT.
Each of thes...
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May 21, 2025 • 19 mins
House Republicans are moving quickly to get a massive tax-and-spending package across the finish line before week's end even as they negotiate with party factions over outstanding concerns.
Some Republicans are demanding deeper cuts to social programs like Medicaid to curb deficits as part of the deal and to reduce the package's cost to extend the 2017 tax overhaul. And yet the bill increases the debt limit by $4 trillion and ...
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May 14, 2025 • 15 mins
With the massive wave of federal government layoffs, tens of thousands of workers from the IRS and other agencies are likely looking for new jobs, potentially in the private sector for the first time.
Caroline Ciraolo, a partner at Kostelanetz and founder of the firm's office in Washington, D.C., has started an initiative that connects former federal tax professionals with law firms and other private employers. She knows what i...
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May 7, 2025 • 14 mins
The IRS right now isn't the same agency it was at the start of this year.
That's because about 20% of IRS workers have signaled they want to leave or have been fired. The ripple effects of this exodus could go far, not just for the IRS itself, but for businesses and individual taxpayers trying to file their returns.
Roughly half of the 30 people at the top of the IRS organizational chart have left, many because of Trump admi...
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April 30, 2025 • 12 mins
House Republicans are pushing a plan to dismantle the US audit board and send its watchdog duties to the Securities and Exchange Commission as part of a federal budget-cutting process. It's not the first GOP attempt to rein in the Public Company Accounting Oversight Board, but this time it comes against the backdrop of the Trump administration's sweeping drive to cut regulations and downsize government.
Congress set up the board...
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April 23, 2025 • 15 mins
Before leaving for a two-week break, House Republican lawmakers adopted a Senate budget outline to expedite legislation to push through trillions of dollars in tax cuts, raise the debt ceiling, and slash billions in spending.
Now comes the hard part where policy committees need to fill in the fine details. The Senate framework called for $1.5 trillion in new tax cuts, to enact policies like some proposed by President Donald Trump ...
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April 16, 2025 • 20 mins
Deep cuts to the IRS workforce mean the agency might have to rely more heavily on technology to keep up taxpayer services and enforcement.
The IRS is set to lose 20,000 workers after the Trump administration's second deferred resignation offer. That's in addition to thousands who have already left or are on administrative leave.
Barry Johnson, former IRS chief data and analytics officer, oversaw the rollout of artificial intel...
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April 9, 2025 • 30 mins
The Trump administration's massive new tariff pronouncements, on top of its pullback from the OECD’s global tax deal, have cast doubt on the future of global tax policy efforts.
The two-pillar OECD-led agreement seeks to create a 15% global minimum tax for large multinational corporations and change the way the companies allocate their profits among countries.
While the US is still taking part in some negotiations, it has reje...
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April 2, 2025 • 20 mins
The hard-charging effort led by billionaire Elon Musk to reshape the federal workforce at the IRS and other agencies might lead to lasting changes. But what it means for taxpayers still isn't fully realized.
Some efforts to buy out or fire employees have been postponed until after the filing season ends in April, and are facing legal action.
Ending taxpayer assistance center leases and reducing the number of taxpayer assistance s...
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March 26, 2025 • 15 mins
Millions of US companies are off the hook when it comes to disclosing their beneficial owners' identities to the federal government, after the Trump administration announced it wouldn't enforce penalties for domestic entities under the Corporate Transparency Act.
The Treasury Department's previous regulations had required about 30 million businesses operating in the US to disclose who directly or indirectly controlled them in repo...
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March 19, 2025 • 17 mins
New York officials are in the final stage of the state’s budget process, following March 13 passage of the Assembly and Senate individual spending and revenue proposals for fiscal 2026. It's now up to a three-way negotiation between the Legislature's two chambers and Gov. Kathy Hochul (D), who has her own plans for a budget that’s likely to top $252 billion—including a host of tax changes that don’t completely align with what the ...
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March 12, 2025 • 24 mins
Tax departments at multinational companies are scrambling to keep up with the Trump administration's tariff announcements as the updates pile in day to day and sudden shifts complicate transfer pricing calculations.
Tariffs raise companies' costs, and those can't always be passed on to consumers—meaning businesses have to choose where to allocate the costs in their supply chains. While the importing entity pays the tariffs, the co...
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March 5, 2025 • 15 mins
President Donald Trump's early executive order to end federal diversity, equity, and inclusion programs upended at least one team in the Treasury Department.
The Treasury Equity Hub, formed in 2021, evaluated how effective the department's policies and programs were at reaching all types of Americans. Removing this team could hurt further research into racial disparities in IRS enforcement, Treasury Equity Hub Director Diane Lim sa...
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