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Talking Tax

By: Bloomberg Tax
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  • Summary

  • 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.
    © 2024 Bloomberg Industry Group, Inc. All Rights Reserved
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Episodes
  • New IRS Criminal Division Chief Carves Out Priorities

    New IRS Criminal Division Chief Carves Out Priorities
    Jul 2 2024
    The new chief of the IRS criminal division wants America to know he’s hiring special agents, and they’re fulfilling their mission to investigate tax and financial crimes. Guy Ficco started his new gig in April following an almost three-decade career at the agency. He comes into the position at the same time the IRS is flush with tens of billions in funding from the Democrats’ 2022 tax-and-climate law. In fiscal year 2023, CI initiated more than 2,676 criminal investigations and identified over $37.1 billion from tax and financial crimes. The division has an 88.4% conviction rate on cases accepted for prosecution. Bloomberg Tax reporter Erin Slowey spoke with Ficco about how CI is handling its pandemic-era tax credit cases, what retention at the division looks like, and how the volume of investigation referrals has changed in the past couple of years. Produced by Matthew S. Schwartz.
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    22 mins
  • High Court's Moore Ruling Sharpens Wealth-Tax Debate

    High Court's Moore Ruling Sharpens Wealth-Tax Debate
    Jun 27 2024
    The US Supreme Court brought a muted end last week to its biggest tax case in years, but the arguments that propelled the case are far from over, especially about what the court’s ruling could mean for future attempts to enact a wealth tax. The court voted 7-2 to uphold the mandatory repatriation tax, a one-time tax on past foreign corporate profits. Washington state residents Charles and Kathleen Moore had challenged the constitutionality of the tax, arguing that it had forced them to pay $14,729 in taxes on the profits of an Indian company in which they’d invested even though the company’s profits were never distributed to them. But the case’s significance went far beyond the Moores. Many had feared that striking down the tax not only would lead to billions of dollars in refunds to giant multinational companies that were the tax’s primary targets, but also would call into question a host of other taxes based on similar legal principles. The Supreme Court said the tax was constitutional, and stressed that its ruling was narrow, with any outside issues left for another time. But that left unanswered questions about what the ruling could mean for any future wealth tax. Many such proposals would tax wealthy people’s “unrealized” gains on investments—profits that haven’t actually been distributed or monetized—which was the same issue over which the Moores questioned the repatriation tax. And while the court’s ruling was narrow and set aside the realization issue, at least four of the nine justices supported the idea that income should have to be realized before it could be taxed, a signal that any future wealth tax could have a hard time passing legal muster before the court. This edition of Talking Tax has two interviews with two very different perspectives on the Moore ruling. Bloomberg Tax senior reporter Michael Rapoport spoke first with Chye-Ching Huang, executive director of the Tax Law Center at New York University’s law school, who wanted to see the tax upheld, and then with Andrew Grossman and Jeff Paravano, attorneys for BakerHostetler who represented the Moores and wanted to see the tax struck down. Producer: Matthew S. Schwartz. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.
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    25 mins
  • How the Wealthy Are Prepping for an Estate Tax Clip

    How the Wealthy Are Prepping for an Estate Tax Clip
    Jun 18 2024
    Wealthy taxpayers are rushing to prepare in case a more generous exemption from the estate tax expires at the end of 2025 along with many of the individual tax cuts from the Republicans' 2017 tax overhaul. In 2024, taxpayers are exempt from the 40% estate tax on the first $13.6 million of assets passed on to heirs. But the exemption is set to fall by about half, practitioners estimate, if Congress doesn’t act to extend it. People are moving money into different types of trusts now to take advantage of that higher exemption amount. Deloitte Managing Director Laura Hinson spoke to Bloomberg Tax reporter Erin Schilling about the most popular trust strategies and how to avoid “donor remorse.” Hinson also explains how the Supreme Court's recent decision Connelly v. United States will affect estate planning. Produced by Matthew S. Schwartz. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.
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    21 mins
Business & Careers Political Science
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