Biden's Promised Tax Hikes Loom for Corporate America
Talking Tax4 Helmi 2021

Biden's Promised Tax Hikes Loom for Corporate America

President Joe Biden's campaign promises to raise taxes on corporations and the wealthy got a big boost when Democrats swept the Georgia runoffs, giving them control of both the House and the Senate. One of Biden's major tax proposals, pitched as part of his "Made in America" plan to boost manufacturing, is to overhaul the 2017 tax law's international provisions. New Senate Finance Chairman Ron Wyden (D-Ore.) is among those interested in reworking the tax code to make it less attractive for U.S.-based multinationals to do business overseas. Any of Biden's proposed tax code changes will run up against the same challenge: how to balance the desire to raise revenue with the need to boost the pandemic-ravaged economy. At the same time, the IRS is working to implement a slew of pandemic relief laws passed last year. The latest episode of our weekly podcast, Talking Tax, rounds up highlights from a Feb. 4 Bloomberg Tax event. First, Wyden speaks with editor Sony Kassam about his priorities now that he has the Finance Committee gavel. Next, reporter David Hood questions tax executives at IBM Corp. and PPG Industries Inc. about their pandemic concerns. Finally, reporter Allyson Versprille sits down with Sunita Lough, IRS deputy commissioner for Services and Enforcement, to discuss the agency's pandemic-related challenges.

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Corporate Tax Disclosures Let Investors Peer Into the Black Box

Corporate Tax Disclosures Let Investors Peer Into the Black Box

Investors are getting a lot more information about an area that’s been a mystery in the past: What goes into companies’ tax bills. The US, the European Union, and Australia all have new or forthcom...

15 Huhti 11min

Accounting Firms Navigate Compensation as AI Tools Upend Work

Accounting Firms Navigate Compensation as AI Tools Upend Work

Artificial intelligence is putting accounting firm leaders on alert for workers well-versed in using and managing the new tools as the industry invests heavily in modernizing workflows. Firms shou...

8 Huhti 16min

IRS Pivots to Fill Holes in Tax Filing Season After DOGE Cuts

IRS Pivots to Fill Holes in Tax Filing Season After DOGE Cuts

Time is running out to file your taxes to the IRS as the April 15 deadline approaches. But for the IRS, the work is only just beginning and it's off to a rocky start. Elon Musk's Department Gove...

1 Huhti 13min

How Tax Administration Reforms Could Pass Congress This Year

How Tax Administration Reforms Could Pass Congress This Year

Lawmakers in both chambers of Congress are taking a closer look at a range of bipartisan IRS administration changes. House tax writers have advanced several pieces of legislation that would fix pro...

25 Maalis 11min

Washington's Novel Millionaires Tax Inches Closer to Reality

Washington's Novel Millionaires Tax Inches Closer to Reality

States are struggling to make up for revenue gaps in the wake of federal cuts and President Donald Trump's tax-and-spending law. In Washington state, lawmakers have answered the challenge with a n...

18 Maalis 10min

Tax Filing Season Is Underway: Here's How It's Going So Far

Tax Filing Season Is Underway: Here's How It's Going So Far

There are about five weeks left in tax filing season — the busiest time of year for the IRS and tax preparers. IRS CEO Frank Bisignano told lawmakers earlier this month the tax season has so far be...

11 Maalis 17min

States Still Decoupling From GOP Tax Law Deep Into Filing Season

States Still Decoupling From GOP Tax Law Deep Into Filing Season

Tax-filing season is well underway, and yet many states are still figuring out whether to conform to or decouple from provisions in last year's GOP-led tax overhaul, especially the deductions and othe...

4 Maalis 12min

Tariff Refunds Would Threaten Tax, Transfer Pricing Headaches

Tariff Refunds Would Threaten Tax, Transfer Pricing Headaches

The Supreme Court's decision to nix a wide swath of the Trump administration's tariffs comes with some big tax and transfer pricing questions for tax executives as companies battle to collect refunds ...

25 Helmi 12min

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