Congress Returns With Ambitious Plans to Move on Tax Extensions

Talking Tax

#Business News #Government #Bloomberg Tax #News #Andrea Ben #Taxation #Business

30:20

Eli Beer is a pioneer, social entrepreneur, President and Founder of United Hatzalah of Israel. In thirty years, the organization has grown to more than 6,500 volunteers who unite together to provide immediate, life-saving care to anyone in need - regardless of race or religion. This community EMS force network treats over 730,000 incidents per year, in Israel, as they wait for ambulances and medical attention. Eli’s vision is to bring this life-saving model across the world. In 2015, Beer expanded internationally with the establishment of branches in South America and other countries, including “United Rescue” in Jersey City, USA, where the response time was reduced to just two minutes and thirty-five seconds. Episode Chapters (0:00) intro (1:04) Hatzalah’s reputation for speed (4:48) Hatzalah’s volunteer EMTs and ambucycles (5:50) Entrepreneurism at Hatzalah (8:09) Chutzpah (14:15) Hatzalah’s recruitment (18:31) Volunteers from all walks of life (22:51) Having COVID changed Eli’s perspective (26:00) operating around the world amid antisemitism (28:06) goodbye For video episodes, watch on www.youtube.com/@therudermanfamilyfoundation Stay in touch: X: @JayRuderman | @RudermanFdn LinkedIn: Jay Ruderman | Ruderman Family Foundation Instagram: All About Change Podcast | Ruderman Family Foundation To learn more about the podcast, visit https://allaboutchangepodcast.com/ Looking for more insights into the world of activism? Be sure to check out Jay’s brand new book, Find Your Fight , in which Jay teaches the next generation of activists and advocates how to step up and bring about lasting change. You can find Find Your Fight wherever you buy your books, and you can learn more about it at www.jayruderman.com .…

18 days ago 15:38

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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 on the campaign trail.

The Senate's use of a so-called current policy baseline wipes away, on paper, trillions of dollars expected to add to the deficit from extending the expiring parts of the GOP's 2017 tax law.

The House is seen as taking the lead, with Speaker Mike Johnson (R-La.) publicly aiming for a Memorial Day deadline to get a bill on Trump's desk.

In this episode of Talking Tax, Bloomberg Tax federal editor Kim Dixon talks to congressional reporters Chris Cioffi and Zach Cohen about what to expect in the next work period.

Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

388 episodes

Congress Returns With Ambitious Plans to Move on Tax Extensions

Talking Tax

132 subscribers

published 18 days ago

MP3•Episode home

The Senate's use of a so-called current policy baseline wipes away, on paper, trillions of dollars expected to add to the deficit from extending the expiring parts of the GOP's 2017 tax law.

The House is seen as taking the lead, with Speaker Mike Johnson (R-La.) publicly aiming for a Memorial Day deadline to get a bill on Trump's desk.

In this episode of Talking Tax, Bloomberg Tax federal editor Kim Dixon talks to congressional reporters Chris Cioffi and Zach Cohen about what to expect in the next work period.

Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

388 episodes

#Business News #Government #Bloomberg Tax #News #Andrea Ben #Taxation #Business

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Talking Tax

1
IRS Workforce Cuts, Leadership Departures Ripple Across Agency 14:19

4 days ago14:19

14:19

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 administration decisions that stretch boundaries of the law. Those departures in particular erode an important layer of defense to the IRS's most important missions: taxpayer data security and a fair tax system, former and current agency officials said. Most recently, two executives brought on to help the IRS build up its enforcement and reporting of digital assets left and were replaced by longtime IRS official Trish Turner. The leadership departures, combined with the broader cuts across different levels of the agency, make it harder for the IRS to collect revenue for the government and provide help to taxpayers. The IRS plans to lean more heavily on technology to make up for the lost workers. In this episode of Talking Tax, Bloomberg Tax reporters Erin Slowey and Erin Schilling discuss who's replacing executives who have left, the impacts of the high turnover, and what happens when workers who want to leave can't. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
Why GOP Lawmakers Are Targeting the US Audit Board 12:30

11 days ago12:30

12:30

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 in the early 2000s to restore investor trust following high-profile corporate accounting scandals at Enron Corp. and WorldCom Inc. The move to eliminate PCAOB threatens to derail independent oversight of auditors charged with vetting the financial reports of public companies worth trillions in stock value, according to Bloomberg Tax senior reporter Amanda Iacone. On this episode of Talking Tax, Iacone speaks with Benjamin Freed, Bloomberg Tax team lead for state tax and financial accounting, about why the PCAOB is being targeted now, previous attempts to curb its influence, and what a potential disbanding could mean for audit firms. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
Congress Returns With Ambitious Plans to Move on Tax Extensions 15:38

18 days ago15:38

15:38

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 on the campaign trail. The Senate's use of a so-called current policy baseline wipes away, on paper, trillions of dollars expected to add to the deficit from extending the expiring parts of the GOP's 2017 tax law. The House is seen as taking the lead, with Speaker Mike Johnson (R-La.) publicly aiming for a Memorial Day deadline to get a bill on Trump's desk. In this episode of Talking Tax, Bloomberg Tax federal editor Kim Dixon talks to congressional reporters Chris Cioffi and Zach Cohen about what to expect in the next work period. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
IRS Workforce Cuts to Impede Progress on AI, Modernization 20:32

25 days ago20:32

20:32

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 intelligence at the agency before his retirement in January. When he left, he said the IRS was piloting an AI tool to help employees search the Internal Revenue Code. The agency also used AI to improve taxpayer services, such as with chatbots, and to make enforcement more efficient. But the workforce cuts could hinder that progress, Johnson said. "I'm especially concerned with proposed cuts in what we call the field staff, the folks who process tax returns and conduct audits," he said. "Because to the extent that we lose that subject matter expertise, our ability to train and validate AI applications will be diminished." In this episode of Talking Tax, Johnson talks to Bloomberg Tax reporter Erin Schilling about the challenges of relying on technology with a shrunken staff, how the research division uses taxpayer data while upholding confidentiality, and what it means for the agency when top executives leave. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
Tariffs, Trump's Global Tax Snub Hit OECD Negotiations 30:31

5 weeks ago30:31

30:31

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 rejected key elements of the deal that it says infringe on US tax sovereignty. The administration has especially taken issue with the deal’s undertaxed profits rule, which countries can use to tax companies from other jurisdictions if they aren't paying the minimum tax there. And it has raised objections to countries' imposition of digital services taxes. On Wednesday, President Trump announced a 90-day pause on higher reciprocal tariffs that hit many US trade partners earlier in the day, and raised duties on China to 125%. The conflict could spark a reaction away from global tax policy negotiations and toward more bilateral, one-on-one dealings between countries as nations look to retaliate or cut a deal with the US. On this episode of Talking Tax, reporter Caleb Harshberger talks with PwC global tax policy leader Will Morris and Michael Plowgian, a partner at KPMG and former deputy assistant secretary for international affairs at the Treasury Department. They discuss the current state of negotiations, the complexity of numerous moving parts, and prospects for the US's ongoing role vis à vis the European Union and other nations. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
What the Changing IRS Workforce Means for Taxpayers 20:50

6 weeks ago20:50

20:50

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 staff who can answer phones will mean backsliding in improved service levels, former National Taxpayer Advocate Nina Olson warns. On this episode of Talking Tax, Olson talks to Bloomberg Tax reporter Chris Cioffi about the potential for brain drain at the agency amid a wave of resignations and whether major upheaval might lead to an erosion in taxpayer trust. They also tackle the danger of taxpayer data privacy violations as Musk's Treasury Department team gains access to the department's payment systems. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
Corporate Transparency Act Rules Rollback Shakes Suits 15:29

7 weeks ago15:29

15:29

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 reports to the Financial Crimes Enforcement Network. But in a pivot from the previous administration, the Treasury now says all US entities are exempt from reporting requirements. The move was the latest twist in a wave of litigation against the law, which some companies argue oversteps Congress's authority to regulate interstate commerce. Following a nationwide injunction blocking the CTA's enforcement in December 2024, businesses across the country faced whiplash as the law and the previous version of its implementing regulations were successively enjoined past the original January 2025 compliance deadline. But now, facing a narrower scope of which companies are obliged to comply under new rules, appeals courts must now grapple with whether newly exempt domestic companies retain their standing to sue. On this episode of Talking Tax, Bloomberg Tax audio producer David Schultz talks with Bloomberg Law reporter John Woolley about the year-long legal drama around the Corporate Transparency Act, how the Trump administration disrupted that litigation, and how the Treasury's policy changes could impact the fight against international financial crime. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
Tax Cuts, Credits Hang in Balance for NY Budget Talks 17:45

8 weeks ago17:45

17:45

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 Democratic-led lawmakers want. As in recent years, lawmakers have proposed raising taxes on the highest-income earners and corporations, which Hochul has rejected in the past. There are divergent approaches to how much to expand the state’s child tax credit. And the Senate wants to tailor the governor's idea of sending New Yorkers sales tax rebates—a salve to inflation—to just seniors rather than all taxpayers. Other issues include an expansion of New York's film tax credit program to benefit more independent movies and whether the Metropolitan Transportation Authority's funding needs will disrupt the various tax proposals. On this episode of Talking Tax, Bloomberg Tax state editor Benjamin Freed talks with New York correspondent Danielle Muoio Dunn and Bloomberg Government Albany correspondent Zach Williams about the budget process, the political stakes for Hochul ahead of her 2026 re-election campaign, and the odds that lawmakers wrap up the budget by their April 1 deadline—or at least the first night of Passover. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
Tariffs Shake Up Companies' Transfer Pricing Planning 24:32

9 weeks ago24:32

24:32

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 company can adjust the transfer price to pass that cost to other, related entities. That can present opportunities to reduce the impact of tariffs—but also may lead to risks of audits from tax and customs agencies. And with so much unknown, it's become hard for companies to find tax certainty, said Summer Austin, partner at Baker McKenzie. Austin and Baker McKenzie partner Jennifer Revis talked to Bloomberg Tax reporter Caleb Harshberger about what the tariffs mean for transfer pricing and how companies should respond. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690…

Talking Tax

1
Treasury Equity Hub Caught in Trump's DEI Crosshairs 15:31

10 weeks ago15:31

15:31

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 said. A 2023 high-profile study showed that Black taxpayers were disproportionately audited, a finding that led the IRS on a campaign to fix the problem, though the future of that work is unclear. Trump has launched a war on diversity, equity, and inclusion efforts both in the federal government and the private sector, with mixed success. A federal judge blocked portions of his orders to end DEI programs because they could threaten free speech. Still, the corporate world has started rolling back diversity efforts in response to the administration's efforts. Lim and her team have been on administrative leave since the start of the new administration. She said she expects the team will receive layoff notices in the next wave of federal workforce reductions. In this episode of Talking Tax, Lim tells Bloomberg Tax reporter Erin Schilling that ending DEI programs in the IRS and Treasury might have cascading impacts on the US tax system. For this tax filing season, it might mean the IRS has more trouble conducting outreach to underserved communities. But over the long term, if people feel the tax system is unfair, there could be more instances of people choosing to not file or to cheat on their taxes. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690…

Talking Tax

1
US Audit Board's Future Depends on Trump, GOP Moves 17:46

11 weeks ago17:46

17:46

The US audit board has already been forced to revise its priorities as the Trump administration begins to reshape the federal government. The Public Company Accounting Oversight Board pulled an auditor disclosure rule that was set for SEC approval earlier this month. The audit board opted to delay finalizing another project that would expand how auditors consider the financial impact of their clients’ law violations days after Donald Trump's November election win. But deeper changes might be coming to the Enron-era regulator, which Congress designed to be an auditor watchdog. Republicans previously targeted the PCAOB through legislation and budget proposals that would have eliminated the independent regulator. Project 2025, considered a playbook for the second Trump administration, similarly called for the SEC to take over the board’s work. Any major changes in board leadership could usher in the third swing in priorities at the regulator since 2017. Ally Zimmerman is an associate professor of business administration at Florida State University and a former fellow at both the PCAOB and Securities and Exchange Commission, which oversees the board’s work. In this episode of Talking Tax, Zimmerman spoke with Bloomberg Tax reporter Amanda Iacone about the PCAOB's future and what auditors and the investors who depend on their work can expect in the coming months. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
How Budget Reconciliation Works for Tax Cut Extensions 17:58

12 weeks ago17:58

17:58

Republicans in Congress have been working to find consensus to cement tax code changes made in President Donald Trump’s first presidency and jump-start his new administration using the budget reconciliation process. The maneuver allows Republicans with full control of Washington to avoid the Senate’s filibuster, so they can effectively move legislation without Democrats’ support. But the process is complicated and comes with many potential pitfalls. The process will be made all the more difficult for congressional GOP leadership, which must deal with the pressures of Trump's demands for tax cuts while guiding its fractious conference. House GOP lawmakers in particular will need near-uniform consensus because of its thin majority. Sarah Binder is a senior fellow in governance studies at Brookings and a professor of political science at George Washington University. She specializes in Congress and legislative politics as well as Congress’s relationship with the Federal Reserve. On today’s Talking Tax, Binder walks Bloomberg Tax reporter Chris Cioffi through the history of reconciliation since it was created in the 1970s and what lawmakers can and can't enact through the process. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690…

Talking Tax

1
Companies Mull Gaps in Brazil's Transfer Pricing Rules 10:58

13 weeks ago10:58

10:58

Brazilian taxpayers and practitioners continue to clamor for more guidance on the country's new transfer pricing regime implemented last year. The country switched from a mathematical model to an arm's-length principle for transfer pricing last year, bringing it in line with global standards. That pivot left a lot of questions for the Receita Federal, the country’s revenue authority, to answer through guidance, and it's been working to issue rules ever since. Most recently, Brazil issued instructions requiring extensive reporting and documentation of transactions involving commodities and how companies calculate their transfer pricing positions. Transfer pricing involves valuation of transactions between entities within a corporate group. Intragroup transactions must be conducted at arm’s length—priced similarly to transactions between unrelated companies. The country’s auditors are gearing up to enforce Brazil's new rules, sparking some concerns among practitioners that many new auditors will be learning on the job and that these early examinations won’t go smoothly. RSM US senior tax manager Nina Baumbach spoke with reporter Caleb Harshberger about the changes and what they mean for companies. She said companies need more guidance and clarity from the government on intangibles and other topics. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
IRS Crypto Reporting Rules Face Industry, GOP Ire 15:15

14 weeks ago15:15

15:15

Treasury Department and IRS finalized rules requiring crypto exchanges to provide information on taxpayers’ buying and selling activities are meeting industry and Republican pushback. Centralized brokers must issue form 1099-DA, starting in 2026 for tax year 2025, and decentralized brokers are to start doing so in 2028 for tax year 2027. The form includes such things as personal data, gross proceeds on sales, and transaction dates. Crypto tax advisers bring up two themes about the new rules: First, it's challenging for some brokers to implement the infrastructure needed to comply with the reporting requirements because tracking transactions is a huge undertaking when trades happen so quickly. Second, some Congressional Republicans don't like the rule and have introduced a joint resolution to nullify parts of the regulations. In this episode of Talking Tax, Bloomberg Tax reporter Rebecca Chen chats with Jessalyn Dean, vice president of tax information reporting at digital asset tax and accounting platform Ledgible, on the requirements and enforcement efforts, and how they might change under the second Trump administration. —Produced by Mo Barrow. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.…

Talking Tax

1
Ex-OECD Delegate Talks Global Tax Deal, Trump Memo 17:06

15 weeks ago17:06