Bloomberg Tax

Republicans plan to leverage their sweep of the White House and Congress in the November elections to unilaterally move sweeping tax legislation, promising to push through renewal of the 2017 GOP tax law in the first 100 days of power. Unlike most legislation in the narrowly divided federal legislature, simple majorities will be able to move that bill thanks to a process known as budget reconciliation. The procedure removes the fear of a 60-vote filibuster in the Senate threshold halting their progress, but the complicated process makes it easier for GOP lawmakers to enact President-elect Donald Trump’s agenda without support from Democrats. And it’s not without challenges. Read more from Zach C. Cohen: https://lnkd.in/eUPmj8KH

Bloomberg Tax Compliance Tracker just got even better. In response to customer feedback, users can now track and collaborate on filing activities for income tax obligations in over 200 countries. Additionally, the tool now supports automated monthly VAT forms for more than 100 countries, as well as monthly sales and use forms for U.S. Sales & Use taxes. Learn more about the latest updates to our tool that helps tax professionals automate the manual process of collecting tax rates, dates, and forms: https://lnkd.in/ehu8ZRKf

This week, we gathered lawmakers and industry leaders to discuss the tax policy landscape under the new administration. In a conversation with Senior Reporter Chris Cioffi, Sen. Ron Johnson (R-WI) addressed Congress and the incoming administration's top priorities. When asked about the feasibility of tariffs offsetting President-elect Donald Trump's tax policy proposals, he said, "Last year we imported about $4 trillion and we exported about 3 trillion. So if you slap a 10% tariff on all your imports, that's about 400 billion. We raised something like 2.6 in individual income tax. So obviously that doesn't offset it, and if you slap on tariffs, you're going to have fewer imports, and so the revenue's going to be less. And as the former panel said, it is some of those tariffs that are then used to pay for the harm done to farmers or to other manufacturers who are harmed by the tariffs. So again, I view, again, I'd like to see a tariff-free world. I can see where tariffs are being used strategically in certain areas to discipline bad actors, but I'd like to have as few as possible.” Watch the replay of our event to hear more from Senator Johnson and event panelists Alex Brill, Jorge Castro, Aruna Kalyanam, and Rep. Adrian Smith (R-NE) on tax legislation: https://lnkd.in/eh8G_3FJ

Managing fixed assets data presents significant challenges for tax professionals, but it doesn't have to be this way. Automation software can optimize your fixed assets data management workflow and reduce risk, creating tax savings opportunities, new efficiencies, and improved bottom lines. In a recent article for CPA Practice Advisor, our very own Evan Croen covers the six ways fixed assets software provides tangible benefits: 1?? Strong data controls 2?? Customized reporting 3?? Data sharing and visibility 4?? Reduced miscalculations 5?? Scalability 6?? Actionable data insights Read Evan's article to discover how automation can benefit your tax department: https://lnkd.in/eieXN5CZ

E-commerce giants like eBay and Venmo are preparing to send a flood of additional forms to taxpayers while still holding out hope that lawmakers and the Internal Revenue Service will act fast to help avoid the inevitable resulting confusion. Millions more people selling online will receive a tax form for their business transactions beginning in January, the first step toward implementing a 2021 law that drastically lowered the threshold for these companies to report to the IRS information about users receiving over $600 in revenue a year. The previous threshold was $20,000 and 200 transactions. Read the full story from Erin Slowey: https://lnkd.in/ebRVknzz

We are pleased to announce the 2024 honorees of the Author Awards for International Tax and name Gary Sprague as this year's recipient of the Leonard L. Silverstein Award for his longstanding contributions to the field. The awards, presented at the International Fiscal Association (IFA) Congress in Cape Town, recognize our tax authors for their contributions to our organization and elevating the field of international tax. “Our authors provide essential expertise and actionable insights, enabling tax professionals worldwide to manage the evolving complexities of international tax laws and regulations," said Lisa Fitzpatrick, President, Bloomberg Tax. Irene Yong, Anand Raj, Arthur Kristoffersen, and Wim Panis were recognized with awards for outstanding authorship. Irene Yong and Anand Raj were recognized as International Tax Portfolio Authors of the Year for their work on the Business Operations in Malaysia Portfolio. Arthur Kristoffersen received the International Tax Portfolio Author of the Year award for his contributions to the Transfer Pricing Rules and Practice in Norway Portfolio. Wim Panis was honored with the International Tax Contributor of the Year Award for his years of hard work updating and improving the Belgium chapter of the VAT Navigator. Congratulations and thank you to the honorees for their outstanding thought leadership and commitment to helping our customers navigate the increasingly complex international tax landscape. https://lnkd.in/eygAVbui #IFA2024

Tired of manually preparing various tax provision reports? Bloomberg Tax can help.?In this video, Mackda Dinberu explains how our tax provision software automates complex calculations to ensure your provision is accurate and always ties out. To learn more, visit: https://lnkd.in/e6QjsWhS

Developing generative AI tools is not a set-it-and-forget-it proposition – we must continue to evaluate AI outputs for accuracy, quality, and other important metrics to ensure our customers can trust the responses we give. We also know that AI alone cannot be used to assess its own quality. At Bloomberg Industry Group, we have developed standards to consistently evaluate our AI products. Our benchmarking framework measures the accuracy, quality, relevance, and safety of our AI output in sound and reproducible ways. Here, I lay out our evaluation process and criteria to ensure our customers can trust our AI tools.

How do tax professionals feel about AI? So far, there is a lot of enthusiasm about how it can be leveraged, but can it be trusted? ?? In this clip from our 'Truth About AI for Tax' event, Deloitte Managing Director Sharad J. describes the current sentiment on AI among tax pros. According to Jha, the excitement around the technology mostly applies to three categories: ? Personal Productivity ? Vendor Tools ? Bespoke Custom Solutions For more from Jha, watch the replay of our event to gain an understanding of how AI can transform your tax practice: https://lnkd.in/e66ZNprJ

The victory by Donald Trump in the US presidential election boosts the odds that Republicans will be able to push through a straight extension of their 2017 tax law. A Trump win, alongside the GOP takeover of the Senate, would mean tax rates on the wealthiest and corporations won’t take a significant hit when Congress tackles how to handle the expiration of much of the GOP’s signature tax law next year. With the House undecided, it’s still unclear if Democrats will have any lever of power in Washington to counter Republicans. Read how the 2025 tax fight might shape up in the latest from Kim Dixon: https://lnkd.in/eArj33Xd