Bloomberg Tax’s Post

At this year's Bloomberg Tax Leadership Forum, Timothy Power, who serves as deputy director for business and international tax in His Majesty's Treasury of the United Kingdom, chair of OECD Tax's Committee on Fiscal Affairs, and co-chair of the OECD/G20 Inclusive Framework on BEPS, joined us for a keynote panel. The panel, moderated by Julie Joy, reflected on the state of affairs of the global tax reform. In this video, Power covers the current stage of negotiations around Pillar One within the Inclusive Framework. For more expert insights, watch the full replay of the event: https://lnkd.in/eVsHDYpH

The IRS’s most controversial regulations are more vulnerable to litigation after the US Supreme Court overturned a legal doctrine empowering federal regulators, as companies and individuals seek a fair shake from the agency. The ruling is expected to prompt a stream of litigation in areas—ranging from syndicated conservation easements to health insurance subsidies—where the Internal Revenue Service and U.S. Department of the Treasury stretched their regulatory authority and are already facing court challenges. Other contentious issues such as President Joe Biden’s tax-and-climate law or the agency’s own electronic filing system also could be exposed to new litigation, attorneys said. “Companies don’t like to take a position contrary to a regulation, but now it may make sense to do so in a wider range of circumstances,” David Noren, a partner at McDermott Will & Emery, said. Read more from Erin Slowey and Chris Cioffi: https://lnkd.in/ePzhTRB5

With Bloomberg Tax Fixed Assets’ new integration with Bloomberg Tax Workpapers, you can stop wasting time manually prepping fixed assets data and gain confidence with transparent automation that ensures accuracy. Learn how our solution automates your fixed assets import and export process: https://lnkd.in/eBRhdC32

Automation and integration are changing the tax landscape, and we are at the forefront. In an interview with Tax Executives Institute Senior Editor, Michi Trota, our very own Evan Croen addressed the challenges tax departments face and how new technology, including AI, can address them. Read the full interview: https://lnkd.in/eUccZmRb

The global minimum tax is turning out to be a huge compliance hurdle for many multinationals, especially those with subsidiaries spread out across hundreds of cities across the globe. Our new report, Pillar Two: What’s Ahead, unpacks the details of OECD Tax's roadmap on the tax – including the initial 70-page model rules, commentary, and guidance. Download your complimentary copy to explore the challenges and disputes that loom under the new regime: https://lnkd.in/eJ9pF3GX

EY will reset base salaries for its accounting recruits starting this fall with pay raises of more than 10%, the Big Four firm said. EY also plans to keep increasing starting salaries for two additional years as well as boost pay for other early-career accountants. The higher wages are part of a $1 billion, three-year commitment by EY to attract and train incoming accountants for the artificial intelligence era. Bigger paychecks from firms like EY that dominate the market will set the pace for higher wages across the industry, pressuring mid-tier and even smaller regional firms to step up and boost their entry-level pay. Learn more about the pay raises from Amanda Iacone: https://lnkd.in/eajSP-nW

To explore the intricacies of the ongoing global tax reform, we gathered leading voices in the space for our annual Leadership Forum. This year's forum focused on practical takeaways from the process of implementing OECD Tax's two Pillar approach, which introduced significant changes to international tax rules for multinational companies. "With over 130 countries agreeing to significant changes aimed at curbing tax competition and cross-border avoidance, this Forum is timely for multinationals and their advisors, who are seeking to understand these reforms and determine how to effectively comply with them," said Bloomberg Tax President Lisa Fitzpatrick. Watch the replay for expert insights on the state of affairs of global tax reform: https://lnkd.in/eVsHDYpH

EY plans to invest $1 billion to boost wages for entry-level accountants and expand the Big Four firm’s use of artificial intelligence as part of its efforts to boost interest in CPA careers. The US firm said the higher pay would put young accountants on par with compensation for other business school graduates—a move that could close a wage gap that has contributed to waning interest in the accounting profession. By moving ahead of its competitors, firm leaders also hope to cement EY’s place as a top employer to start a tax or audit career. “It’s time to put accounting graduates on par with other business-degree holders,” Dante D'Egidio, EY Americas vice chair for assurance, said in a statement. Read more from Amanda Iacone: https://lnkd.in/emXHk8FM

OECD Tax recently released new guidance on Amount B of Pillar One to simplify transfer pricing for taxpayers, but the rules are complicated. For a comprehensive breakdown of this guidance and insights on what to expect next from the OECD, download our new complimentary report: https://lnkd.in/etQkUTAM