Bloomberg Tax

Held annually, the Bloomberg Tax Leadership Forum brings together global leaders in tax for conversations on the most pressing matters tax professionals face. This year, the forum addressed global tax reform, with a focus on unsolved issues with Pillar One’s Amount A and B and Pillar Two challenges and opportunities. In this video, Benjamin Angel, the director of direct taxation, tax coordination, and economic analysis and evaluation at the European Commission, discusses what makes certain EU tax directives redundant in a conversation moderated by Julie Joy. For more insights from Angel and our other esteemed speakers, watch the full replay of the event: https://lnkd.in/enNR5UkD

The IRS has issued final regulations raising the age at which workers must start taking funds out of their qualified retirement accounts.⁠ ⁠ The final rules released Thursday reflect changes from the SECURE Act 2.0 that allow account holders to leave 401(k), 403(b), and individual retirement account savings in place past the previously prescribed age of 70½ while still avoiding heavy excise taxes typically associated with late withdrawal of those assets.⁠ ⁠ Read more from Ben Miller: https://lnkd.in/eUy9Jh5z

With 40+ entities around the globe, Hyland is responsible for a large number of tax calculations, which meant they often had to rely on outsourcing that work to outside advisors. The tax department went from primarily outsourcing complex tax calculations to leveraging Bloomberg Tax’s integrated suite of solutions to enhance efficiency, control, and in-house capabilities. Read the full case study for more on how Hyland reduced reliance on outside advisors with our suite of solutions: https://lnkd.in/eh9sr3Di

Bloomberg Tax Research ensures that our customers have a deeper understanding of federal, state, and international tax laws and regulations, enabling them to develop a sound and responsive tax strategy. To ensure customers are maximizing their ROI, we surveyed nearly 300 tax professionals who regularly use our product as part of their workflow. Review our findings to discover how Bloomberg Tax Research can add strategic value to your organization: https://lnkd.in/emKVRD5c

Nobody wants to come back from the dead poor.⁠ ⁠ Luckily for the rich, making wealth immortal is more solvable than reversing death.⁠ ⁠ Estate attorneys are creating trusts aimed at extending wealth until people who get cryonically preserved can be revived, even if it’s hundreds of years later. These revival trusts are an emerging area of law built on a tower of assumptions. Still, they’re being taken seriously enough to attract true believers and merit discussion at industry conferences.⁠ ⁠ “The idea of cryopreservation has gone from crackpot to merely eccentric,” said Mark House, an estate lawyer who works with Scottsdale, Ariz.-based Alcor Life Extension Foundation, the world’s largest cryonics facility with 1,400 members and about 230 people already frozen. “Now that it’s eccentric, it’s kind of in vogue to be interested in it.”⁠ ⁠ By one estimate, about 5,500 people are planning for cryogenic preservation. House estimates he’s worked with about 100 such people.⁠ ⁠ He and others are trying to answer questions that at times seem more like prompts in a philosophy class.⁠ ⁠ Can money live indefinitely?⁠ ⁠ Are you dead if your body is cryonically preserved?⁠ ⁠ Are you considered revived if you have only your brain?⁠ ⁠ And if you’re revived, are you the same person?⁠ ⁠ Read more from Erin Schilling: https://lnkd.in/efT2CJyy ⁠ Graphics: Jonathan Hurtarte

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

With built-in automation capabilities, our suite of tax solutions mitigates risk, saves time, and gives your team a clean, repeatable process. In this video, Ellen Barker, CPA covers the benefits of the tax-focused AI-powered automation capabilities within our suite of interconnected tools. Learn more about how our solutions will help your workflow: https://lnkd.in/ehXgMx8e

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