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Filing taxes can be a complex process involving different rules and stipulations for American citizens living outside of the United States.
What do Americans citizens living abroad need to know about US taxes?
On today's episode of the Taxgirl podcast, Kelly is joined by Nathalie Goldstein to talk about expat taxes for Americans living outside the United States. Nathalie is the founder and CEO of MyExpatTaxes. As an IRS Enrolled Agent, she specializes in US expat taxes, helping the 9 million Americans like herself living abroad required to file US taxes based on citizenship-based taxation.
Listen to Kelly and Nathalie discuss the expat tax journey:Nathalie speaks about her own experience becoming an expat and learning how to process expat taxes.What exactly do Americans living abroad need to know? How are taxes different for expats?Kelly and Nathalie talk about foreign accounts, claiming Expat Tax benefits, and avoiding becoming double-taxed on foreign income.What do expats need to know about other tax returns, F bar requirements, and other disclosures?What tax complexities are involved with forming a business abroad and incorporating it?What penalties can be associated with these complex tax filings?Kelly and Nathalie share their thoughts on controversy and compliance issues for expats and international clients. Additionally, they provide insights and advice to those influenced by fear-mongering regarding tax compliance.Nathalie discusses the IRS services for international taxpayers, including complications with processing mailed tax returns and accessing their online accounts.To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links mentioned:Kelly’s Website: Taxgirl
MyExpatTaxes Website: MyExpatTaxes
MyExpatTaxes Instagram: @MyExpatTaxes
MyExpatTaxes TikTok: MyExpatTaxes
MyExpatTaxes Youtube: MyExpatTaxes
MyExpatTaxes Twitter: @MyExpatTaxes
MyExpatTaxes Linkedin: MyExpatTaxes
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Supporting gender equality within the global tax accounting and legal industries is essential. This month, female representation takes on even more meaning, as it is Women's History Month.
What is the importance of gender equality within the tax profession?
On today's episode of the Taxgirl podcast, Kelly is joined by Kate Barton to talk about gender equality in the tax profession. Kate is EY Global Vice Chair - Tax, where she oversees all aspects of EY’s tax strategy and operations, people development, client relations, quality control, risk management, thought leadership, knowledge, and learning. She also leads the EY tax executive committee.
Listen to Kelly and Kate discuss gender equality:What has changed in terms of gender equality, and how should women continue to move forward in the tax profession?What can women in leadership positions do to encourage and support women who are on their way up?Kelly and Kate share their thoughts on mentorship between women in the tax profession.What are some obstacles that Kate sees most for women in the tax profession on the way to achievement?Has the change in the workplace to remote and hybrid structures generally been positive or negative for women? Kate shares her thoughts on upskilling and education for women in the tax profession.Kelly and Kate speak on increasing diversity and gender equality in the tax profession.To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links mentioned:Kelly’s Website: Taxgirl
Kate’s Twitter: @KateBartonEY
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Recently, Americans have experienced rising prices. But when it comes to economic inflation, how does this affect the taxes you are expected to pay?
How could the impact of inflation affect your tax bill?
On today's episode of the Taxgirl podcast, Kelly is joined by Tim Speiss to talk about the impact of inflation and rising prices on taxes in 2022. Tim is the CPA and partner of EisnerAmper LLC's wealth advisory group. He has over 30 years of experience providing comprehensive tax planning and related investment, compensation, and financial planning services.
Listen to Kelly and Tim discuss taxes and inflation:For taxpayers who may be in the position of needing to write checks to the IRS, what information and advice should they know regarding the effects of inflation on their taxes?Tim provides holistic advice for effective financial and tax planning, like utilizing advisors and implementing goals.Kelly and Tim speak on the value of taxpayers seeing professional specialists and personal wealth advisors who handle financial portfolios.When using a holistic approach to developing long-term plans, what kinds of documentation should taxpayers look at?What should taxpayers understand about charitable giving? With some people struggling with new economic burdens brought on by inflation, how can tax professionals help?How does charitable planning relate to retirement when people try to use their retirement funds or retirement planning to accomplish a charitable goal?Tim and Kelly discuss retirement changes, and Tim emphasizes the importance of starting a 401k plan early in life.Homes and life insurance are significant sources of income or wealth-building investments. What components of these should taxpayers consider during tax season?Tim provides his thoughts on whether the tax filing date should be changed.To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links mentioned:Kelly’s Website: Taxgirl
Tim’s LinkedIn: Timothy P. Speiss
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Over the past few years, the IRS has increased its compliance and enforcement efforts focused on payment transactions between US and foreign persons. However, these new information reporting requirements for compliance can be confusing and intimidating for taxpayers.
What changes has the IRS made to tax information reporting requirements?
On today's episode of the Taxgirl podcast, Kelly is joined by Tara Ferris to talk about the new requirements for tax compliance. Tara is a Principal in the Financial Services Office of Ernst & Young LLP. In this role, Tara advises multinational financial institutions and asset managers on customer tax reporting and withholding. In addition, she focuses on process and control improvements to create efficiencies and reduce risk. Before joining Ernst & Young LLP, Tara served as Senior Counsel and worked on matters relating to FATCA, non-resident alien withholding and reporting, and international aspects of domestic information reporting.
Listen to Kelly and Tara discuss tax reporting requirements:There's more emphasis now on reporting requirements, either for US payments to foreign persons or foreign income received by US persons. How has the expansion of information reporting impacted the professional tax practice? How should tax professionals communicate to their clients and financial institutions that they work with which forums are important, and when they need to issue them?When working with financial institutions with clients who don't wish to be reported, how should tax professionals convince them that they need to give up the data, especially in countries where they may have built their entire system around the idea that it's secret?What should a taxpayer do if they think they're supposed to get a forum and didn't, or that form doesn't come through? Is that something that a taxpayer should have a conversation about with their financial institution or tax professional?Many clients struggle with the idea that they could have a reporting requirement that they aren't aware of or have reporting requirements they didn't even know existed. As a tax professional, how should one advise clients to figure out what those are?Kelly and Tara discuss reporting and the burden on the taxpayer to make sure that that information is correct, keep records, and balance the way they use their tax data.With the recent changes in tax reporting requirements, will taxpayers need to be reeducated on what is taxable and what is not? Are we suffering from an overreliance on tax forms to navigate this new territory?Now that more mainstream financial institutions adopt crypto in various forms, could this make it easier or harder for the IRS to enforce crypto reporting? Tara and Kelly provide their opinions about the long road ahead for crypto reporting and tax preparation.Tara speaks on her predictions of the tax reporting space in the upcoming years.To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links mentioned:Kelly’s Website: Taxgirl
Tara’s LinkedIn: Tara Ferris
EY Tax Operations: Customer Tax Operations and Reporting Services
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The world seems to be finally recovering as we come out of the pandemic. The global economy has rebounded and the global GDP is projected to increase. But will this trend continue?
What do CEOs think about the economy and next steps?
On today's episode of the Taxgirl podcast, Kelly is joined by Kathryn Kaminsky to talk about global economic trends and their effects on tax professionals. Kathryn is Vice Chair - Trust Solutions Co-Leader of PwC. In this role, she oversees the largest Trust platform in the world, bringing together the firm’s combined Audit, ESG, Digital Assurance and Tax Reporting capabilities to best help clients as they seek to build trust with their stakeholders. As co-leader, Kathryn is responsible for the quality of service, excellence in the work performed by over 21,000 partners and staff, developing diverse teams and driving innovation.
Listen to Kelly and Kathryn discuss the state of the economy and the challenges ahead:PwC recently asked 4,446 CEOs from 89 countries and territories about continued economic resilience. Kelly and Kathryn speak about the survey results and how they could affect the tax profession. Kelly and Kathryn discuss the optimism displayed in the survey and the reasons many respondents may have for maintaining optimism regarding this topic.What challenges may leaders and CEOs of larger companies face in the current economic state, and how are they making adjustments to combat them?Kathryn shares her insight about the labor shortage, the Great Resignation, and how companies have been navigating these workforce management trends.What are the common concerns of CFOs or CEOs when it comes to US tax policy and the implications of the OECD? Since the pandemic began, many technological innovations have changed how we do business and characterize industries. What future effects can we expect from these changes on business categorization and economic growth?How invested are CEOs and leaders of bigger corporations with the tax planning process?The PwC survey featured the topic of succession. How important is succession planning for companies, particularly larger ones, and multinationals?Kathryn provides her most important advice for tax and accounting and legal professionals related to the survey and our current economic trajectory.To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links mentioned:Kelly’s Website: Taxgirl
Kathryn’s LinkedIn: Kathryn Kaminsky
Kathryn’s Twitter: @Kaminsky001
PwC: Kathryn Kaminsky
PwC 25th Annual Global CEO survey
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Over the past year, there have been significant changes to the child tax credit. So what exactly do taxpayers need to know about the differences from last year to this year, and how will those changes affect them?
What do people need to know about changes to the Child Tax Credit?
On today's episode of the Taxgirl podcast, Kelly is joined by David Newville and Gabriel Zucker to talk about the mechanics of these tax changes.
David Newville is Senior Program Director for Tax Benefits at Code for America. David has spent the last decade in Washington building financial security for low- and moderate-income people, including during a stint as a Senior Policy Advisor at the Treasury Department during the Obama administration.
Gabriel Zucker is the Associate Policy Director for Tax Benefits at Code for America. Zucker has nearly a decade of experience in the evaluation, design, and implementation of progressive policy and has previously conducted research and advocacy on veteran homelessness programs and paid family leave.
Listen to Kelly, David, and Gabriel discuss the Child Tax Credit:What is the newest expansion to the Child Tax Credit (CTC), and what do taxpayers need to know?Kelly, David, and Gabriel discuss the role of advance payments in relation to the CTC expansion.The CTC is similar to and different from the pandemic stimulus payments, causing confusion for taxpayers. How do they differ?What kinds of tools are available to families to ensure that they receive the credit they need? David and Gabriel talk about this and how they have been involved in the process.Many American taxpayers are reluctant to become involved with the IRS. How are IRS officials working to overcome the challenge of people's fear about turning over personal information?Kelly and her guests discuss possible future steps to provide economic support for taxpayers.What tools and options are in development for simplifying the tax filing process? Is there any other important information that taxpayers should know about the CTC's changes or tax filing trends?
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.
To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links mentioned:Kelly’s Website – Taxgirl
David’s Twitter – @dlnewville
Gabriel’s Twitter –
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Education has become less affordable in recent years leading many to take out student loans. Unfortunately, new borrowers often find it challenging to navigate the complex processes surrounding student loans and payments.
What information do borrowers need to make wise student loan decisions?
On today's episode of the Taxgirl podcast, Kelly is joined by Bobby Matson to talk about student loan debt. Bobby is the CEO of Payitoff, which provides technology solutions for producing positive financial outcomes for student loan borrowers. It was founded with the goals of streamlining the complicated student loan system and saving borrowers money.
Listen to Kelly and Bobby discuss student loans:How can technology solutions like apps and platforms help borrowers with the student loan borrowing and payment processes?Kelly speaks on her own student loan debt experiences and the confusion borrows face with complex processes like repayment rules, loan levels, and payment options.How can the topic of student loans be broken down in a way that is understandable to the people who have to pay them?Kelly and Bobby speak about the interest deductions that borrowers can get on their taxes for having student loans and the qualifications involved.Why is it important, and why can it be helpful to have conversations and educate students about student loan options?There are few options available that provide simple assistance with loan repayment, as the system is complex. Bobby explains why software offered by his company can help connect people with better repayment methods.Many people must choose which debts to repay before others when it comes to repayment. How does the emotional component of debt impact people's repayment decisions? How does the stigma around borrowing affect the way people discuss and treat and discuss their debt?Kelly and Bobby discuss student loan forgiveness and the Department of Education's targeted relief programs for loan borrowers.How could access to information about loans and payment programs help people make better economic decisions?
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.
To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links mentioned:Kelly’s Website – Taxgirl
Bobby’s Twitter – @bomatson
Payitoff Twitter – @payitoffapp
Payitoff LinkedIn –
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The pandemic has brought on many changes in the last few years, and these changes have impacted the tax season in 2022.
What challenges and updates should people be aware of this tax season?
On today's episode of the Taxgirl podcast, Kelly is joined by Amber Gray-Fenner to talk about challenges impacting taxpayers and tax professionals this filing season.
Amber is an Enrolled Agent and owner of Tax Therapy, LLC, in Albuquerque, New Mexico. Amber considers herself a tax "general practitioner" who prepares returns for individuals and (really) small businesses and represents individuals before the IRS and, occasionally, the U.S. Tax Court (as a non-attorney practitioner admitted to the Tax Court bar). Amber is also a tax writer whose passion is translating "taxspeak" into English for taxpayers and tax practitioners. She writes to dispel myths with facts and to explain “the fine print” behind seemingly simple tax concepts. Amber is a contributing writer at Forbes.com covering individual tax issues and IRS developments, a contributing writer for ThinkOutsidetheTaxBox.com, and one of the authors of The Most Common Tax Mistakes Made by Small Businesses (Lily Tran, author/editor).
Listen to Kelly and Amber discuss this tax season’s challenges:What does Amber think are the challenges people will face this year regarding tax struggles or filing difficulties?Kelly and Amber discuss the ways that the IRS's slow and often inefficient processes may cause challenges for taxpayers and professionals this tax season.How would refund check delays impact the lives of people who rely on tax refunds? Would the IRS be to blame for these impacts?Does taxpayers' time to file their returns influence how soon they will receive their refunds? How can taxpayers find a balance between filing early to avoid risks like ID theft vs. waiting patiently to file a correct return?In what ways are taxpayers at risk of being taken advantage of?Amber and Kelly discuss how the IRS is under-resourced and how this could have long-term consequences to the tax process and the taxpayer's trust in the system.What can taxpayers and tax professionals do this season to make their lives easier? Amber discusses some of the options available to taxpayers to aid them in the filing process this season.How can taxpayers best prepare and organize their information when filing with a tax professional?In what ways can tax professionals be better at determining whether a relationship with a potential client would be a good fit? How should the price that tax professionals charge factor into this practice?
More about Kelly:Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.
To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening...
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With tax season starting, many taxpayers are considering the best ways to file their returns and prepare their tax documents. But, with so many methods and room for confusion, what knowledge should taxpayers have to make the process go smoothly?
What information should taxpayers know to prepare themselves for this tax season?On today's episode of the Taxgirl podcast, Kelly is joined by Mark Steber to talk about everything that taxpayers should know and expect this tax season. Mark is a Senior Vice President and Chief Tax Information Officer at Jackson Hewitt Tax Service.
Listen to Kelly and Mark discuss the upcoming tax season:Which tax payment processes are confusing and intimidating to DIY taxpayers this year?The IRS is not set up to help Americans get the most out of their tax experience regarding things like tax preparation and refunds. Mark shares his opinion on why this is the case.Kelly and Mark discuss the challenges facing nonfilers.Mark talks about why he encourages all taxpayers to ask their professionals upfront about the cost of their tax preparation services.How should tax practitioners promote their services and what they're offering?Big branded tax professional services are not always the best options for taxpayers to form long-lasting relationships with their tax professionals. Kelly and Mark address this concern that people have about these companies and their tax professionals.What should taxpayers be prepared for when working with a tax professional? What questions should they be asking to get the most out of their experience?Mark and Kelly discuss guarantees in the tax business, audit relief for audit protection, and what they think should be the role of a tax professional in those situations where taxpayers are looking for these guarantees.Last year stimulus checks presented a significant issue for taxpayers trying to file their returns. Kelly asks Mark what he thinks will be problematic for taxpayers this year.Should the tax filing season deadline be changed? Mark explains why he doesn't believe the deadline should be adjusted.
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.
To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links:Kelly’s Website – Taxgirl
Mark’s Website – Jackson Hewitt
Mark’s Twitter – @marksteber
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It comes as no surprise that recent events have had significant effects on the economy and businesses as a result. But with inflation causing soaring prices, many tax practitioners have experienced significant impacts on their professions.
What challenges are tax practitioners experiencing in 2022, and how can they successfully navigate the effects on their professions?On today's episode of the Taxgirl podcast, Kelly is joined by Tony Novak to talk about the impact of inflation on the tax practitioner profession. Tony is a serial small business entrepreneur in the Philadelphia area. He founded MedSave, a first-generation insurance exchange, and Freedom Benefits™, a benefits firm for contractor's business. He is a graduate of Delaware Valley University (BS, 1982), Temple University (MBA in Finance and Accounting, 1985), and Villanova Law School (MT, Compensation Planning, 1995). He primarily served the construction industry, including a term on the board of the National Association of the Remodeling Industry. Now his passion is promoting rural business redevelopment in South Jersey, promoting tax-free small business investments in restorative aquaculture, sustainable fishing, and waterfront recreation. He operates a sole practitioner CPA firm steps from the beach at Money Island, New Jersey that serves other entrepreneurs and investors.
Listen to Kelly and Tony discuss impacts on the tax profession in 2022:In the competitive world of tax practices, it can be hard to survive as a small businesses accounting firm. Kelly asks Tony for his opinion on how these professionals can adjust their practices to stay in business.How can tax practitioners identify the best billable rates for their service in a society where asking others is inappropriate?Kelly and Tony discuss the stress that individuals in the tax profession experience and its effect on their health, personal lives, and career decisions.Many people view hiring a tax practitioner as a discretionary cost rather than a necessary one and feel more comfortable with price shopping and deduction shopping. Kelly discusses this and its relation to the tax profession's stress on practitioners, especially those handling small businesses.Tony and Kelly speak on the importance of managing expectations and communicating effectively with clients. They touch on the innovative ways that technology is being used in recent years to benefit small businesses, practitioners, and their communication.What is the best method for making billing adjustments in the tax profession? How do billing methods relate to this regarding hourly rates and flat fees?In our increasingly cost-conscious environment, how can tax professionals navigate the decision to increase their rates and the effect of their rates on the quality of their services?Often, people don't consider the additional value that employing tax professionals can provide to them in the form of ensuring tax compliance and planning for their futures. How has this influenced the livelihood of tax professionals?Kelly and Tony discuss pivoting and how making adjustments to one's practice can be beneficial in an economy that is constantly changing.
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter,
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The Taxgirl Podcast discusses tax news, tax info, and tax policy. With so many taxation-related rules, facts, and updates, it's easy to be left with questions about tax processes. Luckily, the Taxgirl mailbag allows readers and listeners to submit their tax questions for Kelly to address.
What questions do listeners want to ask the Taxgirl?Can people make money "under the table" that is not reported to the IRS or recorded as a form of employment? Is this wrong, and what are the repercussions of choosing not to report this income?
How do Social Security taxes, Medicare taxes, and income reporting work for freelancers or self-employed people? What are the disadvantages to "working under the table" regarding benefits, retirement contributions, employment records, and payment conflicts?How are annual loss limits applied to losses and gains in the stock market? Are there annual losses that you can carry forward to later years after you've exhausted your capital gains?If you receive money as gifts, do you need to report the money to the IRS? Is there any scenario where this money could be excluded?Can people receive money gifts over $15k in multiple payments so that it is not taxed, or would this be considered structuring payments? What tax issues can accompany actions taken with the intent to avoid tax payments?How are monetary gifts taxed? How often does gift taxing affect middle-class taxpayers?How do reporting requirements affect cash deposits into bank accounts? If someone were to make a deposit of over $10,000, would the bank report it, and what would happen?Why might someone be denied a tax refund advance loan? If someone is turned down, can they reapply elsewhere?Can social media influencers/creators write off their college tuition as a deductible expense related to their business? What qualifiers make a business expense deductible?
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.
To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links:Kelly’s Website – Taxgirl
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The Organization for Economic Cooperation and Development (OECD) recently released details and proposed legislation on its global minimum tax plan. However, questions still linger regarding the details of the plan and the practicality of its proposed timeline.
What future developments could we expect to occur as a result of the OECD global minimum tax deal?On today's episode of the Taxgirl podcast, Kelly is joined by George Salis to talk about the OECD’s proposed global minimum tax plan. George is the principal economist and tax policy advisor of Vertex Inc. George has over 25 years of experience in international trade and taxation compliance, tax planning and controversy, fiscal regulation and tax economics consulting.
Listen to Kelly and George discuss the OECD’s global minimum tax plan:Kelly and George discuss the reasons the global minimum tax plan was created, and how the OECD’s plans for global minimum taxes have changed over the years.The OECD’s proposed legislation would make changes to the way many other nations have previously been implementing their minimum tax rates. Would the proposed plan’s frameworks be inclusive to these nations that are directly affected by this deal?By now most nations have signed on with the plan, so what does George believe is the next step? George provides his input, and mentions the ways COVID-19 could impact factors relating to the proposed legislation.What are the differences in economic challenges and obstacles affecting the United States as compared to other countries that will be influenced by this tax plan? Kelly and George discuss how these countries may choose to move forward, or whether they believe these countries would look to the US as an example for guidance.George believes that certain critical contingencies that have to have to be set in place for a multinational tax convention to take place, and explains how each of them would relate to this process.How would this tax agreement influence the business world with regards to economic competition? Does George believe that this change would be artificially increasing economic competition, or decreasing it, and if so how?There are two pillars to the agreement, and a lot of media attention has been placed on pillar two, and its impact on companies in and outside the US. George discusses his opinions on this, how these pillars would be addressed, and how time may influence their impact.Kelly and George share their thoughts about the proposed agreement with its regards to the imposition of digital service taxes on US companies.What would George tell tax practitioners and individuals to look out for next, as important future developments that may arise regarding this tax plan?
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.
To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app,
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In the world of taxes, change is to be expected. This is especially true when it comes to sales tax. Since the pandemic, there have been many changes to laws and regulations, and the rules regarding sales taxes are no exception.
What significant sales tax changes have occurred due to COVID-19, and how are business owners and tax practitioners supposed to keep up with all of these ongoing developments?On today's episode of the Taxgirl podcast, Kelly is joined by Liz Armbruster to talk about the changes we have experienced since the start of the COVID-19 pandemic and how we can prepare for continued developments. Liz oversees global compliance operations at Avalara. With more than 20 years of leadership experience in various technology sectors, including software, media, and services, Liz is known for her strong track record of innovative problem solving, process optimization, and ability to deliver automation for efficiency and scale.
Listen to Kelly and Liz discuss the impact that COVID-19 has had on sales tax changes and what we can expect in the future:What kind of impact does Liz see on taxes since the onset of the COVID-19 pandemic? Does she have any sense of how long we'll be dealing with some of these changes?How are Government agencies reacting or being proactive to the tax changes brought on by COVID-19?How could changing tax laws affect businesses currently exercising remote or hybrid work structures? Should companies be considering the potential of creating a nexus in another state due to their remote work policies?Liz explains what business owners should be paying attention to, especially when selling out of state, to ensure that they fulfill their obligations as sellers and comply with tax laws.An unexpected development from the pandemic was that some states saw a surplus in revenue. What trends could we see from these states as a result of this development, and how could this affect their collections process? Liz discusses her predictions for changes on the horizon due to these surpluses and what this could mean for businesses in states that are more reliant on sales tax.The value-added tax (VAT) changes in Europe have been in the news lately, and the implementation of real-time reporting has been increasingly popular. Does Liz think this is coming to the U.S.? If so, is it a good thing, and what should people be looking out for?The U.S. likes to think of itself as the leader in technology and other sectors, but when it comes to technology for taxes, we seem to be lagging behind other countries. What are some examples that Liz sees of other countries with advances or differences in tax technology that we're not yet experiencing in the U.S.? Are there any upcoming trends that we should be aware of?Would increased reporting requirements help mitigate unlawful tax practices in the U.S.? Would the increased transparency from real-time reporting change how companies do business in the U.S.?All of these moving parts and changes in tax practices can be overwhelming for business owners and tax practitioners. So in 2022, what should people be focusing on? What is the one thing Liz would counsel people to be aware of in the upcoming year?
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter,
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While many may have complained about long call wait times and difficulty seeking IRS help in the past, the pandemic has exacerbated service problems such as these for the federal agency. As a result, today, it takes longer for claims to be addressed, and for taxpayers and practitioners alike, the process of reaching an IRS service representative seems nearly impossible.
Who is to blame for the IRS's service issues, and what can be done to resolve them?On today's episode of the Taxgirl podcast, Kelly is joined by Bill Smith to talk about the IRS's difficulties that have emerged since the pandemic and what we can expect in the future. Bill is the Managing Director of the CBIZ MHM's National Tax Office in Washington DC. He has more than 40 years of experience in both the public and private sectors. In his current role, he consults nationally on a broad range of tax services, including foreign and domestic transactional tax planning for corporations, partnerships, LLCs, and individuals.
Listen to Kelly and Bill discuss expectations for IRS processes returning to “normal” after the onset of COVID-19:What are Bill's thoughts on the IRS's current operating procedures for addressing taxpayer questions and concerns? What changes has he noticed since the onset of COVID-19?Are taxpayers aware of the modern-day challenges and delays involved in communicating with IRS representatives today, or are tax practitioners more alert to the difference in practices between now and pre-pandemic? How does this affect the relationships between tax practitioners and their clients?Bill speaks on what he describes as the" ripple effects" of the IRS's poor operating status. Taxpayers and tax practitioners can't get the IRS to respond to them promptly, and the IRS's use of only paper requests makes it easy for things to get lost or confused. These issues can affect not only taxpayers but their businesses, their relationships with professionals, the practices of tax professionals, and so on. How may the Taxpayer Advocate Service's office's recent announcement about not accepting certain cases impact businesses and citizens who would not receive their refunds on time?Bill believes that the IRS faced such significant hardships due to their adjustment to remote working. How was their situation different from any other company's, and to such a great extent? In what ways did the stimulus payments affect the IRS processes and contribute to their slow processing and production difficulties? Kelly and Bill discuss the IRS's technology as partially to blame for their operational issues. How could their technology be improved to resolve some of these problems? Could the controversy over the IRS's funding be contributing to its technology and operational issues? How would the proposed amendment to the Build Back Better Act affect the IRS's processes? If the Act's amendment gets passed, the responsibility will fall on the IRS to explain and implement it. Could this cause adverse effects, considering their current operational status? It is easier for the IRS to handle "lower hanging fruit" items such as smaller business audits rather than going after the more sophisticated tax issues. How would an amendment that caps the salary of the people who can be audited change this trend? Would the amendment impact the IRS's income, and if so, what would that mean for their future?What would Bill consider priorities, or areas of importance to taxpayers, if he were in charge of allocating additional funding to the IRS? Bill explains what areas of the IRS he believes should receive funding in order to restore normalcy to its processes.
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge....
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In response to the Panama Papers scandal, the EU agreed to regulations mandating the publication of beneficial ownership registries. It should follow, then, that the more information is accessed about individuals and corporate identities, the easier it is for financial and related entities to assist with legitimate businesses.
Daniel Wager argues that increased transparency would help improve trust in financial services; something that is critical to an industry which relies on public confidence to operate.On today’s episode of the Taxgirl podcast, Kelly is joined by Daniel Wager to chat about fighting financial crime, increasing transparency, and ownership registries. Daniel is the Vice President of Financial Crime Compliance at LexisNexis Risk Solutions. He has extensive experience in developing and running programs designed to prevent, detect and report money laundering, sanctions violations, arms proliferation and other crimes. In his current position, he assists regulated and non-regulated entities in avoiding legal, regulatory and reputational risk, while protecting the global financial system from illicit fund flows.
Listen to Kelly and Daniel talk about increased financial transparency:What led up to the “clamor” for increased transparency in the wake of the Panama Papers, and how do they differ from the similarly notorious Pandora Papers?The average taxpayer can be understandably confused about where the line is drawn when it comes to illicit financial activity. Kelly says it’s easy for some to conflate certain activity with wrongdoing, especially among politicians and wealthy individuals with offshore accounts.How much transparency does Daniel think is healthy or necessary, and should the rules be universal for all taxpayers? From corporations to individuals, Daniel breaks down his vision piece by piece.Does Daniel think financial transparency is most effective with widespread global reach, or can it still be impactful on an a la carte basis? What does Daniel say to folks who are fearful about the tax system in the US being unsafe or at risk of exposing sensitive information? Does he believe it’s a protected and private system?The purpose of these registries is not necessarily to “ferret out” the wrongdoers, but to make compliance and protection more streamlined and accessible for the good guys. Daniel describes this as “reducing friction.”How do you decide whether an entity is “good” or “bad” in the world of financial compliance? What are the rules, where are the lines? What kind of due diligence does Daniel go through during an investigation?It’s widely assumed that these registries are meant to catch and prevent purely financial crimes, but financial crimes spread and infect many other aspects of society as well. How does Daniel’s work intersect the IRS and the justice system? In Daniel’s words, “Financial crime is not just one thing.”As we move forward in a world of increased financial transparency, what obstacles does Daniel anticipate and what advice does he offer to advisers and individuals? The rollout of US registries will take years, but the windup and tension has already begun.
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter,
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We all think we understand sin taxes, but do we really? Sin taxes are typically excise taxes that target behaviors that we want to discourage. Common examples include taxes on booze, sugar, and cigarettes.
Do we legalize certain activities and substances just so we can tax them? What’s the intention behind sin taxes, and are they really working as intended?On today’s episode of the Taxgirl podcast, Kelly is joined by Thomas Shohfi to chat about the nuances of sin taxes. Thomas is an assistant professor in the Lally School of Management at Rensselaer Polytechnic Institute. He recently conducted a study on sin taxes with some surprising results.
Listen to Kelly and Thomas talk about the consequences of sin taxes:What are the details of Thomas’s research on sin taxes, and what were some of the interesting highlights that came from the study? The study focuses on New York City taxi drivers, and under which circumstances they add certain rates to their fares. When it comes to cigarettes, how might the difference in taxation on a single pack vary from state to state, and how can that alter a smoker’s behavior? What are the governmental implications and social consequences of this particular sin tax?Thomas speculates that there are many unintended consequences and “third party effects” that stem from sin taxes, and that much more research into the subject is needed. For addiction-related issues in particular, such as gambling and cigarettes, there are many potential disruptions and unseen consequences that may come from long term implementation of sin taxes. Does making the cost of gambling higher actually help a gambling addict to get help? Does increasing the cost of a pack of cigarettes really dissuade a lifelong smoker? What about marijuana? Many sin taxes are placed on substances and activities that are currently legal today, that didn’t used to be (such as booze). We legalize it, we tax it. But what is the right amount of taxation? Is it a paradox to legalize a substance, only to slap on a tax meant to discourage the use of that substance? Governments can easily put together calculated projections for taxes based on sales of particular goods. But long term research and statistics on sin taxes can become far more complex. How does Thomas suggest researchers pitch these studies, and how might they be organized or funded in the future?How might the existence of sin taxes affect people’s opinions on the activities and substances themselves? What do people think about people who partake in those behaviors, what do people think about a government that classifies certain things as taxable “sins,” and how do they draw ideological lines in the political sands? What behaviors does Thomas think may be taxed in the future? Kelly and Thomas discuss sex work, on OnlyFans in particular, and what a sin tax on the platform might look like.
More about Kelly:Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.
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Almost 1.5 million fewer moms of school age children were actively working in March 2021 compared to February 2020. The pandemic has certainly taken its toll on working parents.
Kelly loves all things tax. She’s an attorney, and she’s a mom. She strongly believes it’s important for her kids to see her working, and for them to know that their mom loves what she does. Kelly says that being a working parent has made her a better tax attorney: from planning, keeping organized, multitasking, and cultivating an abundance of patience and empathy.
Professional networking groups like All Before Dinner can be a great resource and support network for working parents.On today’s episode of the Taxgirl podcast, Kelly is joined by Lisa Jerles and Mara Geronemus to chat about pursuing a successful, fulfilling career while also being a mom. Lisa and Mara are the founders of All Before Dinner, a professional networking group for working moms. They are both attorneys and mothers, and describe the group in terms of changing the narrative around motherhood, which is often seen as a liability rather than an asset. The group focuses on business development, and personal and professional growth for working moms across a variety of industries.
Lisa is a commercial litigator at Kluger, Kaplan, Silverman, Katzen & Levine, where she focuses on complex business disputes and litigation strategy. Mara is a corporate attorney and the founder of Geronemus Law.
Listen to Kelly and Lisa talk about professional networking as a working mom:What seem to be the trends for working parents returning to work right now, by the numbers between men and women? Are women and moms not returning to work to the same degree as men and dads? As kids get older, their interests and activities become more complex and demanding, and as parents it becomes more difficult to plan accordingly. The idea of childcare can seem one dimensional, but there are really so many facets to it that will vary for every family. How can working parents manage their time between work commitments and family commitments? One of Kelly’s pet peeves with some working parents is how they’ll talk about their lives without ever alluding to or admitting to assistance with childcare. It’s important to set an example for younger professional parents that it’s okay to have help, and it’s great to have a support system like a networking group as well. All Before Dinner was started a few months before the pandemic hit. What impact did the pandemic have on their group, and what do they think draws a working mom to join the group? Lisa and Mara say “interest exploded in 2020.”Kelly says parenting still falls a lot on the moms, whether we like to think about it that way or not. She says in her experience, schools will always call her cell phone first, even if calling her husband would have been much more convenient for their family. How does this bias impact moms’ professional lives? No matter the profession, there are times when a working parent can predict their availability better than other times. Networking groups can help working parents feel solidarity during the busy times and the unpredictable times. Kelly shares an anecdote about when she had to take her baby to a networking event and was terrified she’d get a lecture about it, but that everything turned out just fine. What contributes to the negative stigma toward working mothers, and how can the stigma continue to be broken down? A lot of working parents operate outside of standard working hours. To what extent is this a healthy practice, and how easily can it become all-consuming? From email scheduling to attending Zoom meetings from the carpool line, Lisa and Mara share their tips for balancing work and family. What is... -
When you hear the words “company culture,” what comes to mind? Workplace culture is a hot issue these days, especially as it relates to jobs and the so-called “Great Resignation.” What do employees really want: freedom, tangible perks, a more inviting company culture? CEO and Entrepreneur Jay Steinfeld shares his story of success and expertise when it comes to corporate culture.
“If you want to do things of consequence, if you want to build consequential things, I think you must first help people become consequential.” - Jay Steinfeld, on improving company culture.On today’s episode of the Taxgirl podcast, Kelly is joined by Jay Steinfeld to chat about corporate culture and the impact it can have on a company’s workforce. Jay was the founder and CEO of Global Custom Commerce, which operates the world’s number one online window covering retailer, blinds.com. Jay bootstrapped the company in 1996 from his garage with just $3,000; Global Custom Commerce was acquired by The Home Depot in 2014. Jay remained the company’s CEO, and later joined The Home Depot’s Online Leadership Team.
After stepping away from these roles in early 2020, Jay has increased his involvement in numerous private company boards and serves as a Director of the public company, Masonite. He also teaches Entrepreneurship at Rice University’s Jones Graduate School of Business, and supports numerous charities. Jay is an Ernst & Young Entrepreneur of the Year, and has earned a Lifetime Achievement Award from the Houston Technology Center.
Listen to Kelly and Jay talk about company culture and the Great Resignation:How did Jay start his business, how did it grow, and how did he make a name for himself in the booming world of tech and entrepreneurship?Jay says he frequently tells entrepreneurs to “experiment without fear of failure.” Experimentation is necessary and key to evolving and growing any venture. When he began his company in the 90’s, it was before even Amazon was born. He built his business one step at a time, and gave himself permission to fail.The idea of failure can be terrifying for small businesses because of the heavy stakes on the line. How does Jay advise small or startup businesses to experiment and take risks with confidence?What does Jay wish he’d known before he started his business in the 90’s? How did Jay approach hiring decisions while growing his business? How can business owners know when to expand hiring, even when finances are tight? Did dynamics change when Jay sold his business to Home Depot? Jay shares how the transition went: the CFO said they’d expected him to get tired of them and quit after 90 days, but Jay stayed on for 7 years after the acquisition. Jay explains the idea of business “love languages” and how to find harmony with team members of different strengths, disciplines, and personalities. When Jay’s company reached significant milestones over the years, how did they impact the company (and the way Jay ran the company)? Jay details his definition of success and the way it informs his strategic choices in both workplace culture and business operations. Kelly asks Jay to describe the moments when he “felt” successful along the journey of growing his business. He shares he felt many of those moments over the years, though sometimes the impact of his success came to him retroactively. As the head of a growing business, Jay says he often felt he was seen as intimidating or scary, which greatly bothered him because he genuinely wanted everyone’s voice and feedback. How does Jay feel employee’s thoughts on their superiors plays into today’s Great Resignation? What advice does he have for companies to make their management teams more approachable and receptive?Jay says what... -
The recent agreement on a global minimum tax, and other changes to tax rules around the world, have called into question the future of tax competition. Each year, The Tax Foundation puts out their International Tax Competitiveness Index. The Index seeks to measure the extent to which a countries’ tax system adheres to important aspects of tax policy. Among so many changes and the global minimum agreement, is the annual index still relevant today?
International tax policy is heating up in the wake of the OECD’s global minimum tax agreement. Listen to Kelly and Daniel Bunn tease out the details of tax competitiveness and the global tax agreement in plain English.On today’s episode of the Taxgirl podcast, Kelly is joined by Daniel Bunn to discuss the relevance and nuance of the International Tax Competitiveness Index. Daniel is the VP of Global Projects at The Tax Foundation, where he researches international tax issues with a focus on tax policy in Europe. Prior to joining The Tax Foundation, he worked in the US Senate at the Joint Economic Committee as part of Senator Mike Lee’s social capital project. He was also on the policy staff for both Senator Lee and Senator Tim Scott. During his time with the Senate, Daniel developed legislative initiatives on tax, trade, regulatory, and budget policy.
Listen to Kelly and Daniel talk about the OECD and the Tax Competitiveness Index:Daniel recently penned an article (linked below) about whether or not the Index and “competitiveness” models will matter in years to come as the OECD deal moves forward. What is a quick synopsis on today’s status on the OECD deal?How does a tax rate factor into tax competition? Daniel explains the nuances surrounding tax rates, and how The Tax Foundation generally considers them as a means to fund various public programs, which can affect tax competitiveness in many different ways. One word that comes up a lot in discussions of tax policy is “distortion.” Daniel explains what distortions are in the realm of tax policy, and how they factor in to the big picture of the global tax landscape.When talking about the global tax agreement, Daniel says a lot of the implementation over the next few years will come down to behavior changes on both the company side and the government side. A big sticking point during international discussions pertaining to the OECD was the digital services tax, and how different countries and governments will shift as a result of doing away with the digital services tax long term. How does Daniel anticipate governments may react as a result?One of the interesting premises of the deal is that everyone has to cooperate in order for it to work as intended. So far, a majority of countries (more than 130) have signed on in agreement, but not yet all of them. Is Daniel concerned by lingering resistance down the road?Is there any fear that all the agreements carefully laid today could be undone by future elections? Daniel unpacks the roles that diplomacy and politics play in the OECD as well as in compiling the Tax Competitiveness Index.For someone who’s never seen the annual index before, Kelly says she would expect people to assume the larger global powerhouses to be at the top of the tax competitiveness rankings. However, this is certainly not always the case. Daniel explains why this happens and how some of the smaller countries get placed toward the top of the list.In general, it seems the index rewards simplicity in tax policy in favor of high complexity, which is likely why the US is ranked lower than many others. What are Daniel’s thoughts on the US’s ranking and what are the factors that contributed to its place in the index?How does remote work tie into tax competitiveness? In Daniel’s tax writing he discusses how some of the smaller high-ranking countries, like Estonia and Latvia, are... -
The past year has taken a huge toll on both tax professionals and taxpayers, something Taxgirl talks about frequently. According to a 2021 survey from Robert Half, more than 44% of employees say they are more burned out on their jobs today than they were a year ago. Employers and employees are seeking all kinds of solutions to burnout and the labor shortage.
“People want to work in peace, not in pieces.” In today’s age of workplace burnout, retaining happy and healthy employees is more important than ever.On today’s episode of the Taxgirl podcast, Kelly is joined by Iralma Pozo to discuss how tax professionals can prioritize their wellbeing to curb burnout. Iralma is an independent consultant with more than 15 years of financial expertise, and an adjunct lecturer in Accounting at John Jay College in New York. She is an active member of the New York State Society of CPAs, and most of her experience is in the not-for-profit sector, having held financial leadership and public accounting related roles. She has also worked for the IRS, and has experience working with entrepreneurs, small businesses, and the real estate and insurance sectors.
Listen to Kelly and Iralma talk about burnout and workplace wellbeing:What does Iralma think the tax code and related provisions can offer taxpayers, and how can tax professionals remain fulfilled and excited about their careers?Working from home (and spending more leisure time at home) means we are sitting more often than we used to. Iralma and Kelly talk about how standing desks, the benefits of carpet, and going for walks can all impact a person’s mental wellbeing and productivity.How much of an employee’s wellbeing falls on the employer? What items, practices, or trainings are truly “essential” to efficient and healthy remote work? What are the tax credits and/or benefits available to businesses to help them make employees most comfortable and prepared in such trying times? So many businesses say they’ve already accommodated everything they thought could be useful, so what else is there to help put their employees at ease?What are some things employers can do to turn things around for their employees? Iralma references Section 139, to start. Kelly says, happy employees are productive employees. Where does mental health and mental illness factor into employee wellbeing? Iralma talks about the remaining stigma with mental health, and what employers can do to bridge that gap.Iralma says, “Employers should be looking at supporting the whole person.” What does that mean for all aspects of an employee’s work? Does it mean cutting down on meetings, covering therapy costs, offering more flexible hours? How can companies take into account “modern day living,” as Iralma calls it, and what can be done to ease the pressure on employees?Some companies like Bloomberg have started to offer anonymous tiered benefits (such as therapy) that have levels available to the employee without cost out of pocket. How are these services impacting the employee’s wellbeing, for better or worse? How are these services being communicated? How can employers simplify their accommodations and benefits to their employees? So many employees say they weren’t aware of certain benefits or didn’t know they could submit a certain expense. Whether it’s regular emails or an annual follow-up, HR departments can remind their employees of the benefits available to them. “Employers need to start incentivizing people by the results and the value, not just the utilization rates and the facetime,” Iralma says. People have new priorities these days, and when employers don’t respect those, it contributes to stress and burnout. How can employers reshape the notion of “fun” or “perks” into self care, while maintaining the same level of priority and respect - Se mer
