Bloomberg Tax

Treasury Secretary Scott Bessent is about to take on a job nobody in Washington seems to want.

President Donald Trump plans to remove IRS Commissioner Billy Long from the job to nominate him for an ambassadorship, according to a White House official, throwing the leadership of the tax agency once again into turmoil. Treasury Secretary Scott Bessent will serve as acting commissioner until a permanent replacement is named, according to the official, who described the changes on the condition of anonymity. Long’s departure will be the latest turnover atop the IRS, which has had six different people lead the agency this year. In April, Bessent openly sparred with Elon Musk after the billionaire Trump ally installed Gary Shapley to lead the agency without Bessent’s knowledge. Read more: bit.ly/40XwoJ2

Trying to understand all the tax implications of the One Big Beautiful Bill Act and feeling lost? Let us be your guide with our free roadmap. It makes the complexity of the OBBBA clear, accessible, and actionable. This essential guide offers: ✅ Concise summaries of the OBBBA’s tax law changes ✅ Side-by-side comparisons with pre-OBBBA laws ✅ Insights organized by tax type and change category ✅ Direct links to primary source materials and legislative text ✅ Expert analysis to help you stay ahead 📥 Download the guide today and ensure you're prepared for the new tax era: https://xmrrwallet.com/cmx.plnkd.in/eWMSuC-C

A US bankruptcy trustee who spots possible criminal conduct like tax fraud or concealment of assets is required by law to refer it to law enforcement agencies. That’s often the last anyone hears of it. The US Trustee—the Justice Department’s bankruptcy watchdog—made an average of 2,271 referrals annually over the past six years, according to agency reports. Yet only about 40 people were charged with bankruptcy crimes on average annually during that period, and it’s unclear how many of those cases stemmed from a referral by a trustee, judge, or court receiver. Tax fraud is consistently the most common type of allegation referred for criminal investigation. Clifford J. White, former US Trustee director, said many of these cases involve claiming head-of-household filing status in an attempt to illegally receive certain benefits. In other cases, taxpayers or preparers have made unlawful deductions or failed to report income. Learn more from Angélica Serrano-Román: bit.ly/4ovwaTG

Corporate tax changes are here, and ASU 2023-09 is setting new standards for reporting tax positions. What’s the impact on public and private companies? How can data alignment help you adapt? Here, senior solutions consultant Karin M. Burns, product manager Devin Reed, and product marketing manager Stella Song explain the requirements and why companies should consider applying the new standards retrospectively. 🎥 Check in the comments for a link to watch the full video on how to meet the challenges of ASU 2023-09 with confidence.

Tax professionals can accomplish more in less time with our new AI Assistant, a best-in-class research tool that can help you gain control of your workflow with dynamic dialogue and guidance. It's chat-based, easy to use, and helps tax professionals enhance their practice by uncovering answers faster. Simply ask questions in plain language and receive summarized responses with links to relevant content.

Giant US tech and drug companies that lobbied for a major new tax break on research and development costs stand to save billions a year from it. The change, part of Republicans’ tax-and-spending law enacted this month, allows companies to deduct their domestic R&D costs immediately instead of stretching them over five years. That benefits companies like Google, Microsoft, and Pfizer, which have huge annual R&D costs. Republicans and Democrats have backed the change, and advocates say it’s needed to spur US investment and economic growth and help US companies compete globally. Read more: bit.ly/4lNdn4a

The first annual reporting period in accordance with FASB ASU 2023-09 is fast approaching. To help you navigate this standard, we have released our ✨new✨ rate rec footnote report, designed to adhere to the new standard's categorical requirements. Whether adopting the provision prospectively or retrospectively, it ensures a 100% tie-out within the software and provides the footnote details you need – all in one place. Learn more about the value of our provision solution here: https://xmrrwallet.com/cmx.plnkd.in/ewHG-8rT

How will the OBBB impact your R&E expenditures?   Hear from Tax Analyst Amber Gorski to learn more, and download our complimentary report on key OBBB provisions. 👉 https://xmrrwallet.com/cmx.plnkd.in/e_9qCTPN

Are you ready for the most sweeping tax law changes since 2017? The One Big Beautiful Bill Act brings significant updates to deductions, credits, and international tax provisions that will reshape tax strategies for businesses across industries. Join experts from EY, Grant Thornton (US), and Bloomberg Tax for insights on topics like: ✔️ Updated Section 179 expensing and bonus depreciation limits ✔️ Changes to qualified business income deductions and pass-through entities ✔️ Modifications to GILTI, FDII, and BEAT 📅 Thursday, Aug. 07, 2025 | 2 pm ET Register today and earn 1.2 CPE credits: https://xmrrwallet.com/cmx.plnkd.in/e8XKU66s