UK's Big Four Breakup Not Nearly as Tough as It Seems

07/09/20 • 19 min

The U.K.'s financial regulator made big waves this week when it ordered the big four accounting firms to split up their auditing and consulting businesses. But Bloomberg Tax correspondent Michael Kapoor says, despite a string of auditing scandals, this move is not nearly as aggressive as it could be.

Kapoor speaks with Talking Tax host Amanda Iacone about what this will mean for the big four firms and whether Parliament will make time in its already busy schedule to enact stronger accounting laws.

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Filming on Location? It's Lights, Camera, Tax Breaks!

By now it's no secret that many states offer film and television productions huge tax breaks. But what you may not know is that those tax breaks can be bought and sold, and they've been ending up in the hands of some very wealthy businesses and individuals—including one person who is arguably the wealthiest, most famous woman on Earth.

On this week's episode of Talking Tax, reporter Sam McQuillan explains to host Siri Bulusu why Hollywood studios are selling the tax credits they get from states, who's buying these credits, and whether there's any momentum among policy makers to address this show business tax scheme.

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Tax Day Delay Little Help to Still Hurting Taxpayers

The IRS' delayed tax deadline came and went this week, but many taxpayers are far from stable as the coronavirus pandemic shows no signs of letting up.

On this episode of Talking Tax, reporter Allyson Versprille talks about what practitioners are telling clients who, despite the three month delay, are still struggling to pay their taxes. And she discusses whether the IRS may take even further measures to provide these people with additional relief.