Week in Insights: Unlock
Earlier this week, I was frustrated because my son forgot to submit his application for the Spanish honor society. He asked me if I was mad at him and I said, “No, just disappointed.”
“Mom,” he told me, “We both know it’s worse.”
When he brought the form home, we talked about it while he was filling it out. There were a few attachments, and he had to write some personal statements. He noted that there were two questions on the form that he did not know how to answer, and that he was going to ask about them before submitting it.
Two days later, he still hadn’t returned it.
To be fair, I couldn’t have answered the questions either – who knew, for example, that YOG stood for “graduation year” – but that was the point of asking for help.
We have all been there. It can be difficult when you hit a roadblock to keep going. This is just as true when you are a student as it is in the workplace. I bet we could all easily list two or three tasks, probably customer-related, that we put off because we didn’t know the answer or didn’t know who to ask. And it’s usually not the big stuff – it’s the YOG – the stuff we just need a little help getting over the finish line.
Fortunately, research by Yoshinori Oyama, Emmanuel Manalo, and Yoshihide Nakatani suggests that not completing a task initially can actually increase your motivation to complete it later – a phenomenon the three have called the “Hemingway Effect”. according to the writer. They explained that their reasoning for naming the effect after it is that, when asked in an interview how much to write in a day, Hemingway advised, “The best way is always to stop when you’re fine and when you know what’s going to happen. following. If you do this every day when writing a novel, you will never get stuck.
Never getting stuck can be a challenge. But sometimes we just need a little help from our friends.
Over the years, I’ve learned a lot about picking up the phone or emailing colleagues in the tax community who can sometimes help me with that one quick response. And I was happy to reciprocate.
I’ve also seen the same things happen on social media. A quick note on #TaxTwitter about the best place to look for updated RRC instructions, a LinkedIn share about the IRS easing K2/K3 reporting requirements, or a wink on Facebook to an explainer on credits foreign tax – these can help you when you’ve hit a wall. It’s one of the things I love about the tax, accounting and legal communities.
This is also true with our Insights. At Bloomberg Tax this week, as always, our experts point you in the right direction with great commentary and insightful analysis on federal, state and international tax matters. And soon, we will extend our coverage to tax matters. It’s all part of our commitment to be a resource for the community and to help keep you from getting stuck.
The exchange. . . This is where great ideas intersect.
—Kelly Phillips Erb
Speed Dial Quiz
How many Hemingway novels have been published posthumously?
This week, our experts covered a wide range of topics, from accidental Americans to cryptocurrency. For an overview of what’s making the news, here’s our roundup:
In Intercompany Loan Transactions: Recent Developments in South Korea’s Transfer Pricing Regime, Tom Kwon, Steve Minhoo Kim, and Gijin Hong of Lee & Ko examine a recent amendment to South Korea’s transfer pricing regulatory regime that clarifies and diversifies the method of calculating the arm’s length interest rate for business-to-business loans.
Last year, the US Tax Court upheld the IRS’s denial of a whistleblower request involving a foreign citizen who was apparently born in the United States. In a two-part series, Alan Lederman of Gunster, Yoakley & Stewart, PA reviews a related procedural decision from the United States Court of Appeals for the District of Columbia Circuit:
The growing popularity of cryptocurrencies and other digital assets is expected to continue in 2022. In Cryptocurrencies and other digital assets take center stage in 2022, Anshu Khanna by Nangia Andersen discusses the basics of cryptocurrencies and the challenges that tax authorities face as they try to build a tax and regulatory framework for cryptos.
In a two-part series, the Multistate Tax Commission’s Fort Bruce responds to a recent series of tax briefings on a closely watched case on appeal to the Massachusetts Supreme Judicial Court Holdings, noting some basic principles of state taxing authority.
For some background, you can check out the previous series written by Jaye A. Calhoun, Bruce P. Ely, and Kelvin M. Lawrence here:
With so many workers moving away and staying away, their approach to doing their taxes could change. Knowing the ins and outs of the tax code and how it applies to remote workers can be daunting. In How to handle 2021 taxes as a remote worker Cannon Advisors’ Bryan Cannon shares some tips to help remote workers manage 2021 taxes.
In Covid-19 Transfer Pricing Impact in Vietnam—Preparing for Audit, Vishwa Sharan and Nguyen Dinh Du from Grant Thornton Vietnam discuss the transfer pricing challenges faced by multinational companies in Vietnam during the pandemic and how they now need to mitigate risk when preparing for an audit.
A UK tax court recently criticized the UK tax authority for its approach of using expert evidence in a landfill tax case. In the UK tax appeal decision provides important lessons on the use of expert evidence, Lee Ellis of the Stewarts and Colm Kelly of Devereux Chambers discuss what litigants can learn from tax administration mistakes.
Reviews and comments
Container shipping companies have found plenty of ways to spend their huge pandemic-related profits. They raise staff salaries, make acquisitions and return heaps of cash to shareholders. One person who won’t benefit much is you, the taxpayer, writes Chris Bryant in billions of shipping profits are virtually untaxed.
Columnists and contributors
With prices soaring, a proposal to grant a federal gasoline tax holiday has shed light on the often-overlooked tax. Here’s a look at the evolution of the unpopular tax.
The European Union wants to harmonize the way businesses issue value-added electronic invoices across the bloc as part of a wider initiative to make it easier to pay VAT. In the latest episode of Talking Tax, Bloomberg Tax Independent Correspondent Shaun Courtney spoke with Ellen Cortvriend, Director of Indirect Tax Technology at
On this week’s episode of the Taxgirl podcast, I spoke with Amber Gray-Fenner to talk about the challenges affecting taxpayers and tax professionals this filing season. Amber is a registered agent and owner of Tax Therapy, LLC, in Albuquerque, NM, and prepares tax returns as part of her practice.
The pandemic has brought about many changes over the past few years, impacting tax season in 2022. Bloomberg Opinion columnist Alexis Leondis explains how US tax officials are trying to adapt to the gig economy.
To catch up
It’s been a busy week when it comes to tax news from state capitals to DC. Here are some of the stories you may have missed from our Bloomberg tax news team:
- Four former bankers at bankrupt Maple Bank GmbH have been warned to expect convictions for their roles in the so-called Cum-Ex deals that stole 388.6 million euros ($441 million) from German taxpayers .
- A group of House and Senate Democrats are calling on the IRS to expand overtime options for employees and allow workers to volunteer to join surge teams created to help reduce the backlog of the agency.
- The UK government has published a bill that would increase the powers of the tax office to crack down on promoters of tax avoidance schemes targeting national insurance contributions.
- New Mexico would allow flow-through entities to avoid the federal SALT cap, reduce the gross state receipts tax rate, and exempt Social Security from income tax under the bills passed by lawmakers in the closing hours of a recent session.
- Nearly 350,000 loans issued to small businesses in 2020 during the Covid-19 pandemic were unforgiven, according to a Bloomberg News analysis of Paycheck Protection Program data, and most of them are less than $25,000.
*Note: Your Bloomberg Tax ID will be required to access Tax News.
Our Spotlight series sheds light on the careers and lives of tax professionals around the world. This week’s spotlight is on Cody S. Rogers, a partner at Stinson, LLP, in the firm’s real estate and public finance group in Washington. Rogers is focused on impact investment and community development projects nationwide with particular experience in New Market Tax Credit, or NMTC, and Historic Tax Credit, or HTC transactions. .
Quick Answer Numbers
Three novels were published after Hemingway’s death in 1961:
- “Islands in the Stream” (1970)
- “The Garden of Eden” (1986)
- “True at First Light” (1999)
His memoir “A Moveable Feast” was published in 1964.
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