The skills and technology required in the tax industry are undergoing a major transformation. The industry is facing a burgeoning knowledge gap as leaders retire and fewer practitioners are available to take their place. How will the brain drain affect the next generation of tax professionals? What skills are sought in today’s professionals? Are law and accounting programs adapting to changing needs? And how will new technology like artificial intelligence affect tax practice?
Artificial intelligence has rapidly grown in popularity across many industries including law and tax, with PWC and Allen & Overy recently partnering with the AI startup Harvey. The technology presents an opportunity for legal professionals to decrease time on routine tasks and increase their productivity in advising. But what are the ethical and moral considerations surrounding the use of AI? What are the downsides? And how extensively can AI be used in the legal arena, including the practice of tax law?
Legislators in seven states have proposed higher taxes on the wealthy for 2023. Lawmakers in New York, Maryland, and Hawaii propose to strengthen estate taxes. In Connecticut, New York, Maryland, and Hawaii, there are proposals to tax realized capital gains. Still other proposals in California, Illinois, New York, and Washington would tax unrealized capital gains. The proposed wealth tax in California would target worldwide net worth in excess of $1 billion, and it would apply even to residents who move to other states. Will these taxes narrow income equality, as their sponsors assert? Will they discourage entrepreneurialism and investment? Are they constitutional?
President Biden and Congress increased the IRS budget by $80 billion over 10 years under the Inflation Reduction Act. Learn how the IRS plans to use this funding to support taxpayer services, modernize the agency, and enhance compliance. Will additional agents increase the auditing of complex tax returns? Will increased audits affect the general public more than policymakers might have intended? Will the IRS use the funding more to increase compliance than to improve taxpayer service? How can the funding be used to solve some of the problems faced by taxpayers in the last few filing seasons? And is future annual funding at risk under the new Congress?
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A SERIES ON TAX POLICY
The Taxing Issues webinar series will further the mission of Tax Analysts: to shed light on tax policy and administration by conducting timely reporting on tax issues, uncovering documents, and encouraging informed debate. The series focuses on public dialogues about cutting-edge issues in federal, state, and international tax policy and administration. We are committed not only to producing high-quality publications, but also to providing open discussion forums featuring top-flight speakers who frame and debate tax-related issues.
Our attendees come from all segments of the tax community and bring engaging questions to these conversations, challenging speakers to defend their views. Registration for our webinars is available to anyone wishing to gain insight from industry experts on timely topics affecting the tax community.
Debating the Global Minimum Tax
As a global minimum tax attracts growing support around the world, discussion about it continues to unfold in the United States. Our panel will thoroughly examine this multifaceted and controversial issue -- discussing the pros and cons of such a tax and encompassing the perspectives of both legislators and industry leaders.