Insight Week: Getting out of a tight spot
Earlier this week I was frustrated because my son forgot to submit his application for the Spanish honor society. He asked if I was mad at him and I said, “No, just disappointed.”
“Mom,” he said to me, “we both know this is worse.”
When he brought the form home, we talked about it while he filled 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 couldn’t answer, and he would ask them before submitting it.
Two days later he still hadn’t handed it in.
To be fair, I couldn’t have answered the questions either – who would have known, for example, that YOG means “year of graduation” – but that was the point of asking for help.
We’ve all been through that. It can be difficult to keep going when you hit a roadblock. This applies as a student as well as in the workplace. I bet we could all easily list two or three tasks, probably client 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 YOGs – the things we just need a little help with to get the task across the finish line.
Fortunately, research by Yoshinori Oyama, Emmanuel Manalo, and Yoshihide Nakatani suggests that initially failing a task can actually increase your motivation to complete it later – a phenomenon the three have dubbed that “Hemingway Effect” after the writer. They explained their rationale for naming the effect after him by saying, when asked during an interview how much to write in a day, Hemingway advised: “The best way is always to stop when things are going well and when you know.” what will happen next. If you do that every day when you’re writing a novel, you’ll 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 gotten much better at picking up the phone or emailing colleagues in the tax community who can sometimes help me out with that one quick reply. And I gladly replied.
I’ve also seen the same things happening on social media. A quick note on #TaxTwitter about the best place to look for updated RRC instructions, a post on LinkedIn about the IRS easing of K2/K3 reporting requirements, or a nod on Facebook to an explainer on foreign tax credits—you can be helpful if you’ve hit a wall. That’s one of the things I love about the tax, accounting, and legal communities.
This also applies to our insights. As always, this week at Bloomberg Tax, our experts are here to guide you in the right direction with great commentary and insightful analysis on federal, state and international tax issues. And soon we will expand our coverage to the tax business. It’s all part of our commitment to being a resource for the community – and helping you not get stuck.
The exchange. . . This is where great ideas cross paths.
– Kelly Phillips Erb
Fast numbers trivia
How many Hemingway novels have been published posthumously?
This week our experts covered a wide range of topics, from random Americans to cryptocurrencies. To take a look at what’s new, here’s our roundup:
In Intercompany Loan Transactions: Recent Developments in the South Korean Transfer Pricing System, Tom Kwon Steve Minhoo Kim and Gijin Hong of Lee & Ko are reviewing a recent amendment to South Korea’s transfer pricing regime that specifies and diversifies the method of calculating the arm’s length interest rate for intercompany loans.
Last year, the US tax court upheld the IRS’ denial of a whistleblower request relating to a foreign citizen who appeared to be of US birth. Alan Lederman of Gunster, Yoakley & Stewart, PA looks at a related procedural decision from the US Court of Appeals for the District of Columbia Circuit:
The rise in popularity of cryptocurrencies and other digital assets will continue in 2022. In cryptocurrencies and other digital assets, 2022 will focus on, Anshu Khanna by Nangia Andersen discusses the fundamentals of cryptocurrencies and the challenges tax authorities face when attempting to create a tax and regulatory framework for cryptos.
In a two-part series, the Multistate Tax Commission Bruce Fort responds to a recent tax series on a closely watched appeal case before the Massachusetts Supreme Judicial Court Holdings and notes some key principles of the state tax agency.
For some context you can check out the previous series written by Jaye A Calhoun, Bruce P Ely, and Kelvin M Lawrence Here:
With so many workers going and staying remote, their approach to tax collection may change. Knowing the ins and outs of tax legislation and how it applies to teleworkers can be daunting. In How to Handle 2021 Taxes as a Remote Worker Cannon Advisors’ Bryan Cannon shares some tips to help telecommuters navigate 2021 taxes.
Impact of Covid-19 on Transfer Pricing in Vietnam – Preparing for the exam, Vishwa Sharan and Nguyen Dinh Du by Grant Thornton Vietnam discuss the transfer pricing challenges multinationals in Vietnam are facing during the pandemic and how they should now mitigate risk when preparing for an audit.
A UK tax court recently criticized the UK Internal Revenue Service for its approach to using expert opinion in a landfill tax case. In the UK, the Tax Complaints Decision provides important lessons on the use of expert opinion, Lee Ellis by Stewart’s and Colm Kelly of Devereux Chambers will discuss what litigants can learn from the mistakes made by the tax authorities.
Opinion & Comment
Container shipping companies have found many ways to spend their huge pandemic profits. They raise employee salaries, make acquisitions, and return copious amounts of cash to shareholders. One person who will not benefit much is you, the taxpayer, writes Chris Bryant in billions of shipping profits are hardly offset by taxes.
Columnists & Contributors
With prices soaring, a proposal to provide a temporary federal tax exemption for gas has put the often-overlooked tax in the spotlight. Here’s a look at the development of the unpopular tax.
The European Union wants to harmonize the way companies issue e-invoices across the bloc to make paying VAT easier. On the latest episode of Talking Tax, freelance Bloomberg Tax correspondent Shaun Courtney spoke with Ellen Cortvriend, Director of Indirect Tax Technology
in the this week’s episode of the Taxgirl Podcast, I spoke to Amber Gray-Fenner to discuss the challenges impacting 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 job.
The pandemic has brought many changes in recent years that have impacted the 2022 tax season. Alexis Leondis, columnist for Bloomberg Opinion, explains how the US tax authorities are trying to adapt to the gig economy.
It’s been a busy week with 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 of the insolvent Maple Bank GmbH were warned not to expect convictions for her role in so-called cum-ex transactions that stole €388.6 million ($441 million) from German taxpayers.
- A group of House and Senate Democrats are asking the IRS to expand overtime options for employees and allow workers to voluntarily join surge teams created to cut the agency’s backlog.
- The UK government has published a bill that would increase the powers of the Inland Revenue to crack down on advocates of tax avoidance schemes that target social security contributions.
- New Mexico would allow pass-through entities to bypass the federal SALT cap, lower the state’s gross tax rate and exempt Social Security from income taxes if the legislature passed in the closing hours of a recent session.
- Nearly 350,000 loans made to small businesses in 2020 during the Covid-19 pandemic have not been made, according to a Bloomberg News analysis of Paycheck Protection Program data, and most of them are worth less than $25,000. Dollar.
*Note: Your Bloomberg Tax login is 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 Cody S. Rogers, a partner at Stinson, LLP, in the firm’s Washington-based real estate and public finance group. Rogers focuses on impact investment and community development projects across the country and has particular experience in New Market Tax Credit (NMTC) and Historical Tax Credit (HTC) transactions.
Fast Numbers Answer
Three novels were published after Hemingway’s death in 1961:
- “Islands in the Stream” (1970)
- “The Garden of Eden” (1986)
- “True in First Light” (1999)
His memoir, A Moveable Feast, was published in 1964.
We also have a growing one LinkedIn group where our writers, contributors, and readers can tell tax-related stories and share ideas. We hope you will join the discussion!
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