In a few days, my house is going to be loud. I am totally looking forward to it.
It wont start as a roar but more of a gradual turning up of the volume. My daughters will arrive home from college at the beginning of the week. Shortly after, my brother and his family will drive in from Connecticut, while my parents will take a little longer to arrive from North Carolina.
By the time Thanksgiving arrives, Ill be hosting 26 people for dinner. Yes, 26.
Cheers to this great Thanksgiving dinner!
Stock photo via Getty Images
Its not all family. We also welcome international students to our home over the holidays. My law school alma mater (shout out to Temple U!) coordinates a Thanksgiving dinner program every year. Recognizing that its difficult for international students to travel home over the breakand that the dorms will likely be emptythey match as many students with local host families as they have spots available.
For the past several years, weve hosted two or three students. Sometimes, they come back in subsequent years; we made great friends with a family who returned and brought their young son. But this year, were hosting sevenyoure allowed to cap the number of students you can comfortably host, and we didnt submit a limit.
When I saw the list, I was a little overwhelmed. But then I realized that I couldnt say no. We have the space. We have the resources to provide dinner. We have a great family who loves to meet new people. And I thought about my girls in college and what it would be like if they were alone during the holidays. So, I called our local party rental company, ordered an additional table and some chairs, and started reworking my menu. I dont regret it for a minute.
Over the years, some of our best conversations have been across those dinner tables. I love hearing about what its like to grow up in other cultures and what other countries may think about the US and its various government systemsof course, I ask about tax whenever I can. I never walk away without learning something new.
I think we always learn the most from each other, whether that happens over a dinner table, in an office, or on the internet. I hope youll do that in your own life, too, whether its taking the time to talk with a colleague, pen an article for us, connecting on social mediaor even inviting students into your home. (Check to see if theres a program in your area.)
At Bloomberg Tax, we aim to make it easy for you to share and receive information. Our experts offer great commentary and insightful analysis on federal, state, and international tax issues to keep you in the knowand thats definitely something to be thankful for!
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Kelly Phillips Erb
True or false: If your employer gives you a Thanksgiving turkey or gift card to buy a turkey, its excludable from taxable income.Answer at the bottom.
How much should your firm or practice get involved in political issues, if at all? Should your business contribute to an elected official, political candidate, or a political cause or take a political candidate or official as a client? If you do, what questions could you face from your stakeholders?
Find the answers to that question and more by joining Bloomberg Tax and Bloomberg Law Insights & Commentary teams on Wednesday, Nov. 30, from noon to 1 p.m. ET for Should Your Company Take a Stand on Political and Social Issues? part of our free virtual Lunch & Learn series. Two attorneys from Skadden, Arps, Slate, Meagher & Flom LLP will lead a discussion about political and social issues in the workplace,
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Christos Theophilou of Taxand explains that multinational enterprises need to have adequate preparation in place to satisfy the scrutiny of intra-group services by tax authorities, and he provides a practical example and case study to illustrate the issues.
As discussion of how to tackle the global challenge of climate change continues at COP27, Chris Morgan of KPMG considers current national approaches, including tax measures, and suggests more flexibility for countries to decide what approach is most suited to their individual needs.
Rob Janering of Crowe looks at the value-added tax compliance considerations for UK organizations supplying digital events and discusses the impact of the upcoming changes in the EUs position on supplies of live online services.
A profit-per-employee tax could go a long way to support the American workforce and to ensure that Big Tech factors the human cost of business into their plans as much as profits, says writer Hassan Tyler.
At The Exchange, we welcome responses from our readers and encourage diversity and civil discussion. We are especially interested in responses that add to the conversation, or introduce a different point of view. If you have a response to one of our published Insights, wed love to hear from you.
Nonfungible tokens hold intrinsic value due to their digital properties and traits. In this edition of A Closer Look, Stouts Fotis Konstantinidis looks at the challenges of valuing NFTs, as well as the methods and data used for valuation.
Journalists make a Thanksgiving toast at the UN Club Nov. 22, 2001, in Islamabad, Pakistan.
Photographer: Paula Bronstein via Getty Images
Whats on Bloomberg Tax Insights wish list right now? For December, were hoping to end the year on a high note with a wrap-up of the year and a peek ahead. Were interested in: What did you think was newsworthy in tax in 2022? What should we look out for in 2023? What should tax professionals do now to prepare for next tax season? Were looking for a thoughtful take that will get tax professionals talking about next year...even before the calendar flips over.
Our Insights articlesabout 1,000 wordsare written by tax professionals offering expert analysis on current tax practice and policy issues, tax trends and topics, and tax and accounting firm practice and management. If you have an interesting, never-published article for publication, wed love to hear about it. You can contact our Insights team at TaxInsights@bloombergindustry.com.
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If you are changing jobs or being promoted, let us know. You can email your submission to TaxMoves@bloombergindustry.com for consideration.
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A Chicago Police officer carries a tray of pre-Thanksgiving meals to waiting guests Nov. 21, 2002 at the Columbus Park Refectory in Chicago.
Photographer: Tim Boyle via Getty Images
False. If your employer gives you a turkey, ham, or other item of nominal value at Thanksgiving, Christmas or other holidays, that is excludable from income. However, if your employer gives you cash, gift card, or a similar item that you can easily exchange for casheven if you promise to buy a turkeythats taxable regardless of the amount.
We talk about tax a lot. But theres a lot more that you might hear us talking about if you popped into one of our Teams meetings. Heres a quick look at what some of us are watching, reading, and listening to this week:
Watching:
Reading:
Listening:
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Your feedback and suggestions are important to us, so dont hesitate to reach out on social or email me directly at kerb@bloombergindustry.com.
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Week in Insights: More Is Merrier at Thanksgiving - Bloomberg Tax