I’ve been sensitive to noises since I was a small child. Not all noises—only certain ones, such as open-mouthed chewing, water slurping, or (now, in the 21st century) loud typing or audible breathing on computer calls.
For the longest time, I didn’t understand why certain sounds spurred outsize feelings of anxiety, frustration, and even physical reactions—it’s much more severe than typical annoyance. I didn’t know anyone else who’d had these same experiences, and I was mocked or dismissed more than once for it.
But several years ago, I learned there was a name for what I’d thought was just a random quirk: misophonia. Thanks to the internet, I learned that the part of the brain responsible for emotions goes into overdrive when misophonia is triggered, and that some people’s reactions are so acute they even have trouble living with their own families. Thankfully, it’s basically harmless to one’s health in the long term.
Unfortunately, there’s no cure. But I have coping mechanisms at the ready to deintensify any feelings of rage. I can plug my ears, listen to music, or use breathing techniques to lower my heart rate. Though I can’t get rid of my condition, learning that I wasn’t just “making it up” generated a huge sense of relief and validation.
At Bloomberg Tax, our commentary and analysis on federal, state, and international tax matters often looks at issues that may not always have a cure. But you can still use the information we gather to learn, grow, and make better decisions—and that sounds pretty good.
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Quick Trivia
At what age do people typically become affected by misophonia?
Answer at the bottom.
State Insights
To secure a conviction against former President Donald Trump, the Manhattan district attorney must prove Trump’s personal involvement in a scheme where alleged tax fraud is subject to debate, says ASE Tax Policy & Administration‘s Andrew Sidamon-Eristoff.
Disney put itself in a position of strength by entering long-term contracts that limited the influence of a land board appointed by Gov. Ron DeSantis. But the new board still has plenty of power to regulate, control, and disrupt Disney World, says Florida attorney Jacob Schumer.
Federal Insights
Student athletes can earn money from their name, image, and likeness as creators, influencers, or from personal appearances. Lisa Greene-Lewis of TurboTax shares how student athletes and their parents can save money on their taxes.
Interest in holding cryptocurrency in self-directed IRAs has grown considerably. And until there’s further clarity, one should exercise caution with cryptocurrency in a checkbook IRA, says attorney Ari Good.
Global Insights
As value-added tax reaches the golden anniversary of its introduction in the UK, Robert Marchant of Crowe takes a look at its development over the past 50 years and and at potential future trends.
Green hydrogen could play an essential part in accelerating the transition to a low-carbon economy. Tax incentives are critical to unlocking green hydrogen investment because they will make it cost-effective, says EY’s Cathy Koch.
Tax number validation is an increasingly important requirement in global tax processes. Alexander Kobakhidze (AKo) of Fonoa explains what businesses need to consider to ensure they meet their reporting and compliance obligations.
Accounting Insights
Notwithstanding a desire to make filing cheaper and simpler, should we ask the IRS to build, maintain, and support a free direct e-filing system? Enrolled agent Bob Kerr shares an overview of a task force to design such a system.
The Financial Accounting Standards Board’s recently released proposed guidance aims to “improve the accounting for and disclosure of certain crypto assets,” but there are still several unanswered questions, say Nik Fahrer and Anne Coughlan of FORVIS.
For partnerships, amended Schedules K-1 are a thing of the past. A proper understanding of the process for administrative adjustment requests is critical for practitioners to avoid unintended consequences, says Todd Laney of Eide Bailly.
Securitization accounting rules are complicated and heavily nuanced, but the right technical accounting professional can ensure they’re handled correctly, says Stout’s Manish Garg.
Columnists
The collapses of Silicon Valley Bank and Signature Bank, and the near miss at First Republic Bank, didn’t stem from a single issue and don’t have simple solutions. A not-so-simple solution, writes Andrew Leahey, is to hold firms liable for faulty audits and to ban consulting with and auditing the same client—full stop.
Save the Date
Find out how to feel more in control of your workload and calendar, and regain a feeling of progress, by joining Bloomberg Tax and Bloomberg Law Insights & Commentary teams from noon to 1 p.m. on April 26 for “How to Manage and Improve Your Productivity,” part of our free virtual Lunch & Learn series.
We’re bringing back one of our most popular Lunch & Learn speakers, Rashelle Isip, to explain how you can be more productive by working more efficiently, not by working harder or longer hours.
You can join us for this free virtual event, no registration required, by signing on here at noon on April 26 or by calling +1 646 931 3860 and entering the meeting ID: 924 7270 5722.
Career Moves
Skadden has elected Melinda Gammello and Nazmiye Anna Gökçebay as partners in Washington, D.C., and New York.
Laura Walker Plunkett has joined Baker Donelson as shareholder in the tax group in New Orleans.
Peter Cline has joined Smith Anderson in the tax practice group in Triangle, N.C.
Parr Brown has promoted Abbey Farnsworth and Adam Farnsworth to shareholders in Utah.
Joe Adams has been named the chairperson of RSM’s international board.
If you are changing jobs or being promoted, let us know. You can email your submission to TaxMoves@bloombergindustry.com for consideration.
Spotlight
This week’s Spotlight is on Shannon Smith, who is partner in charge of international tax services at Eide Bailly in Boulder, Colo. She is co-chair of Eide Bailly’s diversity, equity, and inclusion council and serves on the board of directors for the Young Americans Center for Financial Education.
News Roundup
It’s been another busy week in tax news from state capitals to Washington. Here are some stories you might have missed from our Bloomberg Tax news team.
*Note: Your Bloomberg Tax login will be required to access Tax News.
- The IRS released its long-awaited strategic operating plan for spending nearly $80 billion in multiyear funds, with new Commissioner Danny Werfel strengthening the agency’s vow to not increase audit rates for households making under $400,000.
- The largest manufacturing lobby in the US called on the IRS to make permanent a safe harbor test included in its initial guidance about the new corporate alternative minimum tax, which helps companies determine if they fall within the scope of the levy.
- The EU is rushing too fast toward an overhaul of its value-added tax rules, with changes that might prove to be difficult to implement, several companies and business associations said.
- The IRS and the Treasury Department issued new guidance on the energy community bonus tax credit requirements in President Joe Biden’s tax-and-climate law.
- The overwhelming majority of cryptocurrency owners aren’t paying taxes on their holdings, according to a study by a Swedish tech company.
Talking Tax
The SEC’s Paul Munter set a blistering pace for accounting guidance during his two years as acting chief accountant—issuing blockbuster guidance on digital assets, SPACs, and more. Now the job of chief accountant is his, as of January, and he joined Bloomberg Tax reporter Amanda Iacone to discuss his goal to ensure investors get reliable and actionable financial reports from corporate America.
Our Wish List
What’s on our Bloomberg Tax Insights wish list right now? With April and the approach of Earth Day, we’re looking for some articles on green initiatives, including sustainability reporting, electric vehicle credits, renewable energy incentives, and carbon taxes, among other environmental tax topics. We’re also seeking cannabis pieces with a tax and accounting focus.
Our Insights articles—which are 1,000 words or fewer—are 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 idea, we’d love to hear about it. You can contact our Insights team at TaxInsights@bloombergindustry.com.
Our Team
We talk about tax a lot. But there’s much more that you might hear us talking about if you popped into one of our Teams meetings. Here’s a quick look at what some of us are watching, reading, and listening to this week:
Watching:
- Katharine Butler (Acquisitions Manager, Insights and Commentary, Bloomberg Tax): I sometimes watch a UK channel that shows vintage UK and US films—most recently, I watched “Kind Hearts and Coronets,” in which Alec Guinness superbly plays all eight members of the aristocratic D’Ascoyne family. I won’t give away what happens to each of them.
- Jessie Kamens (Editor-at-Large, Insights and Commentary, Bloomberg Law): My partner—not a student of Shakespeare—proposed to me after we went to see a production of “King Lear.” He thought it was going to be a romantic comedy. Fast-forward, and we are celebrating our 15th anniversary by seeing what the Washington Post is calling the definitive production of “King Lear.”
- Lauren Vella (Corporate Tax Reporter, Bloomberg Tax): My girlfriend and I are watching the second season of “Yellowjackets,” a story about a high school girls soccer team whose plane is downed in the wilderness. It’s eerie, dark, and funny—and Melanie Lynskey shines!
Reading:
- Andrew Leahey (Columnist, Insights and Commentary, Bloomberg Tax): “Out of My League” by George Plimpton, who was a writer and bon vivant at the center of just about every major happening in the ‘60s and ‘70s. He would undertake to do something—here, it’s baseball—as an outsider attempting to illustrate the degree of expertise and difficulty required to excel.
- Rebecca Baker (Editor-at-Large, Insights and Commentary, Bloomberg Tax): “The Palace Papers: Inside the House of Windsor—the Truth and the Turmoil” by Tina Brown. Not only is it about a real-life soap opera, but it also is about how the past often steers the present.
Listening:
- Melanie Cohen (Senior Content Editor, Insights and Commentary, Bloomberg Tax): “Like Crazy” by Jimin of BTS. He’s made history as the first South Korean solo artist to hit No. 1 on the Billboard Hot 100!
- David Jolly (Senior Content Editor, Bloomberg Tax): I’m enjoying a podcast called “History Listen: Rock,” narrated by the alt-rock goddess St. Vincent. It’s a quirky trip through the history of rock ‘n’ roll, from its roots in Black music and Americana through the Sex Pistols and beyond. It’s more personal than definitive, but I’m learning a lot.
Quick Trivia Answer
The average age of onset for misophonia symptoms is around 13.
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