Bloomberg Tax
May 14, 2023, 2:00 PM

Week in Insights: A Mother’s Day Gift of Good Financial Guidance

Rebecca Baker
Rebecca Baker

Today is Mother’s Day here in the US, and with it comes a host of annual traditions: spring bouquets, breakfasts served in bed, cards with heartfelt wishes created by hand or by Hallmark, and a group brunch or dinner to celebrate the day.

But there’s an often-missed opportunity to show how much we care about the moms in our lives. On a day focused on family (in every definition of the word), consider taking a few minutes to check in with the ones you love with a few basic financial questions.

For example, are they taking advantage of certain deductions and credits, particularly for having children? Are they investing in a retirement plan? Women tend to live longer than men but on average have less savings. Have they done estate planning? Do they have any tax questions you could help with?

Money can be an incredibly difficult subject to bring up, and talking shop on your day off isn’t something people generally jump to do. But tax professionals have a unique opportunity to offer their expertise to the moms closest to them. And too often, women can be excluded from financial conversations. Letting them know you care—and are there to assist—can go a long way.

Here at Bloomberg Tax, we help tax professionals all year round understand the latest developments in the tax world through our insightful analysis and sharp commentary. We strive to provide content that gives you the answers to your tax questions. It’s our bouquet of flowers to you—no brunch required.

The Exchange—It’s where great ideas intersect.

—Rebecca Baker

A card buyer grabs a card for Mother’s Day in the Papyrus card store in New York’s Grand Central Station.
Photographer: Chris Hondros/Newsmakers

Quick Trivia

Which US president issued a presidential proclamation establishing Mother’s Day, and what year was it issued?
Answer at the bottom.

State Insights

A new report from the Government Accountability Office offers a path for Congress to address sales tax compliance for online sellers, says Michael Bernard of Vertex Inc.

A proposal to change the rules for litigants appearing before the Massachusetts Appellate Tax Board will simplify the filing process and help taxpayers who are representing themselves in court, says DarrowEverett’s Keith E. Phillis.

Federal Insights

Fiscal support will stimulate private investments in clean energy and foster innovation, but there are risks. Governments must get it right to avoid a wasted opportunity, say Agustin Redonda, Patrick Lenain, and Flurim Aliu of the Council on Economic Policies.

A recent US Tax Court ruling against a trustee who filed what the court determined was a frivolous tax return was confusing and didn’t account for the complication that a grantor trust was involved, says Laura Walker Plunkett of Baker Donelson.

Global Insights

Lars H. Haverkamp and Simone Kristin Schmalhofer of Eversheds Sutherland (Germany) explain why taxpayers should continue to give extra scrutiny to transactions involving German-registered intellectual property rights, with a view to possibly having to disclose them to the German tax authorities.

Hanspeter Misteli Reyes of Greenberg Glusker explains US tax residency rules for green card holders and non-holders, and how both groups can manage tax and reporting requirements to avoid problems down the road.

Klaus-Peter Naumann of the Institute of Public Auditors in Germany outlines how the Wirecard case involving EY is changing the audit market, triggering a new law impacting corporate governance, auditing, and enforcement.

Yvonne Beh and Jeff Sum of Baker McKenzie Wong & Partners analyze key corporate tax measures in the 2023 Malaysian Budget and consider what they will mean for businesses and investors.

Aiki Kuldkepp of Grant Thornton reviews the European Commission’s VAT in the Digital Age proposal and responses to the ViDA proposal from EU institutions and member states, and assesses the developments in e-invoicing and digital reporting.


A bipartisan Senate bill to restore a deduction for research and development expenses and expand R&D tax incentives would allow American businesses to innovate and compete on a global scale, says US Sen. Todd Young (R-Ind.).

Tax Journals

Christos Theophilou of Taxand explores the effect of financial guarantees on multinational enterprises’ transfer pricing policies, and analyzes how taxpayers can ensure compliance in their tax planning strategies.

*Note: Your Bloomberg Tax login will be required to access Tax Journal articles.


Corporate lobbyists descended on St. Paul. Minn., with frivolous claims and bullying tactics to block legislation that would help prevent corporate state income tax avoidance, says columnist Don Griswold. They’re doing this because if the state succeeds in enacting worldwide combined reporting, it could prompt other courageous states to join in a great tax-dodge shutdown, he says.

UBS Group AG has something in common with Credit Suisse, the bank it just acquired—both have paid billions of dollars to settle charges of aiding and abetting tax evasion or related allegations, and both banks still face accusations or investigations of similar behavior. This should make it clearer than ever that banks that cater to tax evaders must be stamped out, writes columnist Andrew Leahey.

Save the Date

What’s the best way to pitch an idea to a CEO, CFO, or others in senior leadership? Learn how to get your message across in a way that will impress the executives by joining us from noon to 1 p.m. ET on May 24 for How to Present to the C-Suite Like a Pro, part of our free virtual Lunch & Learn series.

We’ve recruited Johnny-Lee Reinoso of C-Level Partners to help you shape your message to resonate with the top people at your tax or law firm. You can join us for this free virtual event, no registration required, by signing on here at noon ET on May 24 or by calling 1-646-931-3860 and entering the meeting ID: 913 3174 5283.

Alex Verdugo of the Boston Red Sox wears a sleeve for Mothers Day during a game against the Baltimore Orioles at Camden Yards on May 9, 2021 in Baltimore.
Photographer: Mitchell Layton/Getty Images

Career Moves

Sonal Majmudar has joined Mayer Brown’s tax practice as a partner in Washington.

Matthew Poole and Paul Shaw have joined Gowling WLG in the tax practice in London.

Aaron Schaal has joined FORVIS as a partner on the tax team in New York.

Paul Stephens, former senior vice president of tax at AT&T, has been named Deloitte’s chief tax officer-in-residence.

James Wilson has been named chair of Baker McKenzie’s global tax group in Washington, D.C.

Andrew Woods has joined Hahn Loeser & Parks as a partner in the trusts and estates practice area in Naples, Fla.

If you are changing jobs or being promoted, let us know. You can email your submission to for consideration.


This week’s Spotlight is on Jennifer Benda, a tax controversy and litigation partner at Holland & Hart in Denver. Benda, a former tax accountant, handles high-dollar-value, sensitive tax matters and helps cannabis industry clients and advisers. When she’s not working, you might find her searching for a good comedy on TV or dreaming about a tropical vacation.

If you’d like to recommend a tax pro to be featured in Spotlight, send your suggestion to Please include the tax professional’s name, title, email address, and geographic area (city/state/country).

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.

  • Comcast and Verizon brought their challenge to Maryland’s one-of-a-kind tax on digital advertising to court prematurely without going through the administrative process first, the state’s high court ruled.
  • The Minnesota Legislature is examining alternative tax strategies sealing up revenue gaps in its 2024-25 biennial budget after the Senate appeared to suddenly abandon a plan to tax the income of foreign subsidiaries of multinational corporations.
  • KPMG’s affiliate in China and PwC’s member firm in Hong Kong both struggled to meet US audit standards in their inaugural regulatory inspections, results that the accounting oversight board has warned of for months.
  • The head of PwC’s Australian arm resigned Monday as the fallout over the firm’s leaking of confidential government tax plans intensifies.
  • France will strengthen its capacity to detect and sanction abusive transfer pricing transactions by multinational companies under broad new measures outlined by its minister of public accounts.

Our Wish List

What’s on our Bloomberg Tax Insights wish list right now? For May, we’d like to see pieces that focus on nonprofits, including best practices and Form 990 updates. We’re also looking for insights on charitable giving incentives, donor-advised funds, donor privacy issues, and estate and gift planning techniques. And, of course, we’re interested in charity and government-related concepts such as unrelated business income taxes and payments in lieu of tax.

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

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:


  • Maria Menezes (Practice Lead, International Tax, Bloomberg Tax): I’m watching “Queen Charlotte: A Bridgerton Story,” the prequel to “Bridgerton” focusing on the young Queen Charlotte—it’s as entertaining as ever in a lighthearted way.
  • Jessie Kamens (Editor-at-Large, Insights and Commentary, Bloomberg Law): I went to see “Are You There God, It’s Me, Margaret” with my daughter’s friends and their moms. It’s as funny as Judy Blume’s classic book, and Kathy Bates and Rachel McAdams are great as Bubbe and Mom.
  • Katharine Butler (Acquisitions Manager, Insights and Commentary, Bloomberg Tax): I recently rewatched “Reversal of Fortune"—Jeremy Irons gives such an enigmatic and riveting performance.


  • David Jolly (Senior Content Editor, Bloomberg Tax): I finally got around to “The Honourable Schoolboy,” a John le Carré novel set in London and Hong Kong, two of my favorite cities. The audio version is narrated by an English chap with a deep, sonorous voice who does great voices. I’m loving it.
  • Perry Cooper (Correspondent, Bloomberg Tax): “American Ivy,” a seven-episode podcast about the origins of preppy style. It takes some unexpected turns through Japan and ‘90s rap, and digs into how the clothes became so ubiquitous they’re almost not a distinct style anymore.
  • Andrew Leahey (Columnist, Insights and Commentary, Bloomberg Tax): “The 1998 Yankees” by Jack Curry on Audible. Curry was a reporter traveling with the team, which he contends is among the best that have ever played. It’s also a chance to remember a time when the Yankees weren’t in last place in the American League East.


  • Alison Lake (Team Lead, Insights & Commentary, Bloomberg Tax and Law): I’m reading “The Wise Men: Six Friends and the World They Made” by Walter Isaacson and Evan Thomas about US post-WWII containment and the major personalities who shaped our Cold War policy.

Quick Trivia Answer

Woodrow Wilson in 1914 officially established the first national Mother’s Day holiday to celebrate America’s mothers.


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To contact the reporter on this story: Rebecca Baker in Washington at

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