A Small Philadelphia Bank Faces Test of Depositors' Faith
WSJ What’s News
The Wall Street Journal
4.1 • 4.2K Ratings
🗓️ 8 September 2023
⏱️ 16 minutes
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| 0:00.0 | This podcast is brought to you by Fidelity Investments. |
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| 0:23.0 | The IRS plans to audit large hedge fund and real estate firms this month. |
| 0:27.4 | And how a small bank in Philadelphia faces a test of depositors' faith. |
| 0:31.7 | The fundamental question here is, do we really need to be rethinking what it means to be systemic or to be too big to fail? |
| 0:42.6 | Plus, how apples become a pawn in a fight between the U.S. and China. |
| 0:46.6 | It's Friday, September 8th. |
| 0:48.3 | I'm Ann Marie for Totally for the Wall Street Journal. |
| 0:50.6 | This is the PM edition of What's News, the top headlines and business stories that move the world today. |
| 0:57.4 | The IRS is preparing dozens of audits this month of large hedge funds and real estate firms. |
| 1:09.9 | The company's its auditing aren't being named publicly, but the IRS Commissioner says the agency used artificial intelligence to select them. |
| 1:16.9 | Last year, Congress allocated billions of dollars to the IRS to increase enforcement and improve technology and taxpayer service. |
| 1:23.9 | Our U.S. Tax Policy reporter Richard Rubin joins me now with more. |
| 1:27.4 | Richard, to start, why the focus on these hedge funds and real estate partnerships? What are the concerns there? |
| 1:32.9 | Yeah, so from the IRS's perspective, they're really trying to fill a longstanding gap in their enforcement ability. |
| 1:38.9 | A lot of these partnerships, and again, we don't know exactly which ones they are, are complex. |
| 1:43.8 | They're multi-tiered. They'll have thousands of partners and entities upon entities that control bits of each other. |
| 1:49.8 | They're very difficult for the IRS to unwind and untangle, and they require a lot of time and specialized skill from the government side to figure out what's actually going on inside of these partnerships and whether they're complying with the tax law. |
| 2:03.3 | The IRS, when it got the 80 billion in the inflation reduction act last year, and along with the Treasury Department side, |
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