Taxes touch every aspect of society, including who rules, where factories are built, what people drink, what car they buy, when they have children, and when they die. Scott Dyreng (Duke) and Jeff Hoopes (UNC), two accounting professors, chat about taxes, including current events, with the energy of an over-caffeinated chihuahua. Listening is guaranteed to be far more entertaining than actually paying your taxes.
Send us a text Scott and Jeff discuss Crypto taxes with Tyler Menzer, PhD student at the University of Iowa studying the tax implications of Crypto currency in the marketplace. We briefly discuss some of the basics, but, also discuss slightly more complicated crypto issues like airdrops and staking.
Send us a text Scott and Jeff talk with Rich Prisinzano of the Penn Wharton Budget Model about revenue scoring. Scott, Jeff and Rich discuss topics such as how precise revenue scores are, how private revenue scores are different from those provided by the government, how politicians might use private revenue scorers to get the best "price" for a piece of tax legislation, etc. They end with how Rich would think through scoring a hypothetical (and fictional!) tax proposal, the "Dividend Cut Tax"....
Send us a text Scott and Jeff discuss tax justice with Amy Hanauer, Executive Director of Citizens for Tax Justice and its sister organization, ITEP (Institute on Taxation and Economic Policy). We ask Amy what a fair tax system would look like. We discuss problems with the current tax system. We touch on methods the government uses to redistribute income, like the earned income tax credit and the child tax credit. We briefly discuss corporate taxes, and Amy shares her view that corporations do n...
Send us a text Jeff explains how some non-profits owe income taxes on the unrelated business income, but, how because of the mission of the Girls Scouts, they don't pay taxes on the proceeds from the cookies sales.
Send us a text In this episode, Scott and Jeff discuss why financial accounting rules and tax accounting rules are different. They give some examples. They talk about some firms that have reported very high income while also paying very low taxes. They also talk about how the opposite happens, but doesn't get much media attention.
Send us a text Scott and Jeff discuss Cannabis taxation with economist Caroline Weber . We chat about the history of cannabis taxation, the advantage of legalizing cannabis to make it easier to tax, the use of taxes to set a price floor, and other issues related to cannabis taxation. We also discuss whether the taxes collected from Cannabis production and sales are used to remedy some of the social ills that might arise from widespread cannabis use....
Send us a text Scott and Jeff interview Grover Norquist, president of Americans for Tax Reform (ATR). We discuss the Taxpayer Protection Pledge , which has been signed by many national and state-level politicians, including past presidents, many senators, sitting governors, and others. The signing is mostly partisan, with Republicans mostly signing, and Democrats rarely signing. Grover Norquist discusses his views on taxes and government, and argues that there is never a good reason to increase ...
Send us a text Scott and Jeff discuss tax boycotts. Some corporate mangers say they are careful with their tax planning because they don't want to make their customers mad--customers might not buy things from a company they perceive as overly aggressive with their taxes. In this episode, Scott and Jeff discuss a recent study by Jeff and co-authors Scott Asay (U Iowa), Jake Thornock (Brigham Young University), and Jaron Wilde (U Iowa) called " Tax Boycotts ". We describe how the scorn of consumer...
Send us a text Scott and Jeff talk with Ken Kies about TRA86, the last major tax reform since the Tax Cuts and Jobs Act. Ken was the Chief Republican Tax Counsel of the House Ways and Means Committee during the process of passing TRA86. How bipartisan was the TRA86? Was Ronald Reagan involved in the details? How much did the lobbyists matter? This episode gets into the details of TRA86 from someone who was on the front lines of tax reform when it happened....
Send us a text Scott and Jeff interview Lincoln Rice, Coordinator of the National War Tax Resistance Coordinating Committee, a group which would have you ask yourself "are you praying for peace, but paying for war?" We learn what it means to be a War Tax Resister. We discuss the risks, if any, of not paying taxes, and how the tax system is used by some as a tool for voicing opposition to government policies....
Send us a text Capital Gains Sea Shanty Sung by Dyreng's Deductions Lyrics by Jeff Hoopes There once was a man who bought some stock In a little firm they call gamestop The price went up so he sold his shares Sittin on his gains so unaware Then, oh, the taxman come To tax his gains and stop his fun Oh, when, the taxin’ is done He’ll have some pennies and change So what could you do to stop the pain? To keep the taxman from your gains? To keep the tax from being incurred The best way is to just d...
Send us a text Scott explains the step-up in basis loophole. He describes how it can help you pass your wealth to your heirs tax efficiently.
Send us a text Are big countries bullying developing countries under the guise of the OECD's Inclusive Framework? It the framework really inclusive, or is it really an exclusive club of rich countries looking out for themselves? Jeff and Scott discuss these issues with Afton Titus who gives the African perspective.
Send us a text Jeff talks about the relationship between taxes and inflation, and, introduces us to the term seigniorage.
Send us a text Martin Luther King Jr. is the only person to have ever been tried for perjury with regards to state income taxes in Alabama. Jeff and Scott interview Edgar Dyer about the tax perjury trial of Martin Luther King Jr. in 1960. Eddie wrote an article entitled " A Triumph of Justice in Alabama: The 1960 Perjury Trial of Martin Luther King, Jr. " Fred Grey, Martin Luther King's attorney, said of the trial, "No one would have predicted that an all-white jury in Montgomery, Alabama, the C...
Send us a text Scott and Jeff discuss the principle of realization. As a general rule, most income taxes are levied when it is realized, usually when a transaction takes place. For example, gains in shares held as an investment are not taxed unless those shares are sold. The principle of realization also manifests itself in a variety of interesting ways, which we discuss in this episode.
Send us a text Taxes Taxes, Where's my Refund Taxes Taxes Where’s my refund? Taxes Taxes I’m so angry Cuz I paid too much and April is so far away (far away) Taxes Taxes Where’s my refund? Taxes Taxes Give me what is due Cause I need money Help me pay my debts I know I’ve claimed some things That might not be legit My daughter’s wedding costs The dog food that I bought But I have paid so much I feel no guilt at all My friends say I’ve lost touch And some are just appalled Taxes Taxes Where’s my ...
Send us a text Scott discusses one of the factors contributing to whether you should invest in a Roth IRA or a Traditional IRA.
Send us a text Scott and Jeff welcome Brian Galle, Professor of Law at Georgetown University to discuss the proposed Billionaires' Income Tax , which is a tax on unrealized capital gains. Brian and 218 other law professors and economists recently sent a letter to Congress in favor of the proposal. The letter can be found here . We discuss how the tax is being positioned as being different from a wealth tax. We question whether the tax might eventually be expanded to everyone, not just billionair...
Send us a text Jeff describes how knowing how many billionaires there are and how much wealth they have, a key component to estimating how much revenue many new taxes that target the ultra-rich would bring in, is more complex than you might think.
Send us a text Jeff talks with Scott about a few of The Tax Museum's thousands of items. Jeff shows Scott a stack of expired lotto tickets purchased on EBAY and describes what they have to do with tax fraud. They discuss some old revenue stamps, an actual stamp from Burkina Faso, and other items that have amazing connections with taxes.
Send us a text Lyrics by Scott Dyreng Sung by Scott Dyreng and Three of Dyreng's Deductions Lyrics Tax Advice, Tax Advice So many options confuse me. Roth I R A 401-K Which is the one that best suits me? Pay my tax now or pay when I am old Maybe not pay forever Tax Advice, Tax Advice Help me choose which is better Pay the Price, For the Advice That will help me choose wisely. L L P? S-Corp or C? Which is the one that best suits me? Pay the tax twice or pay only one time? Claim QBI deductions Pay...
Send us a text Scott describes a year-end tax planning technique called bundling.
Send us a text Scott and Jeff are joined by Brian Mittendorf from THE Ohio State University to discuss not-for-profit entities. We discuss the recent creation of Horns with Heart, a not-for-profit entity recently created to pursue charitable causes using the Name, Image, and Likeness (NIL) of offensive lineman for the University of Texas football team. If this arrangement proves to be legitimate, not-for-profit entities could proliferate as a way to facilitate NIL deals and pay college football ...
Send us a text Away to pay Taxes (to the tune of Away in the Manger) Lyrics by Jeff Hoopes, Sung by Stacey Hoopes Oh Joseph and Mary They were there for a task They came to the city To pay their tax But as they remitted The tax on their worth Oh Mary, a virgin She had to give birth They went to the city By Caesar’s decree As taxes touched Joseph They affect you and me When we give birth and when we die How much we work And what car we buy For every decision We weigh how we act By counting the c...
Send us a text Jeff describes what taxes have to do with Christmas. Mary and Joseph went to Bethlehem to be taxed (or maybe to be counted, so they could be taxed).
Send us a text Scott and Jeff discuss the OECD's Base Erosion and Profit Shifting (BEPS) project with Tom Neubig, a former Economist with the OECD. We answer basic questions about the OECD, BEPS, Pillar One and Pillar Two, which includes the proposed global minimum tax. The project is designed to stop the "race to the bottom" and to prevent large multinational companies from shifting their income to low-tax jurisdictions like tax havens. We also briefly discuss how country by country reporting w...
Send us a text In a recent episode of Tax Chats, Scott and Jeff had a little disagreement over a potential downside of tax loss harvesting. In this short, Jeff summarizes his argument that in tax loss harvesting, you should not delude yourself into thinking there is something special about the stock you hold. You should not decide not to tax loss harvest because you might miss out on a stock going up in value--don't have tax loss harvesting FOMO....
Send us a text Scott describes why it is so difficult to tax giant multinational companies.
Send us a text Jeff and Scott discuss how to legally reduce or avoid paying capital gains taxes. We use Satya Nadella's recent sale of half his stake in Microsoft as an example. To reduce the capital gains tax burden, one can: Change the timing of capital gain income sell before a new tax is imposed, or after an old tax is retired wait to sell until capital gain becomes "long term," currently after 1 year wait to sell to take advantage of the power of deferral Examples https://www.journals.uchic...
