Tax Chats

Send us a textJeff 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 textJeff 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 textScott describes a year-end tax planning technique called bundling. 

Send us a textLyrics by Scott DyrengSung by Scott Dyreng and Three of Dyreng's DeductionsLyricsTax Advice, Tax AdviceSo many options confuse me.Roth I R A401-KWhich is the one that best suits me?Pay my tax now or pay when I am oldMaybe not pay foreverTax Advice, Tax AdviceHelp me choose which is better Pay the Price, For the AdviceThat 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 deductionsPay the Price, For the AdviceThat will help me choose wisely! 

Send us a textScott 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 players, while allowing donors to make tax deductible contributions to their favorite football players.

Send us a textAway to pay Taxes (to the tune of Away in the Manger)Lyrics by Jeff Hoopes, Sung by Stacey HoopesOh Joseph and MaryThey were there for a taskThey came to the cityTo pay their taxBut as they remitted The tax on their worthOh Mary, a virginShe had to give birth They went to the cityBy Caesa­r’s decreeAs taxes touched JosephThey affect you and meWhen we give birthand when we die How much we work And what car we buy  For every decisionWe weigh how we actBy counting the costAnd we do it post-tax The pros and the consIn dollars and centsWe consider the taxesBefore we commence

Send us a textJeff 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 textScott 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 will help with analysis after implementation.

Send us a textScott describes why it is so difficult to tax giant multinational companies.

Send us a textIn 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.