Sunday, July 28, 2024

Olympics Tax Fun

3 figures on the winner stand at the Olympics

For the summer Olympics of 2016, I wrote an article on what a State Tax Decathlon could look like. Here are the events:

  1. The Jock Tax Challenge – calculate state taxes for professional athlete
  2. Multistate File and Plan for individual with activities in 10 states
  3. The Business Split – calculate state taxes for multistate business in states with differing sourcing and apportionment
  4. Nexus Confidence – based on given facts, does taxpayer have nexus in the state?
  5. Amicus Drafting – research and draft brief with references to at least 30 cases
  6. Power of the People – draft ballot materials for a state tax initiative
  7. Harmony – draft federal legislation acceptable to all stakeholders
  8. Dust It Off – persuade a state legislature to hold hearing and take action on a report of a state tax commission
  9. Base Broadening – make convincing arguments on why a state tax incentive for business should be repealed
  10. Tax Literacy – design education plan for high school students to understand their state’s tax system and compliance obligations

For more details, see "The State Tax Decathlon," Tax Notes State, 9/12/16 (with some background on the decathlon too).

For the summer Olympics of 2020, I wrote about "The State Tax Pentathlon," Tax Notes State, 8/16/21 (the 2020 Olympics were postponed to 2021 due to Covid). One of the tax events: Speed Answering — Like the horse riding and jumping event where athletes do not know the horse they will be assigned, contestants must answer questions from the taxpayer and practitioner phone lines of any 12 randomly selected state tax agencies. Points are awarded for accuracy, clarity, and politeness.

I'm not writing about the 2024 Olympics due to time constraints, BUT, what would you suggest to update my decathlon list form 2016?

1 comment:

  1. This was an amazing read. This olympics tax article gave me some business tips for my own business tax services UK.

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