tcja

The Tax Cuts and Jobs Act was signed into law on December 22, 2017. In honor of its birth five whole years ago, we talk with the American Enterprise Institute's Kyle Pomerleau, who had a front row seat to the passage of the TCJA. 

Scott and Jeff discuss whether the Tax Cuts and Jobs Act (TCJA) was effective. Often referred to as the Trump tax cuts, or the Trump Tax Reform, recent commentators have argued that it was highly effective. For example, Tyler Goodspeed and Kevin Hassett argued in the Wall Street Journal the TCJA "delivered as promised" by increasing investment, wages, and government revenues. Academic research, however, paints a more nuanced picture. Jeff keeps a list of academic studies that evaluate different aspects of the TCJA on the UNC Tax Center website called The TCJA Effects Tracker. We discuss why articles in the popular press that claim victory or defeat are almost always oversimplified.

Opportunity zones are tax-advantaged investment vehicles that grew out of the Tax Cuts and Jobs Act of 2017 to bring economic redevelopment to impoverished areas.

For the oil and gas industry, opportunity zones can benefit producers and investors.

US Energy Development, a small upstream producer, recently added an opportunity zone to its portfolio in New Mexico called the Shetland project.

We talked with Matthew Iak, executive vice president at US Energy, about opportunity zones, the company's strategy and the Sheltland project.

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Show Notes 

07:37 – No, Biden did not receive thousands of mysteriously surfaced votes in Michigan
https://www.politifact.com/factchecks/2020/nov/04/tweets/no-biden-did-not-receive-thousands-mysteriously-su/

10:02 – Meet the Excel warriors saving the world from spreadsheet disaster
https://www.wired.co.uk/article/spreadsheet-excel-errors

11:20 – It's time for the Leary Theory on How Trump Lost

13:46 – 691,145 Californians left last year: What state did they go to? – Orange County Register
https://www.ocregister.com/691145-californians-left-last-year-what-state-did-they-go-to

13:54 – Where to Move from California in 2018: Top 10 Places Californians Move - TSI Moving
https://www.tsishipping.com/blog/moving/top-10-places-californians-now-call-home-2018

16:20 – Judge orders Trump administration to reveal PPP loan data it sought to obscure
https://www.nbcnews.com/business/business-news/judge-orders-trump-administration-reveal-ppp-loan-data-it-sought-n1246792

19:05 – Evidence of PPP Fraud Mounts, Officials Say
https://www.wsj.com/articles/ppp-was-a-fraudster-free-for-all-investigators-say-11604832072

20:33 – Walmart abandons shelf-scanning robots, lets humans do work
https://www.foxbusiness.com/technology/walmart-abandons-shelf-scanning-robots-lets-humans-do-work

22:28 –  If you worked remotely due to Covid-19, a state tax surprise could be coming
https://www.cnbc.com/2020/11/06/if-you-worked-remotely-due-to-covid-19-a-state-tax-surprise-could-be-coming.html

26:42 – How one simple Zapier workflow created a multimillion-dollar business https://zapier.com/blog/how-zapier-helped-create-bonjoro/

28:14 – How to Get Accounting Clients in a Changing World
https://futurefirm.co/how-to-get-accounting-clients/

30:59 – Acuity Launches Accounts Receivable Services as Standalone Service
https://acuity.co/accounts-receivable-services/

36:00 – California accounting board fines KPMG $1.3M for cheating scandal
https://www.complianceweek.com/regulatory-enforcement/california-accounting-board-fines-kpmg-13m-for-cheating-scandal/29683.article

38:16 – Bill.com tops earnings expectations as more small businesses get back to work, but stimulus questions linger
https://www.marketwatch.com/story/bill-com-tops-earnings-expectations-as-more-small-businesses-get-back-to-work-but-stimulus-questions-linger-11604628670

39:50 – Square stock soars after earnings 'beat by a mile,' analysts applaud growth in Cash App
https://www.cnbc.com/2020/11/06/square-stock-soars-after-massive-earnings-beat-helped-by-cash-app-.html 

45:13 – Customise your chart of accounts templates in Xero HQ
https://www.xero.com/blog/2020/11/customise-chart-of-accounts-templates-in-xero-hq/

47:06 – Does Your Firm Have a Clear Vision for Hosting: Public Cloud, Private Cloud, SaaS
https://www.cpapracticeadvisor.com/firm-management/article/21157787/does-your-firm-have-a-clear-vision-for-hosting-public-cloud-private-cloud-saas

48:57 – Osome Banks On $3M For Accounting ‘Super App’
https://news.crunchbase.com/news/osome-banks-on-3m-for-accounting-super-app/

52:40 – Lightspeed To Buy ShopKeep For $440M
https://www.pymnts.com/news/partnerships-acquisitions/2020/lightspeed-buy-shopkeep-advance-pos/

54:00 – NerdWallet Acquires SMB Finance Platform Fundera
https://www.pymnts.com/news/partnerships-acquisitions/2020/nerdwallet-acquires-smb-finance-platform-fundera/
 
55:25 – A Review! – Thank you, Joe Pavone! 

57:09 – Last, but definitely not least, this is our 200th Episode!🎉👏😁

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The complicated new rules for multi-national businesses were one of the headlines of the new tax law. In this episode, Frazier & Deeter’s International Tax guru Mike Whitacre discusses the implications for U.S. businesses with foreign earnings as well as foreign companies with U.S. businesses. Passthrough entities with substantial foreign earnings should definitely give this podcast their undivided attention to hear about the scenarios they need to consider.