How Some Big Companies Are Maximizing Their Tax Benefit
How Some Big Companies Are Maximizing Their Tax Benefit
There’s no question that the IRS is always looking for ways to get every penny they can from the nation’s taxpayers, whether they be individuals or businesses. On the other hand, many are also doing whatever they can to pay as little as possible, some, even less than they owe. As for the business side of the equation, many U.S companies are pulling out all the stops to save money by paying Uncle Sam as little as possible.
What’s there plan
In fact, some of the most profitable companies in the U.S. in the Standard & Poor’s 500, have figured out how to completely wipe out their tax bills for the first quarter of this calendar year. So who are these companies and how did they pull it off? There were 13 companies on the list, some of which included Electronic Arts, General Motors, Seagate Technology and Mondelez International.
Although tax rates in the U.S. are often higher than in other countries there are still ways for companies to keep their tax bill much lower than one would expect. So what did these companies do to achieve this prestigious position?
Who are some of These Companies?
Electronic Arts, for example, was able to report a tax benefit of $30 million because it released deferred tax assets. That decision made it possible for the company to bring in $700 million in cash held overseas without triggering a tax hit.
General Motors, on the other hand, received a $224 million tax benefit due to deductions for stock investments, which the company made in some of its affiliates that are not U.S. based.
By understanding the tax laws and tax breaks available to them, these companies have been able to maximize their tax benefit. If your company is looking for ways to save on its tax bill, then give GROCO a call. We can help you save on your tax bill with the proper planning and accounting. We can also help you with international tax as well as with business valuations. Click here to contact us.
We hope you found this article about “How Some Big Companies Are Maximizing Their Tax Benefit” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Australian Sports and Best Practices: Insights from Ian Robilliard
Transcript: Alan Olsen Welcome to American Dreams My guest today is Ian Robilliard. Ian, welcome to today’s show. Ian Robilliard Thanks very much Alan. Really lovely to be here. Alan Olsen Well, it is certainly a pleasure to to have you here. I know you’re you’re recording from Australia, the Land Down Under…
The Tech Entrepreneur – Cory Warfield
Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Corey Warfield. Corey, welcome to today’s show. Cory Warfield Thanks so much for having me, Alan, and thanks for everyone for tuning in. Alan Olsen So I’m excited about this, you have a lot of really good insight to…
Raising Healthy Children (and Grandchildren) in a Digital Age
Balancing Screen Time and Family Time. Written by Nathan Weller. The digital age has brought about significant shifts in society, perhaps the most important is how children are raised; especially how young people interact with technology. With the prevalence of smartphones, tablets, televisions, and computers, screens have become a ubiquitous part of our lives. Children…
Revolutionizing Athlete Development, Shona Eichorn CEO of NIAS
Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams we have today Shona Eichorn. She is the CEO of the Northern inland Academy of Sports. Shona, welcome to today’s show. Shona Eichorn Thank you very much for having me. I’ve very privileged to be with you all. Alan Olsen So Shona,…