Tax Analytics
Define "Tax analytics"
The combination of tax technical knowledge, big data, and technology tools to evaluate performance and make strategic decisions.
Which University is affiliated with the WRDS research database?
UPenn - Wharton
What function would you use to add all the numbers in a range of cells?
SUM
When you have a question about an assignment, who should you email?
BOTH Prof. Parsons AND Prof. Orenstein
What's worth more: $1 tax deduction or $1 tax credit?
Tax credit
Name two Key Performance Indicators (KPIs) focused on tax management.
- Tax Cost
- Tax Risk
- Tax Efficiency and Effectiveness
- Tax Sustainability
- Permanent Book-Tax Differences
What is the name of the SEC database that houses all public company filings?
EDGAR (Electronic Data Gathering, Analysis, and Retrieval system)
What function would you use to find the biggest number in a range of cells?
MAX
How can you schedule office hours with Prof. Parsons? (two answers)
By going to calendly.com or by emailing her
21%
Give two examples of "big data" that can be used in tax analytics.
- IRS data: tax returns; reportable financial transactions (W-2s, 1099s, K-1s); social media posts; credit reports; etc.
- SEC filing data: 10-Ks, 10-Qs, etc.
What is the most recent year for which you can obtain IRS SOI data for corporations?
What feature in Excel allows you to extract data from a large set and summarize, analyze, explore, and present summary data?
What are the last four digits of Prof. Orenstein's phone number?
8175
What Big 4 firm did Prof. Parsons work at before returning to academia?
PwC
The task of tax departments to minimize taxes paid in the future is called:
Tax planning
What percentage of forms 1040 filed for tax year 2019 took the standard deduction?
Decrease an asset & decrease a liability.
What function would you use to find the arithmetic mean for only those cells specified by a given condition or criterion.
AVERAGEIF
When is your final exam?
What is Prof. Orenstein's tax technical area of expertise?
International tax
What type of analysis would you perform to test the impact of various alternative input data on an expected output (ex. taxable income or tax paid)?
What-if scenario analysis
How many forms 1040 with positive AGI were filed in the state of Connecticut in 2019?
What function looks for a match to the value in the left-hand column of a table then returns the contents of the cell corresponding to the indicated column?
VLOOKUP
Where can you go to find Excel and Power Query tutorial videos? (Be specific)
Appendix A in the Syllabus
What comedian joked that
"According to most studies, people's number one fear is public speaking. Number two is death [...] This means to the average person, if you go to a funeral, you're better off in the casket than doing the eulogy"
Jerry Seinfeld