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Gary McGill - University of Florida. Gainesville, FL, US

Gary McGill Gary McGill

Director and J. Roy Duggan Professor, Fisher School of Accounting; Associate Dean, Warrington College of Business | University of Florida

Gainesville, FL, UNITED STATES

Gary McGill is an expert in federal income taxes, international taxes and accounting for income taxes.

Biography

McGill is an expert in federal income taxes, international taxes and accounting for income taxes.

Industry Expertise (3)

Business Services

Accounting

Banking

Areas of Expertise (5)

Accounting for Income Taxes

Federal Income Tax

International Tax‎

Accounting

Business

Media Appearances (3)

If you pay no taxes, will you end up with more money under GOP tax plan?

PolitiFact  online

2017-11-29

Lower-income Americans could get another hit from the Republican tax proposal if budget cuts are needed to offset the loss of federal tax revenue for programs that help the poor, said Gary McGill, director of the Fisher School of Accounting at the University of Florida.

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How would the GOP tax bills affect families strapped from battling cancer?

PolitiFact  online

2017-11-13

The ad’s claim is "a very questionable statement," said Gary McGill, director of the Fisher School of Accounting at the University of Florida’s Warrington College of Business. "Medical expenses could have wiped out most of their income so that they would have owed no income tax, especially if she lost her job too. So the scenario in the ad is not plausible. It doesn’t pass the smell test."

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PolitiFact: Nancy Pelosi on target about what Donald Trump might save under his tax plan

Tampa Bay Times  online

2017-05-04

"We don't really have enough detail from Trump's tax returns to properly analyze the impact of reforms," said Gary McGill, director of the Fisher School of Accounting at the University of Florida. "And even the reform plan is not so much a plan but a high level of general objectives."

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Social

Articles (5)

Evolution in the Tax Code: (Almost) the End of Homeowner Tax Savings?

SSRN

Brent W Ambrose, Patric Hendershott, David C Ling, Gary A McGill

2021 The federal government has long promoted homeownership through various provisions in the U.S. income tax code. The Tax Cuts and Jobs Act of 2017 (TCJA) renewed interest and debate about the treatment of housing via the tax code, particularly with respect to the mortgage interest deduction and the limitation on deductions for state and local taxes. We document the extent that the TCJA magnifies the long-standing anti-mortgage debt bias in the tax code. Our analysis reveals that ongoing discussions about the effects of eliminating the mortgage interest deduction are largely irrelevant because most households no longer benefit from this deduction. We also demonstrate how the limitations on the deduction of state and local taxes alters the costs associated with homeownership across geographic areas, and we provide detailed calculations of the average and marginal tax rates at which housing related expenses are deducted. Finally, we calculate how the major tax benefit of owner-occupied housing — the nontaxation of net implicit rental income varies across income groups and locations.

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The geometry of international tax planning after the Tax Cuts and Jobs Act: A riff on circles, squares, and triangles

National Tax Journal

Michael P Donohoe, Gary A McGill, Edmund Outslay

2019 The enactment of the so-called Tax Cuts and Jobs Act of 2017 (TCJA) significantly changes the landscape for tax planning and compliance by U.S. multinational corporations (MNCs). The promised shift to a more territorial system actually results in a greater likelihood that more of a U.S. MNC’s foreign income is subject to current U.S. taxation. The TCJA complicates effective tax planning for such firms, forcing them to reexamine their existing global structures and financial arrangements (i.e., the “geometry” of international tax planning). We briefly review international tax planning before the TCJA as well as some key international tax provisions in the TCJA. We then provide a method to estimate the new Global Intangible Low-Taxed Income (GILTI) tax from a U.S. MNC’s financial statements when such information is not publicly disclosed and illustrate the effective tax rate (ETR) and GILTI tax effects for a small sample of public firms after the TCJA. Finally, we discuss some likely changes in international tax planning going forward.

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Risky business: The prosopography of corporate tax planning

National Tax Journal

Michael P Donohoe, Gary A McGill, Edmund Outslay

2014 We trace the history of corporate tax planning from a compliance-focused activity to a profit-enhancing endeavor to a risk management center. Tax directors of U.S. multinational corporations face unprecedented global pressures from taxing jurisdictions seeking to increase their share of the enterprise's worldwide taxes. Increasingly, corporations must consider the risks that a tax strategy will impose on them, not only in terms of potential lost revenue, but also in terms of reputation and market share. We discuss the components of tax risk management in today's global environment and speculate how future corporate tax planning will change in light of the Organisation for Economic Co-operation and Development Base Erosion and Profit Shifting project.

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Back to the drawing board: The structural and accounting consequences of a switch to a territorial tax system

National Tax Journal

Michael P Donohoe, Gary A McGill, Edmund Outslay

2013 We review the basics of international tax planning by U.S. multinational corporations (MNCs) and the organizational structures that facilitate such planning. We then discuss the potential impacts that adopting a participation exemption regime (i.e., a territorial tax system) along the lines proposed by Representative Camp could have on a U.S. MNC's worldwide supply chain structure and financing arrangements. We compare the change in a corporation's global accounting effective tax rate under the current U.S. worldwide tax system and four participation exemption options proposed by Representative Camp. Using a hypothetical set of facts representative of a U.S. multinational with highly mobile intellectual property income, we show that the options produce very different accounting effective tax rates and tax revenues received by the U.S. Treasury. We also point out potential tax planning strategies that could be employed pre- and post-effective date of the implementation of a participation exemption system that would change the expected revenue to be received during the transition to such a system.

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Through a glass darkly: What can we learn about a US multinational corporation's international operations from its financial statement disclosures?

National Tax Journal

Michael P Donohoe, Gary A McGill, Edmund Outslay

2012 We discuss the accounting rules that apply to reporting a U.S. company's international operations. We use examples to illustrate diversity in accounting and offer caveats for policy makers, standard setters, analysts, and researchers regarding their interpretation and use of financial accounting information.

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Associate Dean Gary McGill | Dear Warrington Grads

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Languages (1)

  • English