Starting off a Wednesday session of Advanced Federal Taxation, Senior Lecturer聽Edward Taylor聽raises what would seem a surprising question for such a class: 鈥淲hat鈥檚 the issue with Michael Jackson?鈥� It鈥檚 no surprise to the 25 students, a fairly even mix of young men and women whose assigned reading included a聽Wall Street Journal聽story about a tussle between the IRS and the king of pop鈥檚 estate. The dispute centers on the taxable value of Jackson鈥檚 name and likeness. Estate executors put it at a microscopic $2,105; the IRS would like to tack on roughly another five zeroes.
After an exchange, Taylor prefaces the next brief discussion with the words 鈥淚鈥檓 not sure I should tell you this.鈥� He bet a hundred dollars on the Patriots in the Super Bowl the weekend before, and his question is whether his winnings are taxable. They are, as the students know from another聽Journal聽story.聽A young man sporting an Eagles T-shirt asks if fantasy sports winnings are also taxable. 鈥淵es, have you reported them?鈥� Taylor replies with a smile. 鈥淯h, not yet,鈥� the student says. Then the class takes up news about early stirrings of tax reform in the Trump administration.
罢丑别听Wall Street Journal聽occupies just the first 15 minutes or so of the twice-a-week class, but the assigned reading illustrates Taylor鈥檚 way of drawing students into the rigorous subject matter of tax accounting.聽The rules of that field are famously arcane and technical, yet this award-winning professor聽manages to deliver a sense of urgency to tax education鈥攃onnecting it聽to what's happening聽in the world and in students鈥� lives.
A Carroll School alum, Taylor is reaching a milestone this semester. Since 1986, he has taught exactly 200 courses at 涩里番下载 including four this spring鈥攁nd a total of 7,745 students.
His goal is always for students to 鈥渃ome to class thinking this is relevant to my life, and it鈥檚 actually fun,鈥� says Taylor, who is also associate chair of the Accounting Department. He speaks of 鈥渂ringing the world鈥� into the classroom and the effect it has on accounting students. 鈥淚t piques their interest because they鈥檙e talking about a real story. That鈥檚 what they remember most. They remember the stories,鈥� he says.
It helps that Taylor is not just a creature of the classroom. Aside from his full-time lecturing and departmental responsibilities, he is also a partner in a Boston-area accounting firm that bears his name, Nardella & Taylor, LLP. In fact, Taylor鈥檚 experiences in the field supply many of the stories his students remember.
There was the time, for instance, when one of his clients sold a company for $80 million. 鈥淚n my class, we walked through how the transaction was conducted,鈥� he relates. 鈥淥r maybe somebody is being audited by the IRS,鈥� Taylor adds. In that case, he steers the class through issues that arise in the audits.
Maria Battaglia 鈥�17, an accounting student from Pittsburgh, says the principles of tax accounting can seem dry and abstract. 鈥淪ometimes it鈥檚 difficult to relate to it, so it鈥檚 great to have that connection,鈥� she says, referring to both the headline news and Taylor鈥檚 stories from the front lines of practice.
200 Courses and Counting
Edward Taylor has been teaching at 涩里番下载 for 31 years. His 200 courses have covered topics such as financial accounting, managerial accounting, cost accounting, and auditing, as well as his speciality, federal taxation.
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Battaglia is enrolled this semester in Advanced Federal Taxation, an elective that helps with preparing for the CPA exam, particularly the regulatory section that deals with federal taxation as well as business law and ethics. A prerequisite course, Federal Taxation, is also taught by Taylor and is required of all accounting majors.
One of his quips鈥斺�淭he class pays for itself鈥濃�攊s echoed by Battaglia. She mentions a few things she learned that might help with her tax bills in the future, including the possible deductibility of moving expenses.
Tax Law Changing Before Their Eyes
Tax reform is in the air in Washington鈥攁nd consequently in Taylor鈥檚 tax classes this spring.
鈥淭ax law could be changing while we鈥檙e in the class, or by the time we go into the profession,鈥� says Battaglia, who will be working after graduation in PwC鈥檚 Deals Practice, which handles capital market transactions such as IPOs and mergers and acquisitions. As examples, she cites reported plans to abolish the Estate Tax and the Alternative Minimum Tax.
Likewise, James Miller 鈥�17 says the聽Wall Street Journal聽coverage of 鈥渢ax issues under the Trump presidency isn鈥檛 just interesting. It鈥檚 very relevant to our lives as incoming professionals.鈥� The New Jersey native cites, for instance, a February 8聽Journal聽story under the headline 鈥淕OP Tax Proposal Splits Business into Factions.鈥� Discussed that day in class, the story dealt largely with a Republican proposal to impose a levy on imports, which would hurt importers (retailers and their customers, notably) but in other ways help exporters.
It鈥檚 of more than theoretical interest to Miller: This coming fall he鈥檒l be working as part of KPMG鈥檚 Corporate & Business Tax Services team in New York.
Professional training aside, Taylor points out: 鈥淚t鈥檚 a real education to read about how the whole system works, how Washington works. It鈥檚 a civics lesson, in a way. And there鈥檚 a lot of anticipation about what鈥檚 coming with tax reform.鈥�
Along with the world, Taylor also brings his love of 涩里番下载 into the class. Both he and his wife, Kimberly (Ladd), are alums of the institution, and each of their three children either has graduated from or is attending the University. His office in Fulton Hall is decorated with 涩里番下载 banners, pennants, and other displays of maroon and gold.
鈥淚t鈥檚 not work,鈥� Taylor insists, referring to all he does at the University. Students get the message right away. Very often, gracing the top of a Taylor syllabus will be the words 鈥淚t鈥檚 always a great day to be an Eagle.鈥�
At this stage of his career, he has considered setting aside his own practice and devoting full energy to teaching, but his students are actually a big part of the reason why he keeps a hand in the business. 鈥淚 think I鈥檇 lose my edge if I weren鈥檛 practicing,鈥� Taylor explains, referring to his effectiveness in the classroom. 鈥淵ou could read all you want, but unless you鈥檙e on the front lines, experiencing it鈥濃�攖here was no need to complete the sentence.
William Bole is senior writer and editor at the Carroll School.
Photography by Gary Gilbert.