Expert Examines New Tax Law for Grosch Lecture
Ben Franklin said nothing is certain but death and taxes. Charles Swenson adds that researching and consulting on tax laws lasts forever.
Swenson, a USC professor of accounting who has taught courses on taxation for the past 30 years and is an expert on the topic, was the first speaker of the 2018 Paul A. Grosch Lecture Series. Swenson is a certified public accountant licensed by the state of California and has spoken on tax policy issues before the California legislature and the city of Los Angeles.
This lecture series is named after a former professor at Loyola Marymount University. Grosch was a distinguished professor of accounting who taught from 1952-84. In the LMU College of Business Administration he is remembered for his distinct teaching style that instilled the skills necessary to work using insight, integrity and good judgment. His influence is still seen at the core of the accounting program as well as in this lecture series.
For his lecture, Swenson spoke about the Tax Cuts and Jobs Act of 2017, which was one of the most substantial changes in federal income tax laws since 1986. It resulted in a tax cut for most taxpayers, but for people in positions such as sole proprietors or partners in businesses, it’s possible they will experience an increase in taxes. Swenson also raised the big question of whether states will conform their tax laws to follow the new federal structure.
Swenson’s talk was important to this audience because the law affects all taxpayers, including businesses, individuals, estates and trusts, offering useful information to everyone. Swenson broke the lecture up into three parts: the effect on businesses; the effect on international business; and the effect on individuals. He did so by summarizing how the tax law changed, with some humor mixed in, to relate it back to the audience. His PowerPoint slides can be found here along with the full video of the talk.
This lectures series is endowed by Grosch’s friends and previous students. Past speakers include Paul Stebbins, chairman emeritus of World Fuel Services Corporation and Aaron Beam, co-founder and former CFO of HealthSouth.
Reporter Yemayá Williams is a sophomore journalism major.