The first time I heard an Elvis song was years after his death. My mom had an old vinyl album of holiday songs—one of them was “Blue Christmas.” I immediately became a fan.
As I got older, my mom introduced me to more sides of Elvis. Our local library had VHS tapes of Elvis movies, and before I left for college, I think we watched every one of them. Mom and I agreed: the campier, the better, making his musicals particular favorites.
So, it likely came as no surprise to my mom when, in the summer before law school, I set out on a trip to Memphis. I had it all mapped out—from Sun Studio to the Arcade to Graceland. I wasn’t disappointed.
From flashy jumpsuits to peanut butter and banana sandwiches, there’s something about Elvis that I have always found fascinating. And while I know he was far from perfect—and what I know about him likely represents him as a character more than a person—his status as a legend hasn’t dimmed over the years.
I’m not alone. Everywhere I turn, from the New York Times to Josh Gates Tonight, there’s buzz about Baz Luhrmann’s ambitious biopic, “Elvis.” In its opening weekend, it grossed $51 million and generated chatter about a potential Oscar nomination for Austin Butler. A lot of folks, it would appear, are “All Shook Up” over the life of Elvis Presley.
Austin Butler attends the Canadian screening of Warner Bros. “Elvis” at TIFF Bell Lightbox on June 17, 2022 in Toronto, Ontario.
Photographer: Jeremy Chan via Getty Images
Critics of the movie and the man have been quick to point out that some of what might be appealing about Elvis is linked to the passage of time. The further we get away from his real life, the easier it might be to imagine what we want Elvis to be rather than who he really was.
I think there’s a bit of that in all of our lives. Being close in time and relationship to a subject informs what we believe. And the more we step away, the fuzzier our interpretation can become.
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Quick Numbers Trivia
Elvis cut his first record in 1953. That same year, he received a federal income tax refund. How much was it?
Answer at the bottom.
American rock ‘n roll singer Elvis Presley with a twelve string guitar.
Photographer: Hulton Archive via Getty Images
Our Roundup
Our experts touched on various topics from sales tax on software licensers to issues focused on working from anywhere. For a look at what’s making news, here’s our roundup.
“There Is So Much World to See"—but that doesn’t mean that working from anywhere is a breeze. Employers that embrace hybrid or remote as options for their staff should understand the state tax laws and other tax implications surrounding that decision, say Sarah Shannonhouse and Eileen Sherr of the American Institute of Certified Public Accountants.
“A Little Less Conversation.” Aleksandra Bal of Stripe examines the indirect tax obligations facing European providers of digital services in Canada and suggests some practical advice for navigating the federal and provincial registration and collection requirements.
Technology may move fast, but you may want to “Stop, Look and Listen.” Companies that provide software as a service should understand the state sales tax exposure to their businesses, so they don’t open themselves up to unnecessary risk by not paying taxes, says Marcum LLP’s John Bonk.
Things should change “Starting Today.” Exempting small oil refineries from the Renewable Fuel Standard effectively creates a tax on both larger refiners and people fueling up at the pump. The Environmental Protection Agency recently denied over 100 exemptions, explaining why most also should be rejected going forward, writes environmental attorney Michael H. Levin.
Looking for “Sound Advice”? The OECD Pillar Two tax is generally based on financial accounting, which may not defer recognition of gain on US Section 1031 exchanges and foreign corporate-income-tax-deferred rollovers. In Part 1 of a two-part series, Gunster, Yoakley & Stewart, P.A.'s Alan S. Lederman discusses these GAAP rules. In Part 2, Lederman looks at how tax under Pillar Two applies such financial accounting rules.
“It’s Different Now” as technology changes the game. Giuliana Polacco and Annarita De Carne of Bird & Bird consider how concepts such as “significant economic presence” are being used by Italian tax authorities to analyze whether foreign entities active in the digital economy, such as those providing streaming services, can be considered to have created permanent establishments in Italy.
A “Change of Habit” might be necessary: Seemingly routine payroll tax debt might turn a civil obligation into a criminal tax nightmare in waiting. Tax professionals need to advise their clients properly before the IRS shows up, says Green and Sklarz LLC’s Eric Green.
Commentary
Is there “Too Much Monkey Business”? The easiest and most sensible response to the global catch-up on minimum taxes would be if the Biden administration and Congress raise the GILTI threshold rate beyond the 15% proposed by the OECD, says University of Pennsylvania Carey Law School professor Chris William Sanchirico.
American politician US President Richard Nixon and musician Elvis Presley shake hands during a meeting at the White House, Washington DC, on Dec. 21, 1970.
Photographer: National Archive/Newsmakers via Getty Images
Columnists
Some would say for sure that “You’ll Be Gone.” But what would you do if you accidentally got paid around 330 times your typical salary? That was the question facing a Chilean worker last month.
Not all payroll mistakes are quite so dramatic, but you should pay close attention on payday nonetheless. This week, I wrote about some common payroll and tax mistakes—and how to fix them.
A Closer Look
It may be obvious, but you shouldn’t use funds from a nonprofit tax-exempt organization as a personal piggy bank. In this edition of “A Closer Look,” Berliner, Corcoran & Rowe LLP’s Keith Rosten looks at recent IRS scrutiny of excess-benefit cases for nonprofits, as well as private inurement.
Reader Responses
At The Exchange, we welcome responses from our readers and encourage diversity and civil discussion. We are especially interested in responses that add to the conversation, or introduce a different point of view. If you have a response to one of our published Insights, we’d love to hear from you.
Listen In
The Biden administration and Democratic lawmakers are quickly running out of time to move a revamped tax, climate, and health care package before the midterm elections. There have been some recent signs of progress, with tentative agreements on prescription drugs and extending the solvency of Medicare. But there are still many issues to hash out and not much time to do it. On the latest episode of Talking Tax, Capitol Hill reporters Kaustuv Basu and Zach C. Cohen break down the state of the negotiations. They cover what’s in, what’s out, and what obstacles remain.
Get Caught Up
It’s been a busy week in tax news from state capitals to Washington. Here are some stories you might have missed from our Bloomberg Tax news team.
*Note: Your Bloomberg Tax login will be required to access Tax News.
- Top congressional Democrats and Republicans are demanding an investigation into why two former FBI officials who ran afoul of former President Donald Trump were subjected to rare and detailed tax audits.
- AbbVie Inc., maker of the blockbuster rheumatoid arthritis medication Humira, generated 75% of sales in the US in 2020, but just 1% of its taxable income was subject to the highest US corporate rate, according to a report by Senate Finance Committee Chairman Ron Wyden.
- Designers of complex structures that could be used for aggressive tax planning might have to register in the European Union as a condition of advising EU taxpayers and residents, including companies, the European Commission said.
- New Jersey residents enrolled in the state’s medicinal cannabis program won’t have to pay sales tax on products bought at permitted dispensaries.
Spotlight
Our Spotlight series highlights the careers and lives of tax professionals across the globe. This week’s focus is Ali Kazimi, the managing director of Hansuke Consulting Limited, an international financial consulting firm based in London.
Don’t Miss
We’re hosting our monthly virtual Lunch & Learn series with “How to Improve Your Networking Game as a Tax Pro” on July 27 from noon to 1 p.m. EDT. You can find more details about our free event, no registration required, here.
Career Moves
If you are changing jobs or being promoted, let us know. You can email your submission to TaxMoves@bloombergindustry.com for consideration.
Industry Events
Registration has now opened for the first virtual 2022 Fall Tax Exempt Organizations Symposium, which will be held on Sept. 8, the American Bar Association announced.
If you have an industry-wide event, let us know. You can email your submission to TaxEvents@bloombergindustry.com for consideration.
Elvis impersonator, only known as Elvis, performs on stage during the Return of the Kings, Elvis tribute show at the Palladium on August 12, 2007 in London, England.
Photographer: Daniel Berehulak via Getty Images
Quick Numbers Answer
According to the official blog of Elvis Presley’s Graceland, Elvis’s 1953 refund was $5.10. That’s around $55.83 today, accounting for inflation.
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