{"id":479,"date":"2019-09-22T16:12:53","date_gmt":"2019-09-22T16:12:53","guid":{"rendered":"https:\/\/tavasllc.com\/?p=479"},"modified":"2026-10-05T13:43:21","modified_gmt":"2026-10-05T18:43:21","slug":"how-do-fortune-500-companies-avoid-federal-income-taxes","status":"publish","type":"post","link":"https:\/\/legendcreative.com\/dev\/hardyproair\/how-do-fortune-500-companies-avoid-federal-income-taxes\/","title":{"rendered":"How do Fortune 500 Companies Avoid Federal Income Taxes"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row css=&#8221;.vc_custom_1780434018730{background-color: #C7C7C7 !important;}&#8221;][vc_column][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><span style=\"color: #000000;\">How do Fortune 500 Companies Avoid Federal Income Taxes<\/span><\/h2>\n<p><span style=\"color: #000000;\">Another day, a new tax code, and big companies still pay no taxes.\u00a0 According to a 2018 report from the Institute on Taxation and Economic Policy, sixty Fortune 500 companies paid $0 in \u201cfederal income taxes on $79 billion in domestic pre-tax income. \u00a0Instead of paying $16.59 billion in taxes as a result of the 21 percent statutory corporate tax rate, these businesses filed a combined net corporate tax refund of $4.3 billion.\u201d<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn1\" name=\"_ftnref1\">[1]<\/a>\u00a0 These entities employ legions of attorneys and accountants to execute advanced tax strategies.\u00a0 So, how are you, who may not be a billion-dollar conglomerate, able to mitigate your tax liability like a Fortune 500 company?<\/span><\/p>\n<p><span style=\"color: #000000;\">The 2017 Tax Cuts and Jobs Act birthed a diverse array of legitimate strategies to zero out corporate federal income tax liability. \u00a0These tax-advantaged tactics include accelerated depreciation, stock options, and general business tax credits.<\/span><\/p>\n<p><span style=\"color: #000000;\">In <em>Commissioner v. Idaho Power<\/em>, the Supreme Court of the United States defined depreciation as the reasonable deduction for the exhaustion, obsolescence, wear, and tear of property used in a trade or business.<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn2\" name=\"_ftnref2\">[2]<\/a>\u00a0 Depreciation allows taxpayers to expense the cost of any qualified business property (also called qualified use property) and deduct these costs over a period of time determined by the asset class. \u00a0The Tax Cuts and Jobs Act increased the maximum depreciation deduction from $500,000 to $1 million.\u00a0 Additionally, the new law changed the phase-out threshold from $2 million to $2.5 million. \u00a0For property acquired after September 27, 2017, and before January 1, 2023, the accelerated depreciation allowance (bonus depreciation rate) increased from 50 percent to 100 percent.<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn3\" name=\"_ftnref3\">[3]<\/a> Accelerated depreciation allows corporations to deduct the cost of property used in the ordinary course of business more quickly than under traditional straight-line depreciation.<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn4\" name=\"_ftnref4\">[4]<\/a> As presented by the Institute on Tax and Economic Policy, \u201cChevron, Delta Airlines, Duke Energy, Halliburton, Dominion Resources, JetBlue, Ryder, Owens Corning, Devon Energy, and Ameren\u201d wrote off depreciation expenses of $8 billion (In 2018, Chevron reported $290 million in depreciation expenses<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn5\" name=\"_ftnref5\">[5]<\/a> on its Form 10-Q, and Halliburton claimed $320 million using the same deduction).<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn6\" name=\"_ftnref6\">[6]<\/a><\/span><\/p>\n<p><span style=\"color: #000000;\">Secondly, stock-based compensation is an efficient tax savings strategy that is fully deductible and not subject to employment taxes.\u00a0 Anyone who receives property, including employer stock, as compensation must pay income tax on the difference between the value of the stock and the fair market value of their services. In the case of stock-based compensation, the employer may deduct the value of the stock transferred to employees. \u00a0The employer\u2019s deduction is generally permitted when the stock is included and reported correctly in the employee\u2019s income. Under the Tax Cuts and Jobs Act, employees granted stock options by their employer may defer recognizing income from this grant for five years.<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn7\" name=\"_ftnref7\">[7]<\/a> On its 2018 Form 10-K, Amazon recorded $1.1 billion of tax benefits from stock-based compensation expenses.<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn8\" name=\"_ftnref8\">[8]<\/a> In the same way, Salesforce.com and Netflix reduced federal income taxes by $137 million and $191 million, respectively. Even traditional companies \u201cDeere, Rockwell Collins, and Performance Food Group each reduced their income taxes by $20 million using stock options in 2018.\u201d<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn9\" name=\"_ftnref9\">[9]<\/a><\/span><\/p>\n<p><span style=\"color: #000000;\">Next, there are general business tax credits that promote ordinary business activities; such as research and development, utilizing fossil fuels or alternative energy sources, and investing in new equipment. \u00a0Each of these credits are computed separately and attached to IRS Form 3800.\u00a0 In 2018, Activision Blizzard, John Deere, Rockwell Collins, Netflix, altogether reported $289 million in research and development credits.<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn10\" name=\"_ftnref10\">[10]<\/a> Occidental Petroleum, Dominion Energy, Duke Energy, DTE Energy, CMS Energy, Xcel Energy, and WEC Energy claimed $632 million in fossil fuel and alternative energy tax credits.<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn11\" name=\"_ftnref11\">[11]<\/a><\/span><\/p>\n<p><span style=\"color: #000000;\">Your potential tax savings are not limited to the credits listed here. \u00a0Tax strategies often lurk within the ambiguities of the Internal Revenue Code.<\/span><\/p>\n<p><span style=\"color: #000000;\">Companies disclose the tax credits they claim on their 10-k annual financial filings.\u00a0 However, these documents sometimes fail to clarify which tax breaks were used.\u00a0 For example, Chevron and \u00a0General Motors together claimed $853 million in \u201cunspecified tax credits\u201d and \u201cgeneral business credits and manufacturing incentives.\u201d<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn12\" name=\"_ftnref12\">[12]<\/a> You may think that these companies pay no tax because they have hordes of lawyers and accountants working for them, and you are right!\u00a0 You owe it to yourself and your business to enlist the aid of your own tax experts.\u00a0 TAVAS will advise you on how to reduce your tax liability like a Fortune 500 company.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref1\" name=\"_ftn1\">[1]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/itep.org\/notadime\/\">https:\/\/itep.org\/notadime\/<\/a>.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref2\" name=\"_ftn2\">[2]<\/a> C. I. R. v. Idaho Power Co., 418 U.S. 1, 10 (1974).<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref3\" name=\"_ftn3\">[3]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/www.irs.gov\/newsroom\/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act\">https:\/\/www.irs.gov\/newsroom\/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act<\/a>.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref4\" name=\"_ftn4\">[4]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/www.irs.gov\/publications\/p946#en_US_2018_publink1000107550\">https:\/\/www.irs.gov\/publications\/p946#en_US_2018_publink1000107550<\/a>.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref5\" name=\"_ftn5\">[5]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/chevroncorp.gcs-web.com\/static-files\/8c2f7eff-7156-440b-8f79-595dad8a162d\">https:\/\/chevroncorp.gcs-web.com\/static-files\/8c2f7eff-7156-440b-8f79-595dad8a162d<\/a>.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref6\" name=\"_ftn6\">[6]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/itep.org\/60-fortune-500-companies-avoided-all-federal-income-tax-in-2018-under-new-tax-law\/\">https:\/\/itep.org\/60-fortune-500-companies-avoided-all-federal-income-tax-in-2018-under-new-tax-law\/<\/a>.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref7\" name=\"_ftn7\">[7]<\/a> 2017 Tax Legislation: Tax Cuts and Jobs Act: Law, Explanation, and Analysis.\u00a0 (2018).\u00a0 Riverwoods, IL: Wolters Kluwer.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref8\" name=\"_ftn8\">[8]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/ir.aboutamazon.com\/node\/32656\/html\">https:\/\/ir.aboutamazon.com\/node\/32656\/html<\/a>.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref9\" name=\"_ftn9\">[9]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/itep.org\/notadime\/\">https:\/\/itep.org\/notadime\/<\/a>.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref10\" name=\"_ftn10\">[10]<\/a> <em>Id.<\/em><\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref11\" name=\"_ftn11\">[11]<\/a> <em>Id<\/em>.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref12\" name=\"_ftn12\">[12]<\/a> <em>Id<\/em>.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-480\" src=\"https:\/\/legendcreative.com\/dev\/hardyproair\/wp-content\/uploads\/2020\/03\/60-companies.png\" alt=\"\" width=\"534\" height=\"1787\" srcset=\"https:\/\/legendcreative.com\/dev\/hardyproair\/wp-content\/uploads\/2020\/03\/60-companies.png 534w, https:\/\/legendcreative.com\/dev\/hardyproair\/wp-content\/uploads\/2020\/03\/60-companies-90x300.png 90w, https:\/\/legendcreative.com\/dev\/hardyproair\/wp-content\/uploads\/2020\/03\/60-companies-306x1024.png 306w, https:\/\/legendcreative.com\/dev\/hardyproair\/wp-content\/uploads\/2020\/03\/60-companies-459x1536.png 459w\" sizes=\"auto, (max-width: 534px) 100vw, 534px\" \/>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Another day, a new tax code, and big companies still pay no taxes.\u00a0 According to a 2018 report from the Institute on Taxation and Economic Policy<\/p>\n","protected":false},"author":3,"featured_media":481,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-federal-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - 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