After facing nearly 60 interscholastic teams in the regional events and 12 teams in the national rounds of the Deloitte Tax Case Study competition, two teams have been announced as winners in this annual event. At the national finals, Brigham Young University earned top honors in the Graduate Division and the College of William and Mary won in the Undergraduate Division.
The annual competition, now in its seventh year, presents competing teams with a hypothetical case study outlining a scenario they would encounter as a tax professional in the workforce today. Each team has five hours to review the case and apply their knowledge of the Internal Revenue Code and Treasury Regulations to present a solution for review by a panel of judges. The competition is sponsored by the Deloitte Foundation, the not-for-profit arm of Deloitte LLP.
"We were pleased to see the skill that each team brought to the competition this year," said Shaun Budnik, president of the Deloitte Foundation and partner of Deloitte. "These students represent the future of the tax profession and demonstrate that they are up to the challenge of learning, understanding and applying their knowledge of complex tax codes to solve real-world issues in the professional environment."
As the first place winners, both teams will receive a $10,000 school award and each team member will receive a $2,000 scholarship. In addition, the University of Denver earned second place honors in the Graduate Division and the University of Wisconsin - Madison was awarded the second place position in the Undergraduate Division. These teams will each receive $1,000 per student and $5,000 per school.
The eight remaining schools that competed in the final round of the competition will receive national finalist awards in their respective divisions including:
Graduate Division: University of Central Florida, Georgia State University, University of Southern California and the College of William and Mary
Undergraduate Division: Brigham Young University, Georgia State University, University of Iowa and the University of Northern Colorado
Each of these national finalists will receive a $500 award for each student and $2,500 for their school.
In total, the Deloitte Foundation granted more than $100,000 in individual scholarships and institutional awards throughout the course of the competition, which began in 11 cities across the country in October and concluded at the national finals on November 23, 2008.
"Each year, we endeavor to provide an engaging and rewarding experience that will enrich students' preparation for a career in tax," said Chet Wood, chairman and chief executive officer of Deloitte Tax LLP. "As this competition has evolved over the past seven years, I have witnessed incredible enthusiasm, focus and precision among the students in the face of rigorous challenges and time constraints. I am honored to once again support the students who will advance our profession, and I want to congratulate all of these outstanding teams for their participation in the competition this year."
"This interscholastic competition highlights the promising talent studying at the nation's top university accounting programs today," said Budnik. "On behalf of Deloitte, we congratulate Brigham Young University and the College of William and Mary teams, along with each national finalist. They all should be proud of their accomplishments, and we are honored to have hosted them in this competition."
Copies of the cases used in competition will be available in January. Faculty members interested in obtaining copies of the cases can contact the Deloitte Foundation to request a link to the cases when they are available.