Saluki FanTAXtic team members (from left) Hunter Mogg, Ernesto Gasse, Presley Ornelas and James Riffey are preparing to compete at the national Deloitte FanTAXtic Case Competition in January after winning the regional against stiff competition. (Photo by Russell Bailey)
November 25, 2024
SIU students prepare for national business competition after winning tough regional
CARBONDALE, Ill. — A team of Southern Illinois University Carbondale business students is preparing for what they hope will be a second national championship. Just getting to nationals is quite a feat, accomplished by besting some impressive competition at the Deloitte FanTAXtic Case Competition regional contest. FanTAXtic asks students to present solutions to a realistic business challenge and address the business and tax implications.
“More than 70 schools participated in the competition, and our region included two teams from the University of Illinois Urbana-Champaign, Loyola University Chicago, Louisiana Tech University and other notable institutions. Only SIU and Marquette University advanced to the national competition,” said Tim Hurley, the School of Accountancy clinical associate professor who serves as the team’s faculty adviser.
Hundreds of students from dozens of universities and colleges across the country competed in eight regional competitions, sponsored by Deloitte Tax LLP, with the top two teams from each advancing to the nationals, set for Jan. 24-26, 2025, at Deloitte University in Westlake, Texas. The SIU team won the competition in 2023.
Challenge simulates true-to-life accounting
The problem students face in the challenge is different each year, but they always encounter a complex, real-world tax issue in an interactive format that includes case simulation, role playing and presentations. The regional competition, which was virtual, asked competitors to assist a “clients” who wanted to form a business entity to sell a product they had created. The team was tasked with analyzing the financial projections for the business and determining whether a partnership or a c-corporation would produce the lowest overall tax liability, taking into account other income and expenses on the individual level. They were also asked to ascertain the overall effect on the total tax liability for the business to hire an employee, amortize a utility patent and depreciate a new warehouse.
Deloitte Tax LLP professionals, managers and partners offered the students support and guidance during the competition and posed as clients, which they will also do during the in-person national contest.
“This competition allows students an opportunity to develop skills in problem-solving, teamwork and public speaking,” Hurley said. “It provides a remarkable opportunity for them to see what a career in tax accounting looks like. These students are very busy, not only with classes and schoolwork but also jobs and extracurricular activities, yet they put a lot of time and energy into preparing for this competition and the results are obvious. They are motivated, goal-oriented professionals who worked hard to win.”
The 2024-25 Saluki FanTAXtic team members, all College of Business and Analytics students, are:
- Ernesto Gasse, a junior accounting major from Forest Park, Illinois.
- Hunter Mogg, a junior accounting major from Roodhouse, Illinois.
- Presley Ornelas, a sophomore from Butler, Pennsylvania, with a double major in finance and marketing and a minor in accounting.
- James Riffey, a sophomore accounting and finance double major from Carbondale, Illinois.