Carson College of Business Faculty Directory

Carson College Directory

Richard Toolson

Professor
Accounting

Contact

Phone: (509) 335-2121
Office: TODD HALL 0237D ACADEMIC FACULTY OFFICE

Education

  • PhD (Arizona State University)
  • Other (Arizona State University)
  • MBA (Brigham Young University)
  • BA (Brigham Young University)

Richard Toolson

Richard Toolson studies how best to organize an individual's finances in order to achieve tax efficient cash flows from investments. Professor Toolson has published 63 original professional tax articles, 41 of which are sole-authored articles, in the most widely read professional tax and accounting journals. These journals include the Journal of Taxation, Journal of Accounting, CPA Journal, Tax Adviser, Taxes, and Tax Notes. His articles have been referenced in widely circulated outlets such as Newsweek and Forbes. Since arriving at Washington State University in 1987, Toolson has taught a number of different tax and accounting courses. He currently teaches Taxation of Business Entities and Individuals and Individual Income Taxation. He received a Ph.D. and a Masters of Accountancy (taxation emphasis) from Arizona State University and an MBA degree and an undergraduate degree in Economics from Brigham Young University where he graduated Magna Cum Laude. After passing all parts of the CPA exam on the first attempt, he has continuously maintained an active CPA license since 1980. Prior to arriving at WSU, Toolson was employed at Weber State University, the Internal Revenue Service, FMC Corporation in their International Agricultural Division, and at a public accounting firm. He currently does a limited amount of tax consulting.

Research Interests

planning for tax efficient investing and retirement
taxation

Teaching Interests

taxation

Journal Articles

  • Richard Toolson When Should Contributions Be Made to Nondeductible Traditional IRAs? Tax Notes, 2024
  • Richard Toolson The Unique Benefits of 529 College Savings Plans The Tax Adviser, 2023
  • Richard Toolson Are Actively Managed Exchange Traded Equity Funds Tax Efficient? Journal of Taxation of Investments, 2022
  • Richard Toolson Using a Short Sales Strategy to Increase Tax Efficiency in a Taxable Stock Portfolio Journal of Taxation of Investments, 2021
  • Richard Toolson Placing Equities in Taxable vs. Retirement Accounts Tax Notes, 2020
  • Richard Toolson Should Publicly-Traded Real Estate Investment Trusts Be Held in Taxable Accounts After the Tax Cuts and Jobs Act? Taxes, 2019
  • Richard Toolson Strategies to Pay No Income Taxes on Capital Gains and Dividends Tax Notes, 2018
  • Richard Toolson Tax Efficient Charitable Giving: When Should Contributions to Charity Come from IRA Withdrawals? Taxes, 2017
  • Richard Toolson Tax Efficient Tax Positioning of Nontraditional Assets: REITs, MLPs, and ADRs Journal of Taxation of Investments, 2016
  • Richard Toolson The Health Savings Account as a Smart Savings Option for Retirement Taxes, 2015
  • Richard Toolson Higher Tax Rates Increase the Importance of Choosing Tax Efficient Equity Investment Vehicles Practical Tax Strategies, 2014
  • Richard Toolson Constructing a Tax Efficient International Stock Portfolio with American Depository Receipts Taxes, 2013
  • Richard Toolson When to Consider Tax Efficient Exchange Traded Funds in Taxable Accounts as an Alternative to High Fee 401(k) Plans Journal of Taxation of Investments, 2012
  • Richard Toolson Tax Efficient Asset Positioning Between Taxable and Retirement Accounts Taxes, 2011
  • Richard Toolson, Caroline Craig Should Prospective Retirees Forgo Tax-Deductible Contributions to Retirement Plans to Reduce Required Minimum Distribution Payments? Journal of Financial Service Professionals, 2010
  • Caroline Craig, Richard Toolson FDIC Coverage, Asset Titling, and Tax Planning in Response to the Emergency Economic Stabilization Act of 2008 Journal of Taxation of Investments, 2009
  • Caroline Craig, Richard Toolson Reprinted: Retirement Plan Options For Public University Faculty-The High Cost of a Wrong Choice Journal of Pension Planning and Compliance, 2008
  • Richard Toolson, Caroline Craig Retirement Plan Options For Public University Faculty-The High Cost of a Wrong Choice Journal of Deferred Compensation, 2008
  • Richard Toolson Tax Planning for the Use of TIPS at Retirement Tax Advisor, 2007
  • Richard Toolson, Caroline Craig When Should Investments in Equities Earmarked for Retirement Be Placed in Taxable Accounts Instead of Retirement Accounts? Taxes, 2006
  • Richard Toolson, Debra Sanders, William Rabbe Reprinted: Tax and Investment Planning With Royalty Trusts Journal of Accountancy, 2005
  • Richard Toolson, Debra Sanders, William Rabbe Tax and Investment Planning with Royalty Trusts Tax Advisor, 2005
  • Richard Toolson, Caroline Craig Formulating A Tax-Efficient Dividend Strategy For Retirement Practical Tax Strategies, 2005
  • Richard Toolson Energy-Related Master Limited Partnerships Present Investment Opportunities With Some Tax Complexity Taxes, 2004
  • Caroline Craig, Richard Toolson Revised Rules For Penalty-Free Early Periodic Retirement Plans Practical Tax Strategies, 2003
  • Caroline Craig, Richard Toolson Planning for the Effective Use of Capital Losses Journal of Financial Service Professionals, 2002
  • William Raabe, Richard Toolson Liquidating Retirement Assets in a Tax Efficient Manner AAII Journal, 2002
  • Richard Toolson Improving the Tax Efficiency of Mutual Funds: Exchange Traded and Tax-Managed Funds Journal of Taxation of Investments, 2002
  • Richard Toolson Finding the Right Place for REITs in an Investment Portfolio Practical Tax Strategies, 2001
  • Richard Toolson One Type of Tax-Deferred Savings Bond is Bound to Beat Inflation Practical Tax Strategies, 2000
  • Richard Toolson Tax Efficient Investing: Maximize After-Tax Returns on Equity Investments Practical Tax Strategies, 2000
  • Richard Toolson Allocating Investments to Maximize After-Tax Return Tax Advisor, 1999
  • Richard Toolson, Ron Wright TRA '97 Narrows Situations When Variable Annuities Make Sense Journal of Taxation of Investments, 1998
  • Richard Toolson Reprinted: Mutual Funds Have Tax Downside Taxation for Lawyers, 1998
  • Richard Toolson Reprinted: Mutual Funds Have Tax Downside Retitled: Mutual Fund Investors May Be Missing Capital Gain and Other Tax Breaks Tax Ideas, 1997
  • Richard Toolson Mutual Funds Have Tax Downside Taxation for Accountants, 1997
  • Richard Toolson Investor Interest in Tax-Deferred Variable Annuities Is Increasing as They Sometimes Make Economic Sense Journal of Taxation of Investments, 1997
  • Michael Ettredge, Richard Toolson, Steve Hall, Chongkil Na Behavior of Earnings, Stock Returns, Accruals, and Analysts' Forecasts Following Negative Annual Earnings Review of Financial Economics : RFE, 1996
  • Richard Toolson Which Assets Belong in an Individual Retirement Account Journal of Accountancy, 1996
  • Richard Toolson Practical Strategies For Increasing The Tax Efficiency of a Stock Portfolio Journal of Taxation of Investments, 1995
  • Debra Sanders, Richard Toolson AMT and Social Security Complicate Bond Decisions Journal of Financial Planning, 1995
  • Richard Toolson Investing in After-Tax-Deferred Assets: A Guide to Determining After-Tax Returns Journal of Financial Service Professionals, 1994
  • Richard Toolson Reprinted: Taking Advantage of the Complete Step-Up in Basis Afforded Community Property Upon the Death of the First Spouse The Monthly Digest of Tax Articles, 1994
  • Richard Toolson The Effect of Taxes on Whether to Refinance or Accelerate Payments on a Home Mortgage Journal of Taxation of Investments, 1993
  • Richard Toolson Taking Advantage of the Complete Step-Up in Basis Afforded Community Property Upon the Death of the First Spouse CPA Journal, 1993
  • Richard Toolson Using Home Equity for Retirement Income Journal of Financial Service Professionals, 1992
  • Richard Toolson Buying and Selling Mutual Funds: Tax Strategies for the Individual Investor Journal of Accountancy, 1992
  • Richard Toolson Should a Worker Who Continues to Work Beyond Normal Retirement Age Immediately Draw Social Security Benefits? Tax Notes, 1992
  • Debra Sanders, Richard Toolson Charitable Contributions of Appreciated Property: When the 50 Percent Election Should Be Made Review of Taxation of Individuals, 1992
  • Richard Toolson Tax-Wise Allocation of Savings at Retirement: Using Immediate Variable Annuities and Charitable Remainder Unitrusts Journal of Taxation of Investments, 1992
  • Richard Toolson, Thomas Nunamaker Computation of the Corporate Marginal Tax Rate Taxes, 1991
  • Richard Toolson Reprinted: How to Salvage the Dependency Exemption The Monthly Digest of Tax Articles, 1991
  • Richard Toolson Tax Advantaged Investing: Variable Annuities vs. Mutual Funds Journal of Accountancy, 1991
  • Richard Toolson Structuring Substantially Equal Payments to Avoid the Premature Withdrawal Penalty Journal of Taxation, 1990
  • Richard Toolson, Debra Sanders Recent Tax Developments Increase the Advantages of Savings Bonds Journal of Taxation of Investments, 1990
  • Richard Toolson How to Salvage the Dependency Exemption The Practical Accountant, 1990
  • Richard Toolson, Albert Frakes A Quantitative Examination of Debt Versus Equity in Retirement Plans Journal of Pension Planning and Compliance, 1990
  • Richard Toolson, Jack Truitt Captive Insurance Premiums Paid to Another Subsidiary Are Deductible Taxation for Accountants, 1990
  • Richard Toolson The Charitable Contribution Deduction: New Evidence of a Strong Incentive Effect Advances in Taxation, 1989
  • Richard Toolson Shareholder Note for Excess of Liabilities Over Assets Escapes Gain Upon Incorporation Small Business Taxation, 1989
  • Richard Toolson Reprinted: Planning to Avoid Classifying Expenditures as Miscellaneous Itemized Deductions Prentice Hall's Tax Ideas 2nd, 1989
  • Richard Toolson Deferral Advantage May Significantly Reduce Effective Tax Rates for Capital Assets Taxes, 1989
  • Richard Toolson Planning to Avoid Classifying Expenditures as Miscellaneous Itemized Deductions Taxes, 1989
  • Bruce Baldwin, Diane Pattison, Richard Toolson Intertopical ordering effects: The case of managerial accounting Journal of Accounting Education, 1989
  • Richard Toolson, Debra Sanders Filing Separately Remains an Effective Tax-Saving Strategy after TAMRA Taxation for Accountants, 1989
  • Richard Toolson The Nonqualified Annuity: A Viable Tax Shelter? Journal of Taxation of Investments, 1989
  • Richard Toolson, Planning for the Purchase of Intangibles in Business Acquisitions Review of Taxation of Individuals, 1988
  • Richard Toolson, Debra Sanders New Limits on the Home Mortgage Interest Deduction Set by the Revenue Act of 1987 Taxation for Accountants, 1988
  • Debra Sanders, Richard Toolson Rehabilitation Tax Credits Under the TRA Tax Advisor, 1988
  • Debra Sanders, Richard Toolson Tax Planning for Charitable Contributions National Public Accountant, 1987
  • Debra Sanders, Richard Toolson Planning for Charitable Giving After the Tax Reform Act of 1986 Taxes, 1987

    Books/Book Chapters

    • Book Chapter Caroline Craig, Richard Toolson Reprinted: FDIC Coverage, Asset Titling, and Tax Planning in Response to the Emergency Economic Stabilization Act of 2008

      Other

      • Richard Toolson Reprint: Tax Efficient Charitable Giving: When Should Contributions To Charity Come from IRA Withdrawals
      • Richard Toolson Reprinted: Constructing a Tax Efficient International Stock Portfolio with American Depository Receipts
      • Richard Toolson Reprinted: Constructing a Tax Efficient International Stock Portfolio with American Depository Receipts
      • Richard Toolson Reprinted: Tax Efficient Asset Positioning Between Taxable and Retirement Accounts (Retitled: Asset Positioning Between Taxable and Retirement Accounts)
      • Richard Toolson, Caroline Craig Reprinted: When Should Investments in Equities Earmarked for Retirement Be Placed in Taxable Accounts Instead of Retirement Accounts?
      • Richard Toolson Reprinted: Planning to Avoid Classifying Expenditures as Miscellaneous Itemized Deductions
      • Debra Sanders, Richard Toolson Reprinted: Planning for Charitable Giving After the Tax Reform Act of 1986
      • Debra Sanders, Richard Toolson Reprinted: Planning for Charitable Giving After the Tax Reform Act of 1986