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CFOs: Do You Have A Succession Plan For Your Corporate Tax Department?

CFOs: Do You Have A Succession Plan In Your Corporate Tax Department?

A succession plan is a process for identifying and developing new leaders for your organization. What do you do if your lead tax executive is ready to retire? Succession planning is a process that ensures your company is prepared for the future. Every CFO should have a succession plan in place for their corporate tax organization. The turnover rate of corporate tax executives is at an all-time high due to tax reform, baby boomers retiring, and now a pandemic. CFOs operating proactively will have a succession plan in place for their tax organizations. More than ever, companies require a strong second in command tax executive to back up their lead tax executive. Especially if you think your tax executive will retire in the next few years. The new legislation coming out of Washington D.C. is guaranteed to tax corporations and individual taxpayers to the hills and over the moon and then some more. Get your in-house tax team in place and ready to protect your company from mistakes that will be made by those who have decided to outsource their entire tax function to people who do not understand their business.
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TaxConnections Virtual Offices: Tax Advisor’s Valuable Asset

TaxConnections Virtual Office

Tax Professionals who have adopted TaxConnections Virtual Offices have called to thank us for our technology and especially so during the new age of social distancing. While other companies were touting renting virtual office space as the new norm, TaxConnections has spent years building virtual offices in the cloud for tax professional members. The time has come and we are years ahead of anyone with our technology. The best part is that every one of our members can use their own technology and we never have access to their passwords or confidential information.

TaxConnections Virtual Offices Provide The Following Benefits For Tax Professionals:

1) You do not need to pay for an expensive connection service to your desktop computer to locate important links on your office computer. TaxConnections Virtual Office enables you to
organize all your computer desktop links so you can access them from your cell phone.
2) You do not ever give us your passwords as we never need or have access to them to ensure privacy.
3) You establish valuable online real estate with a TaxConnections Virtual Office in the cloud.
4) You ensure people can find you online and send a message for free as a TaxConnections Member.
5) We offer a Special Membership to anyone who is laid off or retired during this time.
6) We offer special advertising opportunities to our TaxConnections Members.
7) We connect tax professionals with companies looking for tax expertise.
8) We are an inexpensive advertising platform for companies who have cancelled tax conferences and want to access a niche business tax community.

Get started and establish a virtual office presence with a TaxConnections Membership.

Assistant Editor – Tax Publication (Remote, United States)

Assistant Editor - Tax Publication (Remote)

TaxConnections is conducting a search for an Assistant Editor for a national tax services organization. Responsibilities include:coordinating with Senior Editor to manage online content for distribution nationally; Suggest stories and generate ideas in alignment with tax audience preferences; Oversee layout (artwork, design, photography) and check content for accuracy and errors: Proofread, edit and improve stories or pieces; Assist in managing other tax writers; Cooperate and liaise with designers, photographers, advertising reps, writers, artists etc; Comply with media law and ethical guidelines; Meet deadlines and budget requirements.

Organization requires a dedicated individual who enjoys working from home and reaching out to others by phone and video conferencing. Role will also coordinate with other tax writers. Prefer individual who is looking at role long term and will ultimately be trained to move into Editor role after one year with the organization.

Individual must have strong writing/editing/proofreading skills and an excellent portfolio, and a familiarity or understanding of the tax community. Must have strong written, research and communication skills and be comfortable speaking to others on the phone or by video.

Interested candidates please send resume and writing sample.

Senior Tax Specialist – Wealth Management (San Francisco, CA)

Senior Tax Specialist - San Francisco, CA

TaxConnections has been retained to conduct a search for a Senior Tax Specialist for an investment group in San Francisco,CA. If you know of anyone interested in learning more about this exciting opportunity, please forward refer and forward this on to them today.

The Senior Tax Specialist is responsible for performing tax compliance and planning functions as well as providing tax support for various entities, which may include Partnerships, Limited Liability Companies and Corporate entities.  Significant emphasis will be on tax work related to Partnerships and Limited Liability Companies. Prepare federal and state income tax returns and forecasts and perform various tax planning and research projects that involve a high degree of complexity.  Respond to audits by and information requests from various government authorities. Responsibilities include the following:

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Tax Specialist – Planning And Compliance (San Francisco, CA )

Tax Specialist - San Francisco, CA

TaxConnections has been retained by a family and investment team to recruit a tax professional with 2-5 years of experience in partnerships and closely held corporate taxation.  Rarely does an opportunity become available in this family office because their retention rate is very high! Bottom line, this is a great place to work. Management is fantastic!

The Tax Specialist is responsible for performing tax compliance and planning functions as well as providing tax support for various company entities, which may include Partnerships, Limited Liability Companies and Corporate entities.

Significant emphasis will be on tax work related to Partnerships and Limited Liability Companies. Prepare federal and state income tax returns and forecasts and perform various tax planning and research projects that involve a high degree of complexity.  Respond to audits by and information requests from various government authorities. Responsibilities include the following:

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What We Are Doing to Help Corporate Tax Executives Handle Transfer Pricing Remotely

GUY SANSCHAGRIN on Transfer Pricing

It goes without saying that the COVID-19 pandemic is the major concern of nearly all multinational enterprises (MNEs) at the moment. Radical containment measures continue to be put in place by governments around the world in efforts to slow the spread of the virus. Many of these measures center on the concept of ‘social distancing’ and have included closing businesses and organizations, cancelling events, prohibiting international and domestic travel, and quarantining cities and even regions. COVID-19 containment measures have disrupted business as usual, from manufacturing plant shutdowns to creating information inefficiencies and collaboration challenges at MNE headquarters and across global entities. These business disruptions create challenges for effectively managing transfer pricing information and workflows.

Companies are instructing whole departments to work from home, and the traditional workplace is increasingly reserved for jobs that cannot be performed remotely. This presents challenges for MNEs, especially at the headquarters level, such as keeping information and workflows organized, and maintaining effective communication and collaboration between stakeholders and ‘gatekeepers’ in different departments of global entities.
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eBook To Manage And Motivate Your Employees Virtually

Heirarchy Of Needs

Psychologists believe that motivation is rooted in a basic impulse to optimize well-being, minimize physical pain, and maximize pleasure. As the leader of your team, you must pay more attention to the management of your business teams. People need leaders to lead and calm them during times of uncertainty. TaxConnections offers to anyone leading a team an eBook of motivational and inspirational messages. According to Maslow’s Heirarchy Of Needs there are 5 basic needs of humans: Self- Actualization, Esteem Needs, Belongingness And Love Needs, Safety Needs and Physiological Needs.

1. Self Actualization – A need for achieving ones full potential
2. Esteem – A need of feeling of accomplishment
3. Love/Belonging – A need for friends and relationships
4. Safety Needs – A feeling of security
5. Physiological Needs – A need for water, food and rest

There is an opportunity for you to help everyone on your team by motivating them to achieve during this time; giving them tasks they can accomplish from home; being a leader and a friend; making them feel safe about their job and addressing their physiological needs. Use this wonderful eBook of quotes to inspire those around you every day!

Request Complimentary eBook of “250 Motivational Quotes And Inspirations” as a great opportunity to message your teams each day.

Recent Economic Upheaval Creates Expatriation Opportunities For “US Persons” Living Abroad


As you know the US Section 877A Expatriation Tax applies to U.S. citizens and “Long Term Residents”. A “Long Term Resident” is an individual who has had a Green Card (as defined by the rules in Internal Revenue Code Section 7701(b)(6) for at least eight of the fifteen years prior to expatriation). This has become a serious problem for Green Card holders who simply move from the United States and and don’t take formal steps to sever their U.S. tax residency. (They must either file the I-407 or use a tax treaty tie breaker election to expatriate. Otherwise they may be in a situation where they have no right to live in the United States (having lost the immigration status) but are taxable on their worldwide income (still being tax citizens).

That said, whether you are a U.S. citizen wishing to renounce U.S. citizenship or a Long Term Resident wishing to sever U.S. tax residency, you do NOT want to be a “covered expatriate“. Generally, (unless one is subject to two exceptions – dual citizen from birth or expatriation between 18 and 181/2 – that are beyond the scope of this post), one is treated as a “covered expatriate” if one meets any one of these three tests:
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The Big Tax Tsunami: A Business Marketing Strategy To Help Tax Professionals Thrive

Marketing For Tax Professionals

TaxConnections is focused on solutions for tax professionals and the primary one is reducing costs for the tax community. Once you get through this global pandemic you and your tax service will have changed significantly. Allow me to share a story with you credited to a small business owner by the name of Brian Walders of Mailprintpackagingsolutions. Brian shared an important history lesson with me about how people reacted after the tsunami in Japan and how it is analogous to how people will survive as a result of the current pandemic. It is very relateable to the business strategy a tax professional should pursue to survive and thrive.

In the aftermath of the March 11, 2011 Japan Tsunami off the Pacific Coast of Tohoku, three lessons of survival emerged as a result of a study done that separated people into groups. In Group One were all people who ran quickly to the top of the hills after the earthquake triggered the tsunami; Group Two consisted of all the people who reacted to the receding shoreline caused by the tsunami and were distracted by all the activity appearing on the beach; Group Three stayed in their places and did nothing. People in Group One ran quickly to the top and survived while those in Group Two and Group Three did not survive. Instinctively, those who survived took immediate action and positioned themselves at the top where everyone could see them.
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Software Is Better At Most Jobs Than People


Software is far better at most jobs than people are. I realize that statement will make a lot of people uncomfortable, but it’s true. In just about every industry I know, software-based solutions provide greater functionality, convenience and speed than their human counterparts. There’s just no way people can keep up. That’s what prompted Marc Andreessen to make his famous assertion that “software is eating the world.”

Ability to Scale Leads to a Better Outcome
The primary advantage of software is it can serve one person, or a million of them, equally well. Today, computing power is so cheap that it’s essentially free. So it doesn’t matter how complex a piece of software is; you just throw more hardware at it as needed. In fact, the more people who use a piece of software, the more useful the software becomes, because it can use the data it accumulates to discover patterns that humans couldn’t possibly spot.

To appreciate software in action, think about Amazon. You may feel nostalgic for the old-fashioned book seller, but you can’t say she was better than Amazon. A bookstore owner might have known the preferences of a few of her best customers. But there is no way she could pick the ideal book for each of them, much less give them a thorough set of reviews, both positive and negative, for a title they are thinking about buying. And no one particularly enjoys jostling in line in a crowded store, as happens on the last day of holiday shopping. At Amazon, though, there is never a wait, and lines are never a problem.
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Anticipate, Prepare, Take Action: How To Protect Your Tax Career During This Time

Find Tax Jobs With TaxConnections

We are proactively coming up with solutions to help the global tax professional community during a time of great uncertainty. Over thirty years, experience has taught us there are unforeseen events that occur effecting the hiring of tax professionals. When it comes to working in the Big Four, you may find sites like of interest as they are a good reminder of what happens. There are lessons to learn from previous disruptions in the tax profession. Once you learn them you will be able to anticipate what is ahead. However, you need to have insight about what to anticipate before a layoff affects you or anyone you know. Understand the value of staying ahead of the curve of any layoff and position yourself to land top the tax jobs available now.

There are numerous tax organizations searching right now for your tax expertise. However, there are also tax professionals who will be laid off during a time of uncertainty. For those of you considering a move after tax season, take my advice: The smartest tax professionals are interviewing “now via video” and not after tax season. Why? After busy season, you have a lot more people competing for the same pool of tax jobs available. Tax professionals who are tech savvy online will win the attention of future employers. Stay ahead of the market by interviewing now if possible and not after tax season. Anticipate layoffs after tax season and you will be ahead of competitors in being considered for choice tax roles. Remember this is the best way to stay ahead of the curve.

An interesting article in the Financial Times brings to our attention how the Big Four accounting firms handles economic disruption. KPMG came up with the codename “Project Zebra” which stands for “zero-based budgeting” which is a means of stripping as much cost as possible out of a business operation. In particular, KPMGs own website advertises zero-based budgeting requires “getting leadership to rethink their business through the eyes of an external investor and “remove emotion” from their decision-making on cost savings. Shockingly, they state “focus ruthlessly on value creation”. About 150 cost-cutting measures were (are) being considered including recalling hundreds of employees’ corporate mobile phones and making about a third of its personal assistants redundant. What will they do now in an uncertain market? They will likely focus their attention on driving long-term value.
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TaxConnections Reaches Out To Leading Tax Expert Blake Christian On Opportunity Zones During This Time

Opportunity Zones During Pandemic

We asked TaxConnections Member and leading tax expert Blake Christian, Tax Partner, HCVT, Long Beach, CA/Park City, Utah about the impact on Opportunity Zones during this time. The goal of my questions to Blake was gathering how the pandemic affects Opportunity Zones and advice on strategies moving forward. TaxConnections genuinely appreciates Blake’s input as he offers very valuable insight as a known expert retained by many firm partners nationally to set up Opportunity Zone structures properly for their clients.

Q. Can you tell me how a company or investor will be impacted in terms of Opportunity Zones?

A. Companies and individual investors who are considering, or have already invested into, Opportunity Zone projects will not be un-nerved as much as short-term investors since they are essentially locked into an investment period of ten years or more.
Investors who bailed out of the stock market early and generated large tax gains should look to Opportunity Zone investment opportunities as an alternative investment.

Q. What can organizations do without people having touch points or coming in contact with each other on Opportunity Zones?

A. Aside from site visits related to real estate projects, virtually all of our 40+ Opportunity Zone projects have not required face-to-face interaction and the various clients and advisors are invariably in different cities – so conference calls and video conferencing has worked very well.

The cancellation of various OZ conferences where we can network and share best practices is a clear loss for the short-term – but I foresee this only being an issue for the next 6 to 8 weeks if Americans use common sense.

Q. Any ideas what we could present to the President’s Council on Opportunity Zones regarding current crisis?
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