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New Virtual Training Accelerates Three Years Of Tax Training To 6 Hours

Five Years Tax Training In Two Weeks

Over the coming weeks, I will share with you one of the new technologies arriving to the tax profession. Why is this important now? One of the biggest problems professionals have right now is keeping pace with increasing complexity in business. Our species did not evolve to reinvent ourselves every one or two years. The rehearsal approach has been proven to harness our neuroplasticity to greatly accelerated learning, providing a means for everyone to adapt and remain relevant. For example, in a study conducted last year with hundreds of people worldwide, we found statistically significant learning normally shown to occur in three years occurring in 6 hours, regardless of culture. This result indicates our technology may be a way for people to develop game-changing capabilities very quickly and – most important – remain relevant.

What scientific research has discovered is managers have a theory of their business or a mental model that may not be a good fit with what is actually happening. Further, business leaders don’t always have insight into opportunities they actually have, given market forces and the strengths they have to leverage. There are numerous examples of “failed” businesses that actually had huge opportunities if managers had been capable of seeing them, such as Kodak, Woolworth, Pan Am, Research in Motion. We found a way to identify the right goals and then change the mental models of executives. In short, the rehearsals very quickly get teams back on track by creating ways to rehearse the future repeatedly until they are successful with specific goals and with finding hidden opportunities.
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Recovery Rebate Fix Needed By Congress To Not Encourage MFS Filing Status

Annette Nellen- Economic Impact Payment

The CARES Act enacted March 27, 2020 included the 2020 recovery rebate for individuals that provided over 160 million adults with $1,200 to help them with financial challenges during the pandemic (see GAO data). The IRS refers to this payment as the Economic Impact Payment (EIP) and as of(8/1/20) has provided 70 FAQs to help explain it! The provision added Section 6428 to the Internal Revenue Code.

I was surprised by FAQ 26 and its answer because I would think that if for a married couple one spouse has an SSN and the other has an ITIN which disqualifies that spouse for an EIP, the spouse with the SSN would still have been given $1,200. But that will only happen if they file as Married Filing Separately rather than as Married Filing Jointly.

Q26. I filed a joint return with my spouse. Will we receive a Payment if I have a valid SSN and my spouse has an IRS Individual Taxpayer Identification Number (ITIN)?

A26. No, when spouses file jointly, both spouses must have valid SSNs to receive a Payment with one exception. If either spouse is a member of the U.S. Armed Forces at any time during the taxable year, only one spouse needs to have a valid SSN.
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Here’s What Taxpayers Need To Know About The Home Office Deduction

Here’s What Taxpayers Need To Know About The Home Office Deduction

The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year.

Here are some things to help taxpayers understand the home office deduction and whether they can claim it:

• Employees are not eligible to claim the home office deduction.
• The home office deduction Form 8829 is available to both homeowners and renters.
• There are certain expenses taxpayers can deduct. They include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent.
• Taxpayers must meet specific requirements to claim home expenses as a deduction. Even then, the deductible amount of these types of expenses may be limited.
• The term “home” for purposes of this deduction:
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Senior Tax Manager- International (Sunnyvale, CA)

Senior Tax Manager - International

TaxConnections has been retained to conduct a search for a Senior Tax Manager – International for a global technology company headquartered in Silicon Valley, CA. .This position is responsible for providing international tax guidance for U.S. compliance and reporting; managing Americas region income tax compliance and related issues.

Responsibilities include:Review/provide technical guidance for international portion of company’s income tax return including Forms 8858, 5471, and 1118, GILTI, FDII, Subpart F and FTCs, as needed; Prepare/provide technical guidance for §861/other expense allocations for FDII benefit and foreign tax credits; Co-ordinate and manage review and approval of the international portion of Company’s U.S. tax return by external service providers, including technical analysis and discussion of issues raised; Research relevant international tax matters, new proposed and final regulations, tax law updates, and provide guidance for tax compliance and reporting; Prepare and manage U.S. tax return disclosures for international issues and transactions; Provide technical guidance to international compliance team for quarterly and year-end reporting.
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Independent Contractor (Self-Employed) Or Employee?

Independent Contractor (Self-Employed) Or Employee?

It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors.

Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors.

Select the Scenario that Applies to You:

-I am an independent contractor or in business for myself

If you are a business owner or contractor who provides services to other businesses, then you are generally considered self-employed. For more information on your tax obligations if you are self-employed (an independent contractor), see our Self-Employed Tax Center.

-I hire or contract with individuals to provide services to my business

If you are a business owner hiring or contracting with other individuals to provide services, you must determine whether the individuals providing services are employees or independent contractors. Follow the rest of this page to find out more about this topic and what your responsibilities are.
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EU General Court Of Justice Invalidates The Adequacy Of The Protection Provided By The EU-US Data Protection Shield

EU General Court Of Justice Invalidates The Adequacy Of The Protection Provided By The EU-US Data Protection Shield

The Court of Justice invalidates Decision 2016/1250 on the adequacy of the protection provided by the EU-US Data Protection Shield However, it considers that Commission Decision 2010/87 on standard contractual clauses for the transfer of personal data to processors established in third countries is valid. The General Data Protection Regulation (‘the GDPR’) provides that the transfer of such data to a third country may, in principle, take place only if the third country in question ensures an adequate level of data protection. According to the GDPR, the Commission may find that a third country ensures, by reason of its domestic law or its international commitments, an adequate level of protection. In the absence of an adequacy decision, such transfer may take place only if the personal data exporter established in the EU has provided appropriate safeguards, which may arise, in particular, from standard data protection clauses adopted by the Commission, and if data subjects have enforceable rights and effective legal remedies. Furthermore, the GDPR details the conditions under which such a transfer may take place in the absence of an adequacy decision or appropriate safeguards.

Maximillian Schrems, an Austrian national residing in Austria, has been a Facebook user since 2008. As in the case of other users residing in the European Union, some or all of Mr Schrems’s personal data is transferred by Facebook Ireland to servers belonging to Facebook Inc. that are located in the United States, where it undergoes processing. Mr Schrems lodged a complaint with the Irish supervisory authority seeking, in essence, to prohibit those transfers. He claimed that the law and practices in the United States do not offer sufficient protection against access by the public authorities to the data transferred to that country. That complaint was rejected on the ground, inter alia, that, in Decision 2000/5205 (‘the Safe Harbour Decision’), the Commission had found that the United States ensured an adequate level of protection. In a judgment delivered on 6 October 2015, the Court of Justice, before which the High Court (Ireland) had referred questions for a preliminary ruling, declared that decision invalid (‘the Schrems I judgment’).
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Business And Tax Climate In Virginia

Business And Tax Climate In Virginia

For this month, let’s take a virtual trip to the Mid-Atlantic region of the United States. Commonly known as “The Old Dominion” or “Mother of Presidents”, Virginia was one of the original 13 colonies in the American Revolution and has a vast and storied history. Four of the first five U.S. Presidents were born here, which represents a Virginia Dynasty in national politics. From battles to speeches, to social movements, this land has witnessed to the value of the country. The climate and geography of the state are shaped by the Blue Ridge Mountains and the Chesapeake Bay, providing habitat for much of its flora and fauna.

Business Climate

Virginia’s land is known as the most diverse in the nation because its terrain and climate plays a big role in determining the nature of agriculture and industries in the state. Agriculture and forestry are the largest private industries in Virginia, having a total economic impact of over $91 billion. Many Virginia commodities and products rank in the top 10 among all U.S. states.

One of largest cable service providers, Xfinity by Comcast is based in Virginia, promoting the state as a leading data center market in the U.S. The state is committed to technology and innovation with pushing new boundaries in cloud computing and cybersecurity.

Virginia has been an exceptional location choice for many businesses and rated as top 10 attractive places to expand and grow. Home to the 3rd largest port on the East Coast, Virginia serves a world-class transportation and logistics center. The rapid growth in the population has fueled the real estate market in the state and thus have much more resiliency than many housing markets across the country as a result of COVID-19.
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250+ Motivational Quotes For Tax Professionals

250+ Motivational Quotes For Tax Professionals

Success is not final, failure is not fatal: it is the courage to continue that counts. ~ Winston Churchill

If you would like more Motivational Inspirations request our Motivational Inspirations ebook! Inspiration propels a person to possibility, and transforms the way one views their own capabilities. Highly successful people use a daily dose of inspiration to motivate themselves and their passion for their work.

We have compiled a complimentary eBook of more than 250 Motivational Quotes from famous people for you to read each day. Great thoughts create great results.

“Be kind whenever possible.It is always possible.” ~ Dalai Lama

“Victory belongs to the most persevering.” ~ Albert Einstein, Theoretical Physicist

“Believe you can and you are halfway there.” ~ Theodore Roosevelt, 26th U.S. President

“Strength does not come from physical capacity. It comes from indomitable will.” ~ Mahatma Gandhi

“An investment in knowledge pays the best interest.” ~ Benjamin Franklin, Inventor, Author, Politician


TaxConnections Give Tax Professionals A Valuable Lift

TaxConnections Give Tax Professionals A Valuable Lift

TaxConnections is reaching out to all tax professionals to huddle together to raise their online profile. With most tax professionals paying high fees to gain visibility, TaxConnections is the only solution online for raising your visibility at the lowest cost. What we have communicated to tax professionals all over the world is that their professional profiles are often hidden behind paywalls which prevent people from ever finding the tax professional they seek. Additionally, each month we reach out to executives all over the world to promote the tax experts on TaxConnections. Look at these metrics with proof people are paying attention to tax professionals on TaxConnections.
We are building new iterations of a Virtual office for tax professionals and we know it is valuable real estate. Now is the time to get in and establish your position on our platform. Secure your virtual real estate and establish yourself higher online.

Here is how it works for tax professionals:

Tax Professionals Looking For A New Opportunity: $30 Annual Tax Professional Membership

Tax Professionals Appear Higher On Searches: $300 Annual Tax Professional Membership

Tax Professionals Having Blogs Distributed: $300 Annual Tax Professional Membership

TaxConnections also offers a program for firms who want to advertise products and services. You can reach to discuss your specific marketing needs.

The Day-Trading Pandemic

WEALTHFRONT : The Day-Trading Pandemic

The coronavirus has wrought devastating harm to the health of our nation and to the vibrancy of our economy. With respect to financial markets, it has also given rise to a full-blown mania. Individuals, cooped up at home, working remotely on flexible schedules, with no social activities and no live sports to watch and bet on, have increasingly turned to day trading in the stock market. Spurred by the fintech firm Robinhood and embraced by establishment giants such as Schwab and E*Trade, zero commissions are now the rule. And day trading has now supplanted sports betting for thousands of millennials and members of Gen Z who are sheltering at home in response to COVID-19.

These new market participants have very likely contributed to the extreme volatility that has recently characterized stock prices. Professional investors, such as the legendary Howard Marks and Warren Buffett, have been extremely cautious as the economy has entered into a deep recession, and they have actually been selling equities. But legions of new day traders have poured new money into stocks without a care for the risks involved, clearly unaware of Buffett’s maxim that “It’s only when the tide goes out that you learn who’s been swimming naked.”

The day traders’ frenzied buying has been most evident in individual issues. Two of the most popular stocks on the Robinhood trading platform in recent weeks have been FANGDD Network Group, the Chinese online real estate company with a name that conjures up the popular FANG stocks, and Hertz, the bankrupt car rental company. FANGDD rose from less than $6 a share to almost $130 during one period, only to fall back to $11, where it has currently been trading. Hertz has more than doubled in recent trading sessions. Day traders appear to be unaware that bankruptcy usually results in extinguishment of the stake of the current equity holders.
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IRS Provides Guidance On Recapturing Excess Employment Tax Credits

IRS Provides Guidance On Recapturing Excess Employment Tax Credits

The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary.

The regulations authorize the assessment of erroneous refunds of the credits paid under both the Families First Coronavirus Response Act (Families First Act) and Coronavirus Aid, Relief and Economic Security Act (CARES Act).

The Families First Act generally requires employers with fewer than 500 employees to provide paid sick leave for up to 80 hours and paid family leave for up to 10 weeks if the employee is unable to work or telework due to COVID-19 related reasons. Eligible employers are entitled to fully refundable tax credits to cover the cost of the leave required to be paid.
The CARES Act provides an additional credit for employers experiencing economic hardship due to COVID-19. Eligible employers who pay qualified wages to their employees are entitled to an employee retention credit.
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