Tax Advisor’s – Answer Tax Question Of The Week!

Answer Tax Question, Tax Blog, TaxConnections

Tax Advisors- Your Thoughts On This Question Are Appreciated

Taxpayer Question: I invested about 250 hours on a project that did not pan out and this had a huge impact on my bottom line in 2015.

For a consultant who charges an hourly rate and working as a sole proprietor, can I take a loss for work done on a project that was rejected by the client?  Read More

IRS Rolls Out Passport Certification Program, Refusing To Adopt Taxpayer Protections And Exclude Taxpayers Working With TAS

Nina Olson, Tax Advocate, Tax Blog, Washington D.C., USA, TaxConnections

On Jan. 22, 2018, the IRS began implementation of the passport certification program. IRC § 7345 authorizes the IRS to certify a taxpayer’s seriously delinquent tax debt to the Department of State for the purposes of passport denial, limitation, or revocation. A seriously delinquent tax debt is an assessed, individual tax liability exceeding $51,000 for which either a notice of federal tax lien has been filed or a levy has been made. IRC § 7345(b)(2) provides exceptions for current installment agreements (IAs), offers in compromise (OICs), and Collection Due Process (CDP) hearings. In addition, the IRS has created certification exclusions, such as for taxpayers in currently not collectible (CNC) hardship status and those with pending IAs and OICs. IRM includes the full list of current discretionary exclusions.   Read More

Is Your Cryptocurrency IRS Approved?

Barry Fowler, Tax Advisor, Tax Blog, Houston, Texas, USA. TaxConnections

Cryptocurrencies such as Bitcoin are becoming more popular as a form of payment and as investment. However, there has been little attention paid to how this virtual currency will be treated by the IRS until now. In fact, the IRS is taking a much closer look and has established some tax guidelines.

According to an article published in, “For federal tax purposes, virtual currency is treated as property and not currency.” They add, “The fair market value of the virtual currency on the date of receipt determines the taxpayer’s basis.”

Some Businesses Are Actually Paying Employee Wages In Virtual Currency Instead Of U.S. Dollars Read More

Tax Cuts And Jobs Act: Impact On Businesses

Thomas Rex, Tucson, Arizona, USA, Tax Advisor, Tax Blog, TaxConnections

The Tax Cuts and Jobs Act, a $1.5 trillion tax cut package, was signed into law on December 22, 2017. The centerpiece of the legislation is a permanent reduction of the corporate income tax rate. The corporate rate change and some of the other major provisions that affect businesses and business income are summarized below. Provisions take effect in tax year 2018 unless otherwise stated.

Corporate Tax Rates

  • Instead of the previous graduated corporate tax structure with four rate brackets (15%, 25%, 34%, and 35%), the new legislation establishes a single flat corporate rate of 21%.
  • The Act reduces the dividends-received deduction (corporations are allowed a deduction for dividends received from other domestic corporations) from 70% to 50%. If the corporation owns 20% or more of the company paying the dividend, the percentage is now 65%, down from 80%.
  • The Act permanently repeals the corporate alternative minimum tax (AMT).

Read More

IRS Recommends Steps To Minimize Effect Of Data Theft

Thomas Kerester, Tax Ambassador, Tax Blog, Washington D.C., USA, TaxConnections

Every day, the theft of personal and financial information puts people at risk of identity theft. Generally, thieves try to use the stolen data as quickly as possible to:

  • Sell the information to other criminals.
  • Withdraw money from a bank account.
  • Make credit card purchases.
  • File a fraudulent tax return for a refund using victims’ names.

Victims of a data loss should follow these steps to minimize the effect of the theft: Read More

TV Star Michael “The Situation” Sorrentino Pled Guilty In $8.9 Million Tax Case

Tax Blog, Ronald Marini, Tax Advisor, Miami, Florida, USA, TaxConnections

According to Law360 “Jersey Shore” star Michael “The Situation” Sorrentino and his brother Marc Sorrentino have agreed to plead guilty in their criminal case over tax-related charges instead of going to trial next month, according to a government letter on January 17, 2018 to a New Jersey federal judge.

The parties told the court Tuesday that the Sorrentinos had agreed to plead guilty, and U.S.District Judge Susan D. Wigenton scheduled a hearing for Friday for the defendants to enter their guilty pleas, according to a one-page letter prosecutors sent the judge Wednesday. The parties thus asked Judge Wigenton in the letter to stay a Wednesday deadline outlined in parts of a scheduling order entered in connection with the brothers’ upcoming trial. Read More

Head Of Tax And Treasury (San Francisco Bay Area)

Head Of Tax, Tax Jobs, Tax Blog, San Francisco, California, TaxConnections

TaxConnections Executive Search Services Division has been retained to conduct a search for a Head of Tax with a very successful San Francisco Bay area company.

Head Of Tax And Treasury (San Francisco Bay Area)

The Head of Tax will work closely with management in reviewing global corporate tax compliance, the global tax provision, transfer pricing and treasury strategy. Responsibilities include managing global outside tax consultants and reviewing processes and procedures. The Head of Tax will partner with internal business leaders to effectively manage exposure. Read More

Senior Tax Manager – Mergers & Acquisitions (Los Angeles, CA)

Kat Jennings, Tax Jobs, Tax Hire, TaxConnections

As a member of our team, you’ll be involved with working closely with private equity firms, public and privately held companies, advising them on tax structuring matters, financial and tax due diligence, and assistance with closing M&A transactions.


  • Develops, grows and serves as a firm technical resource for the U.S. income tax aspects of financial due diligence and mergers and acquisitions (M&A)
  • Leverages technical knowledge and experience to provide effective project management and practice development; delivering timely and responsive services and products that meet and/or exceed client expectations

Read More

Tax Manager/Partnerships (Pleasanton, CA)

The Tax Manager role requires partnership, S corp and individual tax consulting experience and the skills to effectively diagnose clients’ needs in order to develop and implement solutions. Primary responsibilities involve providing tax compliance, tax accounting, tax research and planning on partnerships, s corps and individual tax return for sophisticated clientele. We will build upon your technical strengths in order to expand your expertise in partnership, s corp and individual taxation. Read More

Tax Manager – Private Client Services (Silicon Valley, CA)

Tax Senior Manager, Private Client Services, Silicon Valley, CA, Moss Adams, Tax Hire, Tax Jobs, TaxConnections
  • Bachelor’s degree in Accounting or related field required; Master of Tax preferred
  • Minimum 4 years of experience in a public accounting firm or related experience
  • CPA required
  • Proficient in corporate, individual and partnership taxation
  • Previous experience supervising and training Staff and Seniors preferred
  • Excellent written and verbal communication and interpersonal skills

Read More

Senior Tax Manager – Private Client Services (Silicon Valley, CA)

Tax Senior Manager, Private Client Services, Silicon Valley, CA, Moss Adams, Tax Hire, Tax Jobs, TaxConnections
  • Bachelor’s degree in accounting or related field required; Master’s degree in Taxation preferred
  • CPA required
  • Minimum of 7 years of tax experience gained within a public accounting firm or related experience
  • Proficient in corporate or individual or partnership taxation
  • Experience with High Net Worth Individuals, Families and Business Owners is preferred
  • Excellent verbal and written communication skills
  • Presentation skills and strong organizational techniques are required

Read More

Senior Tax Manager/Transfer Pricing And International (Rutherford, New Jersey)

Kat Jennings, Tax Jobs, Tax Hire, TaxConnections

Responsibilities involve a wide range of international tax matters including transfer pricing, international aspects of consolidated income tax provision, and international elements of US tax compliance. Coordinate with international finance organization regarding international audits, income tax and transaction tax compliance. Role is responsible for providing technical tax leadership, with an emphasis on transfer pricing and international tax. Read More