April 16, 2024 | TaxConnections

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The Day After April 15th: How To Find A Tax Job When Your Firm Downsizes

With wars spreading throughout the world, tax and accounting professionals must build a backup business plan to protect their tax careers from unwanted interruptions. Unless you are not paying attention, (doubtful since tax professionals are highly educated), world events are quickly unfolding that will affect the tax and accounting profession, too. Previous wars are a good indicator of future actions, with generations having lived their lives through the Vietnam War(1969-1973); Persian Gulf War(1993); Afghanistan War( 2001-2014); Iraq War( 2003-2011, we know wars create a fast track to downsizing firms. While the government is funding wars in Ukraine, Russia, Israel with Iran; U.S. taxpayers are increasingly taxed to the max. We know from years of experience that large firms downsize to reduce overhead costs after April 15^th . They now call downsizings, a rightsizing which is an oxymoron. A firm rightsizing is the process of restructuring an organization by cutting costs, reducing employees, or reforming upper management. For tax and accounting professionals caught in these rightsizings, it is devastating. However, this time it is different, as we built a safety net to protect tax professionals.

What action should you take now to support and protect your tax career?

A tax career is smart choice, if you manage it properly, and this means taking personal responsibility for marketing yourself. Every firm’s marketing budget focus is on the firms’ name and brand, not your name. What most tax staff do not realize is that the Tax Partners who are knocking it out of the ballpark for their firms are privately investing their own money in marketing themselves. You need not wait to make Tax Partner to realize what really happens. Years ago, a Tax Partner privately confided in me, they would rather get a root canal than go in and ask management at the firm for money to market themselves. They told me the answer would be a hard no! The firm’s marketing budget is spent on a firm’s name, not individual names. This makes good business sense since the turnover rate is 25%-30% in the Big Four. Most do not realize that the Tax Partners who are doing well in large firms invest in marketing themselves out of their own pocket. Once you learn this lesson, you learn to start early in taking personal responsibility to market your tax expertise.

Written by TaxConnections Admin | Posted in TaxConnections

Those who involved themselves in Bitcoin markets after 2017 encountered a different operation and ideal than those who came before. Today, no one much cares about what came before, speaking of 2010-2016. They are only watching the upward price momentum and are thrilled for the increase in the asset valuation of their portfolio.

Gone is the talk of separating money and state, of a market-based means of exchange, of genuine revolution that would extend from money to the whole of politics the world over. And gone is the talk of changing the operation of money as a means of changing the prospects for freedom itself. The enthusiasts around Bitcoin have different goals in mind.

And during this entire period, the exact time when this digital asset might have protected multitudes of users and businesses from rapacious inflation growing out of the worst and most globalized experience of corporatist statism in modern history, made possible due to the money monopoly of central banks that funded the operation, the original asset that carries the symbol BTC was systematically diverted from its original purpose.

The ideal was nicely articulated by F.A. Hayek in 1974. Much of his career as an economist was spent arguing for sound monetary policies. At every important turning point, he faced the same problem: governments and the institutions they serve did not want sound money. They wanted to manipulate the currency system to benefit elites, not the public. Finally, he refined his argument. He concluded that the only real answer was a complete divorce of money and power.

“Nothing can be more welcome than depriving government of its power over money and so stopping the apparently irresistible trend towards an accelerating increase of the share of the national income it is able to claim,” he wrote in 1976 (two years after his Nobel Prize). “If allowed to continue, this trend would in a few years bring us to a state in which governments would claim 100 per cent of all resources—and would in consequence become literally ‘totalitarian’.”

Written by Jeffrey Tucker | Posted in Bitcoin