April 26, 2024 | TaxConnections

26 Apr 2024

Want To Gain Expert Knowledge And Skills Converting An Existing S Corp To An LLC? Complimentary Webinar

On Thursday, May 16^th 2024, three leading experts are inviting you to a free webinar to learn cutting edge strategies on:

Converting an existing S corporation to an LLC on a tax-free basis to obtain “charging order” protection.
Simple business structuring to circumvent the $10k deduction limitation for the portion of state and local income taxes attributable to partnership/LLC and S corporation income.
How not to cause your client to be one of the estimated 500k+ LLCs that incorrectly thought it was going to be taxed as an S corporation but, because of certain language contained in its operating agreement, is not an S corporation.
Personal goodwill and the C corporation business sale – identifying situations in which double tax can be avoided.

Any one of these strategies could make the difference between you being a hero or creating a significant problem for your clients.

Please Register Here For This Complimentary Presentation filled with valuable information that will surely help your tax clients.

Read the blog previously posted about this amazing yet free learning opportunity from leading partnership experts.

Written by TaxConnections Admin | Posted in Complimentary Webinar • Converting As S Corp To LLC • Free Tax Webinar

26 Apr 2024

Secrets To Learn Working With A Retained Tax Recruiter Vs. Contingency

Learn How You Benefit Retaining A Tax Recruiter

There are many things that can go right in a tax search and there are many things that can go wrong during a tax search. There is a mile wide divide in how search firms operate on your behalf. This post is about things that can happen to you while recruiting for the best tax candidates for your tax organization or connecting with an organization who needs your tax expertise. Either way, you are smart to work with the best tax recruiter you can find who has a proven track record in tax professional search. You should first ask for a tax recruiters’ experience. We always show our client list of successes: https://www.taxconnections.com/tax-executive-search-services

One Question You Should Never Ask A Retained Tax Recruiter

Whenever an experienced recruiter hears this one question, they feel minimized. The question is “Can you go to your files and send me some resumes?” The hiring authority asks, as if it is easy, to find a technically skilled tax candidate from files of thousands of potential prospects. It is not easy to do this work since an expert in tax search must do a labor intensive job of researching thousands of potential candidates, calling tax candidates to present the client tax job description, obtaining permission from a candidate before presenting to a client, screen the tax candidate for hard skills( technical) and soft skills (interpersonal skills),help tax candidates to clean up their resume to highlight their technical knowledge, making an introduction between client and tax candidate and so much more. This is not a five-minute scan of resumes in your database, it could easily take an expert 5 hours, 5 days, 5 weeks or 5 months to identify and screen the right tax candidate(s).

An expert retained tax recruiter takes pride in doing a great job screening tax candidates for a company, they never just pull a random resume like it is a 5-minute job. The job of an expert in tax executive search is much more than that. So please do not ask an expert tax recruiter to just pull resumes from their database about top tax talent since the search process is much more involved. The tax recruiter feels minimized when a hiring manager communicates they want to see resumes. Finding tax professionals with qualified technical skills, interpersonal skills and meets the needs of both parties is an important part of the tax search and screening process.

What A Good And Bad Tax Recruiter Will Do For You

Written by Kat Jennings | Posted in Tax Recruiter • Tax Recruiting • TaxConnections

26 Apr 2024

Legal Post: Texas Sales And Use Tax For Equipment Rentals

Many businesses in Texas involve the performance of services that require the use of machinery and equipment. While these businesses may purchase the necessary equipment outright, others opt to rent equipment from third-party rental companies, or to completely outsource the equipment-related services to another service-provider. These transactions seem simple on the surface, but may be more complex when determining how to treat them for Texas sales and use tax purposes.

General Sales Tax Treatment of Equipment Rental

In determining how equipment rental should be treated, the first place to look is whether the equipment is being rented by itself (on a “standalone” basis), or whether it’s being rented with an operator.

Standalone Basis – Comptroller Rule 3.294(c)(1) states that “receipts from the lease of tangible personal property without an operator are taxable.” [1]
With an Operator – Comptroller Rule 3.294(c)(2) states that “[t]he furnishing of tangible personal property with an operator for which a single charge is made to the customer shall be presumed to be the performance of a service…” [2]

An “operator,” in turn, is defined as a “person who actively guides, drives, pilots, or steers tangible personal property” and does not include one who merely provides maintenance, repair, or supervision. [3]

Under Rule 3.294(c)(2), the rental of equipment with an operator, billed as a single charge, is treated as the performance of a service. The taxability of this service, in turn, will depend on the nature of the service itself. Additionally, if equipment is rented with an operator, but there are separate charges for the equipment and operator, each charge will be treated differently for tax purposes – one as a rental of equipment on a “standalone” basis under Rule 3.294(c)(1), and one as a charge for the provision of services by the operator.