Search results for tax and accounting services

Multi-Million Dollar State Lotto Jackpot Winner Finds Tax Advisor On TaxConnections This Week

Multi-Million Dollar State Lotto Jackpot Winner Finds Tax Advisor On TaxConnections This Week

Yesterday, I had a wonderful experience to share with readers of TaxConnections Blogs. As I was sitting there at my desk a call comes in from a man who has just won tens of millions of dollars in a State Lottery jackpot. He was excited to the moon and back and wanted to find a tax advisor to counsel him how to handle all the wealth he was in the process of receiving from the State Lottery. For the record, he came to www.taxconnections to search for an Advisor as he had not made any determination yet on whether he would take the prize in one lump sum or payments over multiple years.

For obvious reasons, protecting his privacy is our number one consideration so I will obviously not release his name or state nor exact amount of prize. Since I have never won a lottery myself, I am curious how this all  works, and he may very well share his private experience with me so that I may share this with all of you. Perhaps, being in the backseat will bring you joy and hope of what wonderful things can happen for you. The reason I am even talking about this story is that it brings great personal joy to me knowing that a site we have worked so hard to build is making important life-changing connections for people.

Over the years, as we have spent millions of dollars and thousands of hours building this wonderful platform and connecting tax professionals and companies; connecting tax professionals and taxpayers; connecting taxpayers with tax advisors in tax accounting firms; and boutique tax law practices with taxpayers; and now we are helping small to medium size tax practices sell their practices to buyers (we are building a team of trusted and vetted Advisors on our M&A Transaction Advisory Services team). Contact me if interested to be an Advisor selected to our M&A Team to receive referrals. Every one of these encounters has to do with the connections we make for tax professionals and advisors and technology on transactions. TaxConnections is a proven Jackpot Winner connector platform.

Read More

Written by | Posted in TaxConnections • Win Jackpot - Find Tax Advisor

Thinking About Selling Your Accounting Practice? Get An Education Years In Advance

Thinking About Selling Your Accounting Practice? Get An Education Years In Advance

You have spent years building an accounting practice, and then you start dreaming about  selling your practice, and retiring. Most owners find themselves in the position of wishing they would have started planning to sell their accounting practice long before they ever did. We have had the pleasure of speaking privately with hundreds of hard-working practitioners over the years who finally find themselves ready to retire. However, once they receive an education about the process of selling their tax practice, they are stunned to discover they should have had an exit strategy in place years before…even 10 years prior to an exit.

Recognizing the need for practitioners to sell their tax practice, www.taxconnections.com has put together a special program to educate firm owners what they must put in place long before they sell their tax practice another firm. TaxConnections is committed to guiding accounting firm owners by educating them what they can do to ready themselves for the inevitable sale of their practice years in advance of an exit to retirement.

A little-known secret to owners of small tax and accounting practices is if you call big brokers about selling your practice, they are disinterested in working with you if your annual revenue is under 3M. Most of the big power brokers in the accounting profession do not have an interest in speaking with you even at 3M annual revenue and/or EBITDA. It is a good idea to understand why this happens and explain so you do not become disappointed. Our mission is taking you through the process of building and organizing your practice for sale one day. Perhaps, it will be two years from now, five years from now, 10 years from now or longer.  Tax professionals are lifelong learners, and what we teach you about building to sale journey will have a huge impact on the sale price of your tax practice one day.

Read More

Written by | Posted in Selling Your Accounting Practice • TaxConnections

Thinking About Selling Or Merging Your Tax Advisory Practice?

Thinking About Selling Or Merging Your Tax Advisory Practice?

We have been approached many times over the years for a solution for small firm business owners who want to sell their practice and need a succession plan. We now have a solution for you and your clients who have been loyal to you over many years of professional services advisory.

Are you working on a succession plan so you can retire comfortably from your tax practice? Have big brokers told you that your practice is too small for them? TaxConnections search services provides a solution for you to transition your practice and your clients to qualified  buyers. TaxConnections has a team of advisors to help you in setting up a succession plan to sell and transition your practice to qualified industry professionals so you can retire.

Small professional services business owners are faced with many challenges today that they have never experienced before in running a tax and accounting practice. Operating a practice is more expensive today with increased costs for website development, cloud services, secured document management software, time and expense software, tax return software, practice management software, payroll software,  human resources software, monthly office rent, numerous insurances, IT support, computers and laptops, phones, remote software, sales and marketing team, employee salaries, 401K Plan Administration Fees, and much more.

Are you also feeling the pressure of increasing costs of the technology you now need to operate your practice efficiently today? The truth is many small firm owners are being financially squeezed with these increased costs and time-consuming activities of learning multiple new software implementations. Do you realize the software you now purchase will have an impact on your sale? The firm that acquires a practice may be able to adopt it or must start from scratch and use their own. This takes more time for the acquisition of your business.  Would you like to know what software implementations are best for the future sale of your firm? We are conducting due diligence for you well in advance of your firm being acquired, which greatly increases your value. TaxConnections will position you and your small practice for sale within the next 12-24 months.

Read More

Written by | Posted in Sell Accounting Practice • TaxConnections

IRS Shifting More Attention Onto High Income Earners, Partnerships And Large Corporations Following Passage Of Inflation Reduction Act Funding

IRS Shifting More Attention Onto High Income Earners, Partnerships And Large Corporations Following Passage Of Inflation Reduction Act Funding

IRS Shifting More Attention Onto High Income Earners, Partnerships And Large Corporations Following Passage Of Inflation Reduction Act Funding

Learn How To Protect Your Clients With This Invitation To A Complimentary Partnership Tax Planning Strategy Session 

Capitalizing on Inflation Reduction Act funding and following a top-to-bottom review of enforcement efforts, the Internal Revenue Service announced the start of a sweeping, historic effort to restore fairness in tax compliance by shifting more attention onto high-income earners, partnerships, large corporations, and promoters abusing the nation’s tax laws.

The effort, building off work following last August’s IRA funding, will center on adding more attention on wealthy, partnerships and other high earners that have seen sharp drops in audit rates for these taxpayer segments during the past decade. The changes will be driven with the help of improved technology as well as Artificial Intelligence that will help IRS compliance teams better detect tax cheating, identify emerging compliance threats, and improve case selection tools to avoid burdening taxpayers with needless “no-change” audits.

The Inflation Reduction Act Funding Increases scrutiny on high-income, partnerships and corporations. The IRS states it will shift attention to wealthy from working class taxpayers; key changes coming to reduce burden on average taxpayers while using artificial intelligence and improved technology to identify sophisticated schemes to avoid taxes.

“This new compliance push makes good on the promise of the Inflation Reduction Act to ensure the IRS holds our wealthiest filers accountable to pay the full amount of what they owe,” said IRS Commissioner Danny Werfel.

Major Expansion In high-Income/High Wealth And Partnership Compliance Work

Prioritization of high-income cases. In the High Wealth, High Balance Due Taxpayer Field Initiative, the IRS will intensify work on taxpayers with total positive income above $1 million that have more than $250,000 in recognized tax debt. Building off earlier successes that collected $38 million from more than 175 high-income earners, the IRS will have dozens of Revenue Officers focusing on these high-end collection cases in FY 2024. The IRS is working to expand this effort, contacting about 1,600 taxpayers in this category that owe hundreds of millions of dollars in taxes.

Read More

Written by | Posted in Tax Increases

Spotlight Interview: Chuck Levun and Michael Cohen On Educating CPAs, Attorneys and Other Tax Planning Professionals, Part 1

Spotlight Interview: Chuck Levun and Michael Cohen on Educating CPAs, Attorneys and Other Tax Planning Professionals

Spotlight Interview Part 1:

Chuck Levun and Michael Cohen on Educating CPAs, Attorneys and Other Tax Planning Professionals – As Well as Their Seasoned Advice for Tax Professionals New and Old

For more than thirty-seven years, Charles R. Levun and Michael J. Cohen (the founders of Tax Forum) have been creating and presenting the preeminent seminars on flow-through taxation. The two flagship Tax Forum programs are Fundamentals of Flow-Through® and Tax Planning Forum®.  In addition, Tax Forum is expanding its programs to include self-study (on-demand) training, as well as working on an additional course, which they will share with us soon.

Please read Part 1 of this special interview for Chuck’s and Michael’s descriptions of these programs and education in the flow-through taxation arena. Part 2 will focus on significant tax planning challenges that partnerships face … and the biggest mistakes Chuck and Michael have seen, that they will help you avoid.

Speaking of avoiding potential big mistakes, take a moment to register for Tax Forum’s complimentary webinar:

Avoiding Costly Mistakes: Four Essential Tax Concepts for the Non-Tax Business Attorney or CPA taking place on Thursday, May 16th at Noon CDT

You will appreciate what you will learn by spending time with these leading tax experts/educators.

Kat Jennings’ Question:

First of all, tell us about your favorite career accomplishments?

Chuck Levun’s Answer:

I’ve had many. However, perhaps my favorite is to have developed the Tax Planning Forum and the Fundamentals of Flow-Through tax programs with my partner, Michael Cohen. We’re in our 38th year of presenting these partnership, LLC and S corporation flow-through programs for tax professionals, and I feel that we have assisted several decades of tax professionals to be better educated and better able to assist their clients in closely held business matters.

Michael and I have also been very fortunate to have served as the editors-in-chief of the Journal of Passthrough Entities during its entire 20-year publication, and to have written 400 monthly Partner’s Perspective columns for the Wolters Kluwer (CCH) Partnership Tax Planning and Practice Guide. These vehicles enabled us to learn and assist others to learn at the same time.

But maybe, the most rewarding aspect of all this is the opportunity we have had to not only educate other professionals but also to assist them in growing their practices and retaining clients who are in need of creative business structuring. I also have been involved in mentoring other professionals, both officially and unofficially. More recently, I have been involved with both the Chicago Bar Association and the ABA Tax Section in their mentoring and diversity programs. These mentoring relationships have turned into friendships, and it’s been amazing watching young professionals blossom and grow.

Kat Jennings’ Question:

What is Tax Forum and what is its origin?

Read More

Written by | Posted in Partnership Training • TaxConnections

Learn How To Staff Your Tax Practice And Get Work Done In Today’s Market

Learn How To Staff Your Tax Practice And Get Work Done In Today’s Market

Many of you have shared with us this tax season was a challenging one for many tax firms due to lack of tax staff with three to five years of experience to support Tax Managers, Tax Directors, and Tax Partners. This has been a challenge for firms for a few years now, so what is the solution? There are a few solutions that are currently being adopted by firms nationally and internationally. This post discusses the solutions for firms’ short term and long term. The primary solutions are offshoring the work, onboarding new staff and outsourcing the work to other firms, and under private contract utilizing TaxConnections Executive Search services.

Services provided in offshoring tax work to India started in the 1980s and rapidly accelerated in the ’90s. In today’s world where information technology has become critical to business, the meaning of outsourcing has undergone a drastic change over the years. CPA and accounting firms significantly reduce costs by outsourcing tax compliance services to India. Labor costs in India are much lower than in the United States, with firms saving up to 60% of costs. It means that firms can save a significant amount of money by outsourcing tax services to India. We have encountered many Tax Managers who have been on rotation to offices between the U.S. and India to train the staff on tax preparation. The Big Four firms in India have grown to massive size to outsource client engagements for U.S. multinational clients at competitive costs. The one drawback to this is there has been less emphasis on training tax staff in the U.S.

We have noticed accounting firms and corporations increasing their hiring at the tax intern and staff level. This is good news as they are also making a commitment to train and educate a new generation of needed tax staff by corporate tax departments and public accounting firms. If these organizations offer tax staff a supportive environment to learn and grow, this is good news for a tax staff entering the tax profession. If you do not have enough tax staff, the growing trend is training and growing your own. You build technically stronger Tax Managers when you provide them with the opportunity to grow by transferring their technical knowledge and tax skills to others. We expect to see this trend continue to grow throughout the tax profession. It is a win-win solution for tax organizations.

Read More

Written by | Posted in Staffing Tax Organization

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

How To Find A Tax Job

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 15th . 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.

Read More

Written by | Posted in TaxConnections

Important Information Every Tax Professional Should Know When Searching For A Tax Job

What Every Tax Professional Should Know When Searching For A Tax Job

Build A Personal Tax Brand: Secrets To Being Hired For Tax Jobs You Should Learn Now

Many tax professionals lose wonderful opportunities to be considered for the best tax jobs because they do not know how to position themselves to be selected for these roles. This article focuses on my experiences in tax professional search and what I learned from the actions tax professionals took to rise to the top of the profession. If you are thinking about entering the tax profession, or already in the profession and want to know how to be considered for a tax roles, there are steps you need to take. For the purpose of a tax professional audience, I will break this article into five categories: Public Accounting Tax, Corporate Tax, Law Firm Tax, Independent Tax Services, and Government Tax Roles.

In writing this article, understand the information comes from my experience in working on more than one thousand tax searches over thirty years. You learn a lot when you are speaking with tax professionals in private conversations about their experiences working in these uniquely different tax work environments. You will learn what I learned about these vastly different tax environments; you will learn from this article what tax professionals liked working in a particular environment and the reasons why they decided to leave for another work environment.

Public Accounting/Consulting Firm

A public accounting firm is an ideal place for anyone to enter the tax profession. You will learn alot in a small boutique accounting practice or a mid-level to large firm. This is simply a great  place to begin building your tax and accounting career. If you are fortunate enough to catch the attention of a mentor to guide you, all the better. This is the ideal environment to enter the tax and accounting profession and begin your tax career.

The greatest amount of turnover in public accounting is at the 3 to 5 years of experience where tax staff/tax seniors want to continue to grow. Many tax staff/tax seniors may want to stay until they make manager before they leave the firm. However, the truth is if someone has decided to stay and make manager in public accounting, compared to a tax staff/tax senior who has combined 5 years of experience in public accounting and a corporate tax environment; the hiring executives in corporations prefer hiring the candidate who has combined public accounting/private industry experience. This is a fact. Ask any corporate tax director and they will tell you the same. My advice to younger tax professionals is to focus on the learning experience, not the title.

If you are in public accounting and want to move to another firm, I would then understand the title is the primary driver for most in an accounting firm. What I would advise key hiring managers in public accounting is the best way to retain your professional staff is to invest in their training and education. For instance, you could train your staff in partnerships by sending them to a high-quality partnership  education seminars like taxforums.com. Charles Levun and Michael Cohen are nationally trusted trainers in tax partnerships. They go through multiple case studies in their seminars which are highly rated sessions. They generally conduct annual training seminars on tax partnerships in May and June which you can find here: https://www.taxforums.com/default

Read More

Written by | Posted in Find Tax Advisor • Find Tax Job • Find Tax Professional • Tax Partnership Training

Tax Management Tips For Entrepreneurs And Small Business Owner

Tax Management Tips For Entrepreneurs And Small Business Owner

Have you ever thought about why lots of small business owners always seem to struggle with their money when it’s time to do their taxes? It’s not just about crunching numbers; it’s about mastering the art of tax management. Almost two-thirds of business owners say that federal business income taxes significantly increase their operational workload, showing how common this problem is. It points out a universal struggle which is figuring out the complex tax rules without allowing them to stop your business from growing.

This article will help you in exploring the essential tax management tips that every small business owner and entrepreneur needs to know. From understanding your tax obligations to strategies for lowering your tax bill, we aim to equip you with the knowledge to meet your tax challenges. We’ll cover everything from the importance of choosing the proper business structure to the benefits of working with an experienced tax professional. By the end, you’ll have a comprehensive toolkit to reduce your overall tax burden, streamline your tax preparation, and reinvest in your business.

Understanding The Basics Of Entrepreneurial Taxes For Small Business Owners

Taxes can be a complex affair for small business owners. It’s not just about filing your tax return; it’s about understanding how different elements of the tax system affect your business. From the structure of your small business to identifying deductible expenses, we’ll break down the basics to help you manage your tax obligations more effectively.

  • Differentiating Business Structures For Tax Benefits

Choosing the right structure is crucial for new business owners. Whether you operate as a sole proprietorship, partnership, LLC, or corporation can significantly affect your tax rate and the amount of tax you pay. Each structure has its tax benefits and liabilities, so understanding which one aligns with your business goals can help lower your overall tax burden.

Read More

Written by | Posted in Small Business Owner Tax Tips • TaxConnections

Why Outsourcing Sales Tax Compliance Is The Smart Choice

Why Outsourcing Sales Tax Compliance Is The Smart Choice

Efficiently managing sales tax compliance is an essential component of modern business operations. Companies often grapple with the ever-evolving landscape of tax laws and regulations, making the decision to outsource sales tax compliance a strategic move. This article delves into the reasons behind this choice and explores the wide-ranging benefits it offers to businesses striving for streamlined taxation operations and sustainable growth.

Here’s what we’ll be covering:

1. Cost Savings and Efficiency:

    • Discusses the financial benefits of outsourcing sales tax compliance, such as redirecting resources and cost-effectiveness.

2. Expertise and Specialized Knowledge:

    • Highlights the importance of outsourcing for accessing professionals with specialized knowledge in tax law and compliance, reducing compliance risks.

3. Reduced Risk of Non-Compliance:

    • Emphasizes the role of outsourcing in maintaining strict compliance with tax regulations and avoiding penalties.

4. Scalability and Flexibility:

    • Explains how outsourcing can adapt to fluctuations in business growth and sales volume, ensuring compliance efforts align with changing demands.

Read More

Written by | Posted in TaxConnections

Getting Tax Advice: What Should You Know To Get Free Tax Help And Professional Guidance

Getting Tax Advice: What Should You Know To Get Free Tax Help And Professional Guidance

Are you navigating the confusing world of taxes and wondering where most people turn for advice? You might be surprised to learn that despite the myriad of professional resources available, 53% of taxpayers — still rely on friends and family for tax advice. This trend is particularly prevalent among younger taxpayers, who often turn to digital sources or personal networks. Meanwhile, older taxpayers tend to gravitate towards traditional printed materials for guidance.

In this blog, we’ll dive into how you can access free or low-cost tax help and what you should know when seeking professional guidance. From IRS-supported services to tapping into the expertise of tax professionals, we’ll explore the avenues to ensure your tax filing is as smooth and stress-free as possible. So, let’s get started and turn tax season from a time of confusion to a period of confident decision-making!

Choosing the Right Tax Advisor: Get Free Help from Qualified Professionals

Selecting the ideal tax advisor can be a game-changer for your financial health. In a sea of options, how do you find free, qualified assistance that aligns with your unique tax situation? Let’s navigate through the process of identifying the right tax professional, ensuring they have the expertise and compatibility to meet your specific needs.

Assessing Your Needs

When it comes to choosing the right tax advisor, the first step is assessing your needs. This means taking a close look at your financial situation, tax obligations, and what you specifically require from tax assistance. Are you looking for someone to help with straightforward tax filing, or do you need more comprehensive tax planning and strategy advice? Understanding your needs is crucial in finding a tax professional who can provide the most effective and relevant support.

In this assessment phase, consider factors like your income sources, investment portfolio, and whether you have any specific tax situations, such as owning a business or having multiple income streams. Younger taxpayers might prioritize digital convenience and the best tax software, while others might value personalized, face-to-face guidance from a tax professional. By clearly defining your needs, you can better target your search for tax assistance, ensuring that the advice you receive is tailored to your circumstances and fully addresses your tax concerns.

Researching Qualified Tax Professionals

To manage your tax affairs effectively, you must find a tax professional who aligns with your needs. It’s not just about finding someone qualified; it’s about finding someone who understands the nuances of your unique tax situation, whether it’s simple tax filing or more complex tax planning and strategy. For example, a business owner might need multiple financial professionals to ensure tax season goes smoothly. 

Read More

Written by | Posted in Find Tax Advisor • Find Tax Professional • TaxConnections

R&D Tax Credit Powerhouse Firm Supports Tax Advisory Firms In The United States And United Kingdom

Source Advisors, a market leading tax consulting firm provides R&D Tax Credit, Cost Segregation, §179D, §45L, and LIFO inventory solutions nationwide for more than 38 years, has launched GOAT.tax, an automated research & development tax credit SaaS platform to service clients across a variety of industries. Many CPA firms now outsource its R&D Tax Credit services to Source Advisors who is providing white labeled outsourced services to public accounting firms.

With over 50 dedicated R&D tax credit professionals ready to provide support, GOAT.tax takes all the guesswork out of a complex tax incentive by offering an easy-to-use, self-guided experience along with payroll system integration. Their SmartCreditEngine crunches the numbers to make sure each company gets their maximum tax benefit.

“We are thrilled to be able to bring this automated software to the market. Launching GOAT.tax gives smaller businesses and start-ups the opportunity to learn about their eligibility for the R&D tax credit. GOAT.tax will service industries and companies that previously overlooked the possibility of claiming the R&D tax credit due to more limited research expenses. The SaaS platform compliments our current Source Advisors R&D tax credit practice, which will continue to provide best in class service to larger clients that want a more consultative approach,” said Chris Henderson, President of Source Advisors.

Would you like to outsource your firms R&D Tax Credit work to leading experts? Contact Eric Larson, Source Advisors. 415.730.5247 or Eric.Larson@SourceAdvisors.com.

Written by | Posted in R&D Tax Credit Outsourcing
« Older Entries