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Archive for Kat Jennings

Combating Bribery Of Public Foreign Officials In International Business Transactions

OECD On Bribery Of Foreign Public Officials

The OECD Anti-Bribery Convention establishes legally binding standards to criminalize bribery of foreign officials in international business transactions and provides for a host of related measures that make this effective. It is the first and only international anti-corruption instrument focused on the ‘supply side’ of the bribery transaction.

The OECD booklet contains the official text and commentaries of the 1997 Convention, the 2009 Recommendation of the Council for further Combating Bribery, the 2009 Recommendation on the Tax Deductibility of Bribes to Foreign Public Officials and other related instruments:

Download the 50 page OECD PDF

Destined to strengthen the Convention, a review of the 2009 Recommendation is being conducted by the Working Group on Bribery and is scheduled for completion in 2020.

 

 

Complimentary Webinar Friday June 14th:  States And ASC 740 Webinar

Complimentary States

Complimentary Webinar:  States And ASC 740 Webinar
Date: Friday, June 14, 2019
Time: 12:00AM EST/11:00AM CT/10:00AM MT/9:00AM PST
Instructor: Leading ASC 740 Expert Nick Frank

 TaxConnections has invited leading expert Nick Frank to train you on ASC 740 this week! This opportunity is valuable to learn what issues are most important and you need to focus on this year. State income tax issues are receiving more attention than ever. This technical ASC 740 webinar will cover various facets of state taxes including separate versus unitary states, state modifications under the Tax Cuts and Jobs Act, state NOLs and state uncertain tax benefits.

REGISTER FOR COMPLIMENTARY TRAINING FROM AN EXPERT

https://attendee.gotowebinar.com/register/4158998788970530829?source=TaxConnections

 

 

Game Over For Common Reporting Standards (CRS) Avoidance. Learn The OECDs New Tax Disclosure Rules For Advisors

OECD Rules

According to the OECD, the OECD has issued new model disclosure rules that require lawyers, accountants, financial advisors, banks and other service providers to inform tax authorities of any schemes they put in place for clients under the OECD/G20 Common Reporting Standard or prevent the identification of the beneficial owners of entities and trusts.

In addition the OECD reported in September 2018 “as the reporting and automatic exchange of offshore financial accounts pursuant to the Common Reporting Standards (CRS) becomes a reality in over 100 jurisdictions this year, many taxpayers that held undeclared financial assets offshore have come clean to their tax authorities in recent years, which has already led to over 85 Billion of additional tax revenue. These new disclosure tools serve as a powerful deterrent and detect taxpayers that continue to game the rules and be tax compliant.

You can now download the OECD 47 page Model Mandatory Disclosure Rules For CRS Avoidance Arrangements And Opaque Offshore Structures

 

New Rules And Limitations For Depreciation And Expensing Under The Tax Cuts And Jobs Act

IRS Rules And Limitations For Expensing
Businesses Can Expense More Under The New Law

A taxpayer may elect to expense the cost of any section 179 property and deduct it in the year the property is placed in service. The new law increased the maximum deduction from $500,000 to $1 million. It also increased the phase-out threshold from $2 million to $2.5 million. For taxable years beginning after 2018, these amounts of $1 million and $2.5 million will be adjusted for inflation.

The new law also expands the definition of section 179 property to allow the taxpayer to elect to include the following improvements made to nonresidential real property after the date when the property was first placed in service:

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CFO ALERT: Fortune 500 to 5000 Tax Executives Teach Us What Happens When Corporations Outsource Tax Work Versus Keeping Tax Team In-House

Kat Jennings - Outsourcing Corporate Tax Department Versus In-House Tax Department

The ideas from this article are not my own. The information provided is from the more than three thousand corporate tax executives I have written or spoken to about their experiences outsourcing the tax function or keeping a tax team inside the company over the years. Recently, I sent a letter to three thousand tax executives in the Fortune 5000 asking them to answer four survey questions surrounding in-sourcing tax work versus outsourcing tax work to which many responded. This article is about sharing educated tax executives’ valuable experiences on outsourcing tax work versus keeping tax responsibilities in-house.

For over three decades, I have been educated by thousands of tax executives and CFOs through my tax executive search services about in-sourcing versus outsourcing of the corporate tax function. Over the years I watch waves of outsourcing, then bringing all tax responsibilities back in-house. Tax Executives and CFOs are in my ear every day sharing stories with me. What typically happens is that the CFOs and CEOs are convinced by advisors that outsourcing is a good way to trim costs. This article will discuss what leading tax executives, CFOs and Executive Boards have learned, in hindsight, what happens when they outsource tax work and what happens when the tax team remains in-house.

Again, I repeat these are not my own words or ideas. The information provided in this article is valuable because it is an accurate accumulation of the real thoughts and experiences of hundreds of tax executives who were kind enough to respond to my survey questions as long as I did not identify them by name or company. I hope you will find this article informative and valuable if you are contemplating these issues. The goal of this article is to learn from the experiences of others who outsourced the tax work to consultants versus having an in-house corporate tax organization who maintains the integrity of the information for the company.

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Real Estate Investments For Retirement

Kazim Qasim - Real Estate Investments For Retirement

Two of the biggest concerns of those who are investing for retirement are not running out of money and maintaining regular cash flow. It can be difficult to switch from a bi-weekly paycheck to carefully timed withdrawals from a retirement account.  Market fluctuations cause balances to rise and fall, leaving an investor with less in their account than they’d planned.

These are the reasons that some investors consider real estate investments for retirement. A multi-family property yields regular, monthly income similar to a paycheck. Home values typically don’t fluctuate wildly and over time show appreciation. But what are the deeper implications of real estate investing for retirement?

Pros of Real Estate Investing for Retirement

Five thousand dollars in rent, deposited into your bank account every month, can easily take a salary’s place. One of the biggest pluses to real estate investing for retirement is passive income. Tenants pay monthly rents and you can use that income to fund your retirement.

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TaxConnections Complimentary Training – ASC 740 In Depth: Valuation Allowances (Friday, May 31, 2019)

Free Webinar- ASC 740 In Depth

Register To Attend Friday, May 31, 2019

Starts: 11:00AM EST/10:00AM CT/9:00AM MT/8:00AM PDT

https://register.gotowebinar.com/register/5126309535526833421?source=TaxConnections

This course will discuss is an in depth discussion of valuation allowances including evaluating positive and negative evidence, impacts on the tax rates and interim implications.

As a nationally recognized expert on tax provision, Nick makes the tax provision process simple for corporate tax professionals and public accounting firms. You no longer need to pay for expensive and complicated tax provision software or someone to spend hours doing the calculations. As a tax provision expert, Nick teaches you a simple way to complete the tax provision.

Tax Prodigy is being implemented in Fortune 1000 tax departments and public accounting firms nationally and internationally. Tax Prodigy tax provision software is super easy to understand; it can be up and implemented in a multinational corporation in less than thirty days; and it is super affordable.

REGISTER HERE

 

 

Corporate And Public Accounting Tax Professionals – Get Organized With This Amazing Tax Calendar

Tax Calendar Tour

One of the most important responsibilities of every corporate tax department and tax professional providing tax services is keeping track of important tax due dates. Awareness of due dates will help avoid penalties and late fees. Every business has important due dates for tax returns and extensions, payment of estimated taxes, retirement accounts, IRS filings and more. How do you keep track of all of it for your company? How do you keep track of all tax due dates for multiple clients?

While reviewing more than 1700 different types of software available to tax and financial professionals, we have identified Tax Calendar software that is powerful and inexpensive. We now search for new software with powerful features, low cost, easy to use and without the big marketing budgets. There are some real winners out there and we ask you to take notice of them and take a complimentary tour. You can make your decision from there. We just want to show you this Tax Calendar software impressed us the most at the best prices. They will even scan tax returns in for you.

Check Out This Tax Calendar Today

– Make Your Life As A Tax Professional So Much Easier

 

Tax Director, Real Estate Investment Trust

Tax Job REIT

We are currently conducting a search to locate a Tax Director for an international client on the east or west coast. If you know of any tax executive with strong knowledge of real estate reits, please forward this opportunity on to them for their review. We will be happy to provide more detailed information and maintain a high level of privacy for anyone with REIT tax expertise.

  • Provide leadership and direction for all domestic and international tax planning, tax provision and tax compliance activities for a REIT.
  • Oversee and direct a team responsible for FIN 48 and FAS 109 tax provision calculations and estimates, including DTA/DTL analysis, tax footnotes and related disclosures contained in quarterly and annual filings.
  • Oversee and direct tax return preparation and the review and the submission of federal, state, local and consolidated tax returns. Read more

Tax Director, Global Tax Reporting

Tax Job Global Tax Director, Provision

This position reports directory to the VP of Corporate Taxation and as Tax Director, Global Tax Reporting is responsible for oversight and preparation of the global consolidate income tax provision in accordance with US GAAP accounting principles, manage the SOX 404 controls process as it relates to the global consolidated income tax provision, partner with Univar’s financial statement auditor and Financial Reporting & Analysis team as a key stakeholder in global EBT data delivery and contribute to special projects within the Global Tax Department as needed.

This position oversees and resolves highly complex tax reporting and strategic planning issues with high impact to the organization. On a day-to-day basis, this position will be expected to fulfill the financial income tax reporting obligations of the enterprise and lead continuous process improvements within the global consolidated income tax provision process. Duties Include:

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Global Tax Director, Reporting (Midwest Region)

Tax Job- Global Tax Director, Reporting

This position reports directory to the VP of Corporate Taxation and as Tax Director, Global Tax Reporting is responsible for oversight and preparation of the global consolidate income tax provision in accordance with US GAAP accounting principles, manage the SOX 404 controls process as it relates to the global consolidated income tax provision, partner with Univar’s financial statement auditor and Financial Reporting & Analysis team as a key stakeholder in global EBT data delivery and contribute to special projects within the Global Tax Department as needed.

This position oversees and resolves highly complex tax reporting and strategic planning issues with high impact to the organization. On a day-to-day basis, this position will be expected to fulfill the financial income tax reporting obligations of the enterprise and lead continuous process improvements within the global consolidated income tax provision process. Duties Include:

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IRS Trends And Challenges

IRS LOGO May

According to the IRS Strategic Plan FY 2018 to 2020, these are the major Trends and Challenges going forward:

SERVING AN INCREASINGLY COMPLEX TAX BASE

The U.S. tax base is becoming more complex. Economic and demographic changes in our society have fundamentally changed the way citizens earn money and the way we live. U.S. workers earning income through contracting or freelancing is projected to increase as more workers pursue flexible arrangements or earn income through digital platforms and app-based businesses (the “gig economy”).

This shift in income sources requires the IRS to adapt its outreach and enforcement efforts. According to one assessment, in the gig economy, nearly one-third of those earning money through app-based platforms were unaware of their tax status as small business owners. This likely affects the rate of voluntary tax compliance. In addition to changes in employment trends, family structures and living habits are shifting. A record number of Americans live in multigenerational households, a dynamic that could affect a taxpayer’s ability to claim deductions and credits accurately. This highlights the growing need for IRS to communicate eligibility requirements and verify compliance.

MANAGING GLOBAL TAX COOPERATION

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