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Archive for Kat Jennings

Tax Hiring Trends In The Tax Profession For 2020

KAT JENNINGS - Hiring Trends In Tax Profession

We have noticed several trends in hiring tax professionals we want to share with you. There is a lot of opportunity for tax professionals as the demand is very high. For the purpose of this post, I want to address three areas of importance to any organization hiring a tax professional or any tax professional looking today.

What I will cover is high demand for tax professionals and the low number of tax professionals available; why companies are experiencing delays in finding the highly technical talent they need; and why compensation is an issue in attracting technically trained tax professionals.

The high demand for tax professionals today is largely a result of the Tax Cuts And Jobs Act turning the tax world upside down. The rules of engagement have changed while everyone is feeling their way around new tax rules, tax regulations and tax technology.

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Get Tax Returns Organized With Award Winning Tax Calendar

AKORE Tax Calendar Software

You will appreciate a complimentary tour of the award winning TaxCalendar by Akore. It is easy to use, smartly organized and a low cost alternative to any tax calendar on the market today. We had several tax professionals tell us they love this software because it addresses every tax return and it is easy to use.

Corporations, public accounting firms and independent tax practitioners are all using this software and enjoy the ease of use and the low cost. Every tax organization will benefit from this tax software and be amazed how much time they save.

Before you embark upon any technology implementation, you will benefit greatly by getting all your tax returns organized with the Akore TaxCalendar software. It is a great way to start your technology transformation and it is very easy to understand and use.

Get Organized: Request Complimentary Tax Calendar Tour 

 

Senior Tax Specialist Opportunity (San Francisco Bay Area)

Senior Tax Specialist Job In San Francisco, CA

TaxConnections has recently been retained to conduct a search for a Senior Tax Specialist for a high profile family office in the San Francisco area.  Rarely is a position available in this very rewarding business environment.

The Senior Tax Specialist is responsible for performing tax compliance and planning functions as well as providing tax support for various family entities, which may include Partnerships, Limited Liability Companies and Corporate entities.  Significant emphasis will be on tax work related to Partnerships and Limited Liability Companies. Responsibilities include the preparation of federal and state income tax returns and forecasts and perform various tax planning and research projects that involve a high degree of complexity.  Respond to audits and information requests from various government authorities.

Responsibilities include the following:

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Emotional Intelligence for Small Business Owners

WILLIAM ROGERS

The term “Emotional Intelligence” was created in the 1990s. It’s a relatively new concept. But scholars, leaders, and psychologists all quickly came to the conclusion that a strong EQ can lead to personal, professional and business success. So, what is Emotional Intelligence?

What is Emotional Intelligence (EQ versus IQ)

Emotional Intelligence is “the ability to identify and manage one’s own emotions, as well as the emotions of others.” It’s the “emotions” side of the equation, where IQ (Intelligence Quotient) is the intellectual side. While IQ can be measured through testing, there is not a similar, standard evaluation of EQ (although, there are plenty of online quizzes: here here here). Emotional Intelligence is a concept that is gaining importance in both interpersonal skills and leadership skills, both of which can be vitally important to small business success.

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Get Organized With Complimentary TaxCalendar Tour

AKORE SYMBOL

You are invited to a tour of the award winning tax calendar that keeps you organized all year around! Thus easy to use, high quality, low cost tax calendar is tailor made to manage all your corporate tax or clients tax returns.

It tracks all taxes and tax deadlines and effectively manages any tax return, tax due dates, filing extensions, amended tax returns, notices and important dates and payments.

The TaxCalendar tracks all federal, state international, property, sales and use, excise, franchise, estimated tax payments, quarterly and annual tax payments, business licenses, HST/GST, value added tax and annual reports.

The TaxCalendar has a customizable electronic filing cabinet, built in document management system, customizable fields, manages multiple tax years, manages multiple clients, tracks all tax obligations and due dates, mass filing, editing and roll over functionality, reminders and alerts on all tax returns, reports tax department and staff progress, rollover data from prior years, tracks notices for companies, workflow management tool and sets and schedules staff tasks.

Request TaxCalendar Tour Today

 

Making Large Gifts Now Won’t Harm Estates After 2025

IRS Estate Taxes

The Treasury Department and the Internal Revenue Service issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.

Treasury Decision 9884, available today in the Federal Register, implements changes made by the Tax Cuts and Jobs Act (TCJA), the tax reform legislation enacted in December 2017. Though the final regulations largely adopt the proposed regulations published last November, they also include clarifying technical language addressing concerns raised in several public comments as well as four examples which, among other things, illustrate the impact of inflation adjustments. As a result, individuals planning to make large gifts between 2018 and 2025 can do so without concern that they will lose the tax benefit of the higher exclusion level once it decreases after 2025.

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How Taxpayers Can Make Sure Donations Are Tax Deductible

MAKE A DONATION

It’s that time of year when taxpayers are thinking about how they want to give back, and many taxpayers will want to donate to a charity that means something to them. The IRS has a tool that may help them make sure their donations are as beneficial as possible.

Tax Exempt Organization Search on IRS.gov is a tool that allows users to search for tax-exempt charities. Taxpayers can use this tool to determine if donations they make to an organization are tax-deductible charitable contributions.

Here are some things to know about the TEOS tool:

  • It provides information about an organization’s federal tax status and filings.
  • It’s mobile device friendly.
  • Donors can use it to confirm that an organization is tax-exempt and eligible to receive tax-deductible charitable contributions.
  • Users can find out if an organization had its tax-exempt status revoked.
  • Organizations are listed under the legal name or a “doing business as” name on file with the IRS.
  • The search results are sortable by name, Employee Identification Number, state, and country.
  • Users may also download entire lists of organizations eligible to receive deductible contributions, auto-revoked organizations and e-Postcard filers.

Taxpayers can also use the Interactive Tax Assistant, Can I Deduct my Charitable Contributions? to help determine if a charitable contribution is deductible.

Tax Tip 2019-165

 

The Perception And Reality Of Finding A Tax Job Today

Find Tax Jobs - Kat Jennings

With three decades experience in executive tax search, it is important to teach you what happens behind the scenes as tax professionals reach out to find full-time, part-time, remote and gig tax jobs. The truth is the current system of finding a tax job in the tax profession is filled with multiple obstacles that impede success. This article is intended to enlighten you about the perception and the reality of finding a tax job today.

You will learn from the perspective of tax professionals searching for a tax job; and you will learn from the perspective of companies searching for tax professionals. You likely have heard the phrase “perception is reality” but the actual truth is that perception and reality are very different.

The Oxford Dictionary states “Perception is the way in which something is regarded, understood or interpreted” while “Reality is the state of things as they actually exist, as opposed to the idealistic or notional idea of them. Reality is the way actual events actually unfold in the real world.” There is the perception and there is the reality involved in finding a tax job and knowing the difference will give you a significant competitive advantage.

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Release of Taxation Of IP & Technology Update for 2020

William Byrnes

Taxation of Intellectual Property and Technology 2020 edition is a 1,000 page analytical treatise to the federal tax consequences of the development, purchase, sale and licensing of intellectual properties and intangibles.  Primary author William Byrnes leads a team of America’s leading tax senior counsel to analyze tax risk challenges for business and investment decisions concerning intellectual property, technology, intangibles, and the digital economy. This 2020 update published in November (next update published in June 2020) contains:

  • Expands this treatise beyond 1,000 pages of analysis and planning research.
  • Provides in-depth analysis of the 2019 final and proposed regulations that impact intellectual property and intangibles, including GILTI and FDII.
  • Analyzes the new Cloud Computing Regulations.
  • Expanded analysis of the 2018 Supreme Court Wayfarer decision and its impact on interstate digital business models and trademark holding companies.
  • Analysis of several 2019 decisions cases including AmazonAlteraSlaughterhouse.

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Economic Nexus Versus Cookie Nexus: What You Need To Know

Monika Miles - Economic Nexus Versus Cookie Nexus

Although the precedent for economic nexus was set in June 2018, states were attempting to come up with ways to collect and remit sales tax from online transactions long before the Wayfair case made it to the courts.

Massachusetts and Ohio, for example, decided to define the computer code from internet cookies as a tangible item that could establish a physical presence nexus. However, once Wayfair passed, was this “cookie nexus” still in effect? The answer is, “Yes.” However, as always, regulations are still more complicated and confusing.

Massachusetts’ Cookie And Economic Nexus Rules

As Avalara explains:

  • Massachusetts’ economic nexus provisions require remote sellers to collect and remit state sales tax if the sales are greater than $100,000 in the current or previous calendar year. However, if you make sales of less than $100,000 into the state, you fall under a small seller exception and don’t need to worry about sales tax.
  • The cookie nexus required companies with more than $500,000 in internet sales and more than 100 transactions to collect and remit sales tax, if the company placed “cookie” onto the computers of MA customers. If your business falls under these thresholds, the provisions don’t apply to you.

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Taxpayers Traumatized By Form 3520 And 3520-A (Please Add Your Personal Stories After Reading This Post)

Kat Jennings

It all started with the letter written by one of our members, Gary Carter who wrote an article titled Foreign Trusts: IRS Penalty Notices For Late Forms 3520-A Traumatize Many Innocent Taxpayers. The purpose of my post today is to share some of the stories that have followed and to call out all tax professionals and taxpayers to help by sharing their experiences with us by commenting on this blog post. The more we can explain what is occurring with Form 3520 and 3520-A the more we are able to bring this issue to the attention of the IRS and NTA. We will start by sharing the stories and comments that have already surfaced but we need more to be impactful. Please share this with anyone you know and ask them to contribute to the comments on this post. Everyone counts so your input is valuable!

Here are some of the stories that have emerged:
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Director Tax Events – (Remote Job, Work From Home)

TaxConnections Remote Jobs

TaxConnections mission is amplifying the brands of tax professionals to a global audience interested in their highly specialized expertise and create a network effect for them.

We are searching for a talented, passionate, personable individual with the utmost integrity to work with organizations globally in promoting their events to our worldwide audience. Your job is helping members post their events to increase the number of attendees to their webinars, seminars and conferences.

You will contact organizations to educate them they can post an unlimited number of events on TaxConnections Tax Events Calendar. We will distribute the Tax Events Calendar to our global audience interested in attending these events. We recently updated TaxConnections Tax Events Calendar so our members can post unlimited number of events. We also allow the Associations to join and post unlimited events. You will be helping thousands of organizations increase the number of attendees at their events.

The role requires a positive, energetic, organized, individual with great people skills and the patience to walk individuals through a lesson to teach them how to post on Tax Events. You will be calling tax organizations and offering them the opportunity to post an unlimited number of tax conferences, events or products and services for only $300 per year. We offer a high impact, low cost marketing platform for tax products and tax services providers.

You can work remotely from home and determine your hours. This role is ideally suited for an individual who enjoys speaking on the phone to a wide range of interesting and intelligent people throughout the tax profession.

If interested, please send your resume to Kat Jennings at kat@taxconnections.com