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Archive for Kat Jennings

Looking For A Tax Job? 10 Things You Need To Do Now

Looking For A Tax Job?

Are you currently searching for a tax job? As firms begin layoffs, tax professionals will be caught in the crossfire! However, you have the opportunity to rise above the masses and be noticed. Having coached tax professionals during layoffs, I have great advice and solutions for you. There are jobs for tax professionals now and although some will be laid off, other tax professionals will thrive in this market. The experience we have gained over the years will be very helpful to those searching for a new tax job today. It is very important to be proactive and take action.

Here are the top ten things I advise tax professionals do to find a tax job.

1. Keep a positive attitude throughout the journey to find a tax job. You will discover more people are attracted to those who present themselves positively, with a great attitude and gratitude.

2. Proactively establish an online presence and make certain that people can reach you for free. TaxConnections has a Special Membership for any tax professional who is laid off or under financial stress. You receive a full professional brand page, free messages and an online Virtual Office.
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Business Valuation, Growing Value And Liquidity Realization (Part XIII Of Book Series)

Business Valuation, Growing Value And Liquidity Realization (Part XIII Of Book Series)

Value Adding Navigator™ – This is an example How a Trusted Business Advisor can help you add value to your business.

Trusted Business Advisors work with business owners and their advisors to:
• Determine the value of their business or intellectual property.
• Build and grow the value by addressing financial strengths and weaknesses to reflect potential to maximize value.
• Maximize capital markets choices by grading appropriate methods for advancing the business.
• Create liquidity options and strategic advice with a comprehensive approach.
• Benchmark results in enterprise value, including intangible value.
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CFOs: Do You Have A Succession Plan For Your Corporate Tax Department?

CFOs: Do You Have A Succession Plan In Your Corporate Tax Department?

A succession plan is a process for identifying and developing new leaders for your organization. What do you do if your lead tax executive is ready to retire? Succession planning is a process that ensures your company is prepared for the future. Every CFO should have a succession plan in place for their corporate tax organization. The turnover rate of corporate tax executives is at an all-time high due to tax reform, baby boomers retiring, and now a pandemic. CFOs operating proactively will have a succession plan in place for their tax organizations. More than ever, companies require a strong second in command tax executive to back up their lead tax executive. Especially if you think your tax executive will retire in the next few years. The new legislation coming out of Washington D.C. is guaranteed to tax corporations and individual taxpayers to the hills and over the moon and then some more. Get your in-house tax team in place and ready to protect your company from mistakes that will be made by those who have decided to outsource their entire tax function to people who do not understand their business.
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Assistant Editor – Tax Publication (Remote, United States)

Assistant Editor - Tax Publication (Remote)

TaxConnections is conducting a search for an Assistant Editor for a national tax services organization. Responsibilities include:coordinating with Senior Editor to manage online content for distribution nationally; Suggest stories and generate ideas in alignment with tax audience preferences; Oversee layout (artwork, design, photography) and check content for accuracy and errors: Proofread, edit and improve stories or pieces; Assist in managing other tax writers; Cooperate and liaise with designers, photographers, advertising reps, writers, artists etc; Comply with media law and ethical guidelines; Meet deadlines and budget requirements.

Organization requires a dedicated individual who enjoys working from home and reaching out to others by phone and video conferencing. Role will also coordinate with other tax writers. Prefer individual who is looking at role long term and will ultimately be trained to move into Editor role after one year with the organization.

Individual must have strong writing/editing/proofreading skills and an excellent portfolio, and a familiarity or understanding of the tax community. Must have strong written, research and communication skills and be comfortable speaking to others on the phone or by video.

Interested candidates please send resume and writing sample.

Senior Tax Specialist – Wealth Management (San Francisco, CA)

Senior Tax Specialist - San Francisco, CA

TaxConnections has been retained to conduct a search for a Senior Tax Specialist for an investment group in San Francisco,CA. If you know of anyone interested in learning more about this exciting opportunity, please forward refer and forward this on to them today.

The Senior Tax Specialist is responsible for performing tax compliance and planning functions as well as providing tax support for various 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. Prepare 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 by and information requests from various government authorities. Responsibilities include the following:

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Tax Specialist – Planning And Compliance (San Francisco, CA )

Tax Specialist - San Francisco, CA

TaxConnections has been retained by a family and investment team to recruit a tax professional with 2-5 years of experience in partnerships and closely held corporate taxation.  Rarely does an opportunity become available in this family office because their retention rate is very high! Bottom line, this is a great place to work. Management is fantastic!

The Tax Specialist is responsible for performing tax compliance and planning functions as well as providing tax support for various company 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. Prepare 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 by and information requests from various government authorities. Responsibilities include the following:

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eBook To Manage And Motivate Your Employees Virtually

Heirarchy Of Needs

Psychologists believe that motivation is rooted in a basic impulse to optimize well-being, minimize physical pain, and maximize pleasure. As the leader of your team, you must pay more attention to the management of your business teams. People need leaders to lead and calm them during times of uncertainty. TaxConnections offers to anyone leading a team an eBook of motivational and inspirational messages. According to Maslow’s Heirarchy Of Needs there are 5 basic needs of humans: Self- Actualization, Esteem Needs, Belongingness And Love Needs, Safety Needs and Physiological Needs.

1. Self Actualization – A need for achieving ones full potential
2. Esteem – A need of feeling of accomplishment
3. Love/Belonging – A need for friends and relationships
4. Safety Needs – A feeling of security
5. Physiological Needs – A need for water, food and rest

There is an opportunity for you to help everyone on your team by motivating them to achieve during this time; giving them tasks they can accomplish from home; being a leader and a friend; making them feel safe about their job and addressing their physiological needs. Use this wonderful eBook of quotes to inspire those around you every day!

Request Complimentary eBook of “250 Motivational Quotes And Inspirations” as a great opportunity to message your teams each day.

The Big Tax Tsunami: A Business Marketing Strategy To Help Tax Professionals Thrive

Marketing For Tax Professionals

TaxConnections is focused on solutions for tax professionals and the primary one is reducing costs for the tax community. Once you get through this global pandemic you and your tax service will have changed significantly. Allow me to share a story with you credited to a small business owner by the name of Brian Walders of Mailprintpackagingsolutions. Brian shared an important history lesson with me about how people reacted after the tsunami in Japan and how it is analogous to how people will survive as a result of the current pandemic. It is very relateable to the business strategy a tax professional should pursue to survive and thrive.

In the aftermath of the March 11, 2011 Japan Tsunami off the Pacific Coast of Tohoku, three lessons of survival emerged as a result of a study done that separated people into groups. In Group One were all people who ran quickly to the top of the hills after the earthquake triggered the tsunami; Group Two consisted of all the people who reacted to the receding shoreline caused by the tsunami and were distracted by all the activity appearing on the beach; Group Three stayed in their places and did nothing. People in Group One ran quickly to the top and survived while those in Group Two and Group Three did not survive. Instinctively, those who survived took immediate action and positioned themselves at the top where everyone could see them.
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Anticipate, Prepare, Take Action: How To Protect Your Tax Career During This Time

Find Tax Jobs With TaxConnections

We are proactively coming up with solutions to help the global tax professional community during a time of great uncertainty. Over thirty years, experience has taught us there are unforeseen events that occur effecting the hiring of tax professionals. When it comes to working in the Big Four, you may find sites like www.goingconcern.com of interest as they are a good reminder of what happens. There are lessons to learn from previous disruptions in the tax profession. Once you learn them you will be able to anticipate what is ahead. However, you need to have insight about what to anticipate before a layoff affects you or anyone you know. Understand the value of staying ahead of the curve of any layoff and position yourself to land top the tax jobs available now.

There are numerous tax organizations searching right now for your tax expertise. However, there are also tax professionals who will be laid off during a time of uncertainty. For those of you considering a move after tax season, take my advice: The smartest tax professionals are interviewing “now via video” and not after tax season. Why? After busy season, you have a lot more people competing for the same pool of tax jobs available. Tax professionals who are tech savvy online will win the attention of future employers. Stay ahead of the market by interviewing now if possible and not after tax season. Anticipate layoffs after tax season and you will be ahead of competitors in being considered for choice tax roles. Remember this is the best way to stay ahead of the curve.

An interesting article in the Financial Times brings to our attention how the Big Four accounting firms handles economic disruption. KPMG came up with the codename “Project Zebra” which stands for “zero-based budgeting” which is a means of stripping as much cost as possible out of a business operation. In particular, KPMGs own website advertises zero-based budgeting requires “getting leadership to rethink their business through the eyes of an external investor and “remove emotion” from their decision-making on cost savings. Shockingly, they state “focus ruthlessly on value creation”. About 150 cost-cutting measures were (are) being considered including recalling hundreds of employees’ corporate mobile phones and making about a third of its personal assistants redundant. What will they do now in an uncertain market? They will likely focus their attention on driving long-term value.
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TaxConnections Reaches Out To Leading Tax Expert Blake Christian On Opportunity Zones During This Time

Opportunity Zones During Pandemic

We asked TaxConnections Member and leading tax expert Blake Christian, Tax Partner, HCVT, Long Beach, CA/Park City, Utah about the impact on Opportunity Zones during this time. The goal of my questions to Blake was gathering how the pandemic affects Opportunity Zones and advice on strategies moving forward. TaxConnections genuinely appreciates Blake’s input as he offers very valuable insight as a known expert retained by many firm partners nationally to set up Opportunity Zone structures properly for their clients.

Q. Can you tell me how a company or investor will be impacted in terms of Opportunity Zones?

A. Companies and individual investors who are considering, or have already invested into, Opportunity Zone projects will not be un-nerved as much as short-term investors since they are essentially locked into an investment period of ten years or more.
Investors who bailed out of the stock market early and generated large tax gains should look to Opportunity Zone investment opportunities as an alternative investment.

Q. What can organizations do without people having touch points or coming in contact with each other on Opportunity Zones?

A. Aside from site visits related to real estate projects, virtually all of our 40+ Opportunity Zone projects have not required face-to-face interaction and the various clients and advisors are invariably in different cities – so conference calls and video conferencing has worked very well.

The cancellation of various OZ conferences where we can network and share best practices is a clear loss for the short-term – but I foresee this only being an issue for the next 6 to 8 weeks if Americans use common sense.

Q. Any ideas what we could present to the President’s Council on Opportunity Zones regarding current crisis?
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The High Value Of Tax Expertise: What Every CFO Needs To Know

Kat Jennings- High Value of Corporate Tax Expertise

Over the years, we have been retained by hundreds of CFOs to locate lead tax executives for their tax organizations. We have learned valuable lessons along the way we would like to share with you. As a CFO, you are an Officer of the company with primary responsibility for managing the company’s capital structure, finances, financial reporting and planning, record keeping and mitigating financial risks. The best CFOs in the world understand the importance of the tax organization in mitigating risks. We have observed that CFOs who work closely with their tax executives are working as a team to mitigate risk to the company; and CFOs who have their tax executive reporting to anyone other than a CFO is often missing opportunities to mitigate risk.

With the tax laws ever changing all over the world, it is imperative to have an in-house tax executive who partners with the CFO to mitigate risks. These integral relationships between a CFO and a lead tax executives increase opportunities for companies to outperform competitors. A close relationship between the CFO and in-house tax executives is an important driver for successful organizations all over the world.
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Learn Why Companies Stopped Using Excel To Prepare ASC 740

Alert on ASC 740

When it comes to doing the complicated corporate tax provision, we have discovered in our surveys many corporate tax professionals are still using an in-house, homemade excel format. The problem is an in-house Excel spreadsheet may be easy to use but the program will miss important information and calculations. What we learn from experts is the disproportionate amount of time people are spending on making certain the Excel spreadsheets are calculating correctly versus the real technical issues in an ASC 740 context.

For most companies, the facts change from year to year. For example, changes occur to accommodate new facts such as new entities, states or foreign jurisdictions, uncertain tax benefits or even new perms and temps. These changes require significant knowledge of the design and links within the excel spreadsheet model. Spreadsheet users are often required to make modifications to multiple tabs in the spreadsheet and ensure that they don’t break any formulas. This whole process introduces risk into the spreadsheet. For example, something that should be very simple like adding a new entity will require numerous changes to a spreadsheet model.
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