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Pennsylvania Sales Tax Exemptions For Manufacturing

Aaron Giles _ Pennsylvania Sales Tax Exemptions

The Pennsylvania sales tax exemption for manufacturing offers both manufacturers and processors an exemption on purchases of tangible personal property, including machinery and equipment, predominantly used directly in manufacturing or processing operations per PA Code 32.32. This Pennsylvania sales tax exemption for manufacturing also applies to repair parts for machinery and equipment, as well as supplies that are directly used or consumed in the manufacturing or processing operation.

PA Code 32.1 defines manufacturing as, “an integrated series of operations which places personal property in a form, composition or character different from that in which it was acquired.” Some examples of activities that qualify as manufacturing are compounding, fabricating, and processing. PA Code 32.1 also defines the manufacturing operation as, “the series of production activities, beginning with the first production operation and ending with the packaging of the product for the ultimate consumer.” Since this definition limits the scope of the manufacturing operation to the first stage of production through the packaging of the final product for sale, activities such as collecting, weighing or storing raw materials and loading or delivery of the packaged goods to the customer do not qualify for the Pennsylvania sales tax exemption for manufacturing.

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Santa’s Tax Return – He Seeks Your Tax Advice!

Santa GIFT From TaxConnections

We know there are many smart and fun tax professionals out there so we want to have a little fun with you. Let’s see what other ideas or suggestions you may have for Santa’s Tax Return this year. You can View Santa’s Tax Return.

Please provide your comments below and we may very well add  your ideas to his future years tax returns.

Click on this link to go to Santa’s Tax Return and look it over first. Then come back to this blog and make your comments and suggestions. The more comments the merrier!

Send this on to every tax professional you know to see what ideas they may come up with, too. The tax professional with the funniest suggestion will receive a call from an elf with a little gift.

 

 

ASC 740 Webinar – International Impact Of Tax Cuts And Jobs Act – Friday, December 14, 2018

ASC 740 -International Impact

Nick Frank, Tax Prodigy CEO teaches Accounting For Income Taxes at the University of Minnesota – Carlson School of Management. We asked Nick to share his tax provision expertise with our readers on a complimentary basis. Join his last complimentary ASC-740 webinar for the year 2018.

Nick Frank is here to educate and prepare you for the tax provision under tax reform.

Register for ASC 740 – International Impact Of The Tax Cuts And Jobs Act on Dec 14, 2018 10:00 AM CST at: 

https://attendee.gotowebinar.com/register/2889836910527624705?source=Tax+Connections

Avoid surprises at year end! This intermediate course explores how Subpart F, GILTI, FDII and Sec. 163(j) interact with one another in the context of ASC 740.

After registering, you will receive a confirmation email containing information about joining the webinar.

If you are unable to make this complimentary webinar, and want information on how to shorten the tax provision process and simplify it for your organization, please register here.

 

 

IRS Issues Guidance For Determining Nondeductible Amount Of Parking Expenses

IRS Rules On Parking Expenses

The Internal Revenue Service issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income (UBTI).

The IRS acknowledges that this guidance falls late in the year and taxpayers that own or lease parking facilities may have already adopted reasonable methods in 2018 to determine the amount of their nondeductible parking expenses. Taxpayers may rely on the guidance or, until further guidance is issued, use any reasonable method for determining nondeductible parking expenses related to employer-provided parking.

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Senior Vice President Tax (Los Angeles, CA)

Senior VP Tax - Los Angeles, CA

We would genuinely appreciate your taking the time to review the Senior Vice President Tax opportunity and refer this to anyone you know who may be interested in learning more. This is a very special opportunity to work in a family office and work on a lot of deals. An ideal Senior Vice President Tax candidate will be currently working in a family office, private equity, M&A, Big Four with real estate investment firm, investment fund, private equity and/or asset management expertise.

Responsibilities include overseeing global tax strategy, tax planning and compliance; review the filing of all domestic and international corporate, personal, partnership and other income and indirect tax returns; and implementing and managing company’s income tax and indirect tax compliance activities (partially insourced and partially outsourced); and supervision of an outstanding, incumbent tax team.  The Senior Vice President Tax will work directly with family office CFO in identifying and developing effective tax strategies and planning techniques to minimize overall tax burden of consolidated group of companies and minimize overall costs associated with the tax structure. The Senior Vice President of Tax will lead acquisition structuring and due diligence including tax integration efforts.

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Vice President Tax – Lead Tax Executive (Midwest Region)

VP Tax - Midwest

TaxConnections is conducting a search for a Vice President of Tax for a client in the financial services and insurance sector. Our client is a financial services company with an extraordinary business reputation.  The VP Tax  will be responsible for overseeing and managing the entire tax function and all relationships with external and internal business partners and identify areas of risk and  opportunity for the company including:

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Senior Director Tax (Camden, New Jersey)

Senior VP Tax - Camden, New Jersey

TaxConnections has been retained to conduct a search for a Senior Director of Tax for a publically listed regulated company in the New Jersey area. With a presence in more than 46 U.S. states and Canada this company employs more than 7,000 professionals. Our client seeks a tax executive with experience in a regulated industry to lead and develop a strong tax team.

Key Responsibilities Include The Following:

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Senior Tax Manager/ International Tax (Rutherford, New Jersey)

Tax Job - International Tax Manager Compliance New Jersey

Position is responsible for providing technical tax leadership, with an emphasis on international tax. Position is responsible for international tax matters for the Americas consolidated group including preparation and/or review of international portions of the consolidated tax provision, preparation and/or review of international reporting requirements for the US consolidated return and transfer pricing. Transfer pricing responsibilities include managing documentation processes, preparation and review of various analyses, providing guidance to Brand Finance and Operations teams and intensive interaction with HQ transfer pricing team. Responsible for transfer pricing in a complex inbound, multinational group. Position is responsible for ensuring timely compliance and reporting by the international affiliates in the group for both income and transaction taxes. Highly visible position especially regarding transfer pricing. Significant interaction with the business as well as accounting teams.

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Senior Tax Manager/Partnerships (Pleasanton, CA)

Senior Tax Manager - Partnerships - California

Senior Tax Manager or Tax Manager/Partnerships (Pleasanton, CA)

The Tax Manager role requires partnership, S corp and individual tax consulting experience and the skills to effectively diagnose clients’ needs in order to develop and implement solutions. Primary responsibilities involve providing tax compliance, tax accounting, tax research and planning on partnerships, s corps and individual tax return for sophisticated clientele. We will build upon your technical strengths in order to expand your expertise in partnership, s corp and individual taxation. Our firm builds well-rounded tax experts to serve a myriad of client needs which leads to continued professional growth. Our culture is to develop trusted tax advisors with sound judgement with the highest ethical standards in the profession. The Tax Manager/Partnerships will be responsible for a range of projects including: Read more

CPA Firms Of The Future – Innovative Competitors Are Coming After Your Business

Kat Jennings - Business Development For CPAs

While many firms search to find talent at the 3-7 year level, a better solution is being provided to accommodate a firms’ growth today. We have been studying this phenomenon carefully for a few years now. It is a real problem when stakeholders in CPA firms do not have the expertise available to get the increased workload done. With tax reform creating more work for everyone, the stakes are about to get higher this season and beyond. In this post, I will first explain why firms are having such great difficulty attracting tax and accounting professionals with 3-10 years of experience and then a  solution to the fast changing phenomenon in hiring and retention.

There are firms emerging as “Fast Thinking” and those who will fall behind with “Jurassic Thinking”. Firms we characterize as “fast thinking” are the innovators who come up with new ways of improving their business operations. These “innovators” create change and are risk tolerant. These are known to be about 2.5 percent of the population. These innovators are viewed as unusual at first until their ideas grow larger into acceptance and are then followed by the “early adopters”. Early adopters are well-known leaders that function as cross-pollinators spreading ideas to others in the profession. Then the “early majority” arrives who follow the early adopters. The “late majority” follows after that and adopts the ideas once it becomes mainstream. We then have the “laggards” who are fixated on keeping things just the way they are in their Jurassic thinking and they ultimately become extinct.

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Wonder What A Tax Deduction Is Worth?

Charles Woodson - What Is A Tax Deduction Worth

Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are above the line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, while business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for each individual, depending on his or her particular situation and tax bracket.

For most non-business deductions, the savings are based upon your tax bracket. For example, if you are in the 12% tax bracket, a $1,000 deduction would save you $120 in taxes. On the other hand, if you are in the 32% tax bracket, the $1,000 deduction will save you $320 in taxes. Even so, if your taxable income is close to transitioning into the next-lower tax bracket, the benefit will be lower. You also need to consider whether the particular deduction is allowed on your state return and what your state tax bracket is to determine the total tax savings. Currently, the maximum federal tax bracket is 37%, meaning the most benefit that can be derived from a $1,000 income tax deduction is $370. Some individuals justify making discretionary purchases just because they are tax-deductible. Even in the highest tax bracket, you are still paying $630 out of pocket ($1,000 − $370), so it does not make sense to incur a tax-deductible expense just for the tax deduction.

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ASC 740 – International Impacts Under TCJA -Register Today For December 14th Webinar

Tax Webinar - ASC 740 International Under TCJA

Nick Frank, Tax Prodigy CEO teaches Accounting For Income Taxes at the University of Minnesota – Carlson School of Management. We asked Nick to share his tax provision expertise with our readers on a complimentary basis. Join his last complimentary ASC-740 webinar for the year 2018.

Nick Frank is here to educate and prepare you for the tax provision under tax reform.

Register for ASC 740 – International impacts of the Tax Cuts and Jobs Act on Dec 14, 2018 10:00 AM CST at: 

https://attendee.gotowebinar.com/register/2889836910527624705?source=Tax+Connections

Avoid surprises at year end! This intermediate course explores how Subpart F, GILTI, FDII and Sec. 163(j) interact with one another in the context of ASC 740.

After registering, you will receive a confirmation email containing information about joining the webinar.

If you are unable to make either of these two complimentary webinars, and want information on how to shorten the tax provision process and simplify it for your organization, please register here.

 

 

 

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