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You Are Invited To Complimentary Webinar On April 19, 2019: ASC 740 On Stock Comp, States And Uncertain Tax Benefits

Webinar ASC 740 Stock Options
COURSE: ASC 740 Intermediate Topics: Stock Comp, States and Uncertain Tax Benefits
DATE: Friday, April 19, 2019
TIME: 11:00AM EST/10:00AM CT/9:00AM MT/8:00AM PST
This course will discuss the intermediate ASC 740 topics such as stock compensation, states and uncertain tax benefits. It is a great course for practitioners new to ASC 740 or brushing up on their skills.
TaxConnections has invited internationally recognized tax provision expert Nick Frank to share what he has learned talking to Fortune 500 to Fortune 5000 clients about the corporate tax provision. He will also share what the tax auditors are saying about the corporate tax departments and their readiness on the tax provision. If you are not ready, you will want to attend this session to learn how to take a more simplified course of action with your corporate tax provision.

 

 

Landscape Of The U.S. Retirement System Has Shifted

According to the United States Government Accountability Office,  “Fundamental changes have occurred over the past 40 years to the nation’s current retirement system, made up of three main pillars: Social Security, employer-sponsored pensions or retirement savings plans, and individual savings. These changes have made it increasingly difficult for individuals to plan for and effectively manage retirement. In particular, there has been a marked shift away from employers offering traditional defined benefit (DB) pension plans to defined contribution (DC) plans, such as 401(k)s, as the primary type of retirement plan. This shift to DC plans has increased the risks and responsibilities for individuals in planning and managing their retirement. In addition, economic and societal trends—such as increases in debt and health care costs—can impede individuals’ ability to save for retirement.

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Learn Why Tax Professionals Love This Tax Calendar

Jaws dropped recently when we reviewed the Akore Tax Calendar! We invited tax professionals to join us in order to see what you receive for a $65.00 annual subscription Tax Calendar.  We were all  impressed and recommend you register for a complimentary tour.

AKORE® Tax Calendar™ Software has been designed and engineered by tax professionals working with software technology experts with one common goal… to fully automate the antiquated tax calendar spreadsheet process that was being used by a vast majority of corporations and accounting firms; and design a comprehensive advanced tax calendar software solution that is also cost effective.

Tax professionals have experienced the day to day management of hundreds of return due date deadlines with multiple filing entities and the complex spreadsheets that needed to be updated each and every month and distributed to their analyst to work. This Tax Calendar software replaces the cumbersome spreadsheet processes with leading edge advanced tax calendar technology to prevent you from ever inadvertently missing any tax return due date deadline.

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TaxConnections Gift For Every Tax Professional: 200+ Best Tax Jokes, Tax Quotes And Fun Tax Forms

TaxConnections Tax Jokes April 9

Each year, TaxConnections releases an eBook for tax professionals to enjoy 2019 Edition of 200+ Best Tax Jokes, Tax Quotes, Fun Tax Forms.

We like to give you all something to remind you to take a moment to enjoy life and laughter! There are many known health benefits to laughter including: lowers blood pressure, reduces  stress hormones, improves cardiac health, boosts T-Cells, triggers the release of endorphins, and produces a general sense of well-being. Laughing is also very good for your abs:)

Looking to add some laughter and exercise? Request your copy:

2019 Edition of 200+ Best Tax Jokes, Tax Quotes, Fun Tax Forms.

 

 

History Of Internal Revenue Service Commissioners

Charles Rettig IRS Commissioner

Charles P. Rettig is the 49th Commissioner of the IRS. As Commissioner, Mr. Rettig presides over the nation’s tax system, which collects approximately $3.4 trillion in tax revenue each year. This revenue funds most government operations and public services. Mr. Rettig manages an agency of about 80,000 employees and a budget of approximately $11 billion.

In leading the IRS, Mr. Rettig is focused on improving service to the nation’s taxpayers, balancing appropriate enforcement of the nation’s tax laws while respecting taxpayer rights.

Previously, Mr. Rettig was with the law firm of Hochman, Salkin, Rettig, Toscher & Perez, P.C., for more than 36 years. In his practice, Mr. Rettig represented thousands of individuals, businesses and corporate taxpayers before the IRS, the Department of Justice Tax Division, federal and state courts and state taxing authorities. These cases involved civil examinations and appeals, criminal investigations and tax collection matters.

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President Lincoln Started The IRS In 1862 To Raise Money

IRS Logo April 5th

1862 – President Lincoln signed into law a revenue-raising measure to help pay for Civil War expenses. The measure created a Commissioner of Internal Revenue and the nation’s first income tax. It levied a 3 percent tax on incomes between $600 and $10,000 and a 5 percent tax on incomes of more than $10,000.

1867 – Heeding public opposition to the income tax, Congress cut the tax rate. From 1868 until 1913, 90 percent of all revenue came from taxes on liquor, beer, wine and tobacco.

1872 – Income tax repealed.

1894 – The Wilson Tariff Act revived the income tax and an income tax division within the Bureau of Internal Revenue was created.

1895 – Supreme Court ruled the new income tax unconstitutional on the grounds that it was a direct tax and not apportioned among the states on the basis of population. The income tax division was disbanded.

1909 – President Taft recommended Congress propose a constitutional amendment that would give the government the power to tax incomes without apportioning the burden among the states in line with population. Congress also levied a 1 percent tax on net corporate incomes of more than $5,000.

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Wayfair Inc. And California – Yes, Indeed!

Wayfair And California

It’s been over 9 months since the U.S. Supreme Court handed down its landmark decision in South Dakota v. Wayfair Inc., which made it easier for states to enact nexus triggering legislation, leading ultimately to the collection of sales tax revenue from companies doing business in the state.

The Supreme Court’s ruling in June 2018 did not automatically make economic nexus the law of the land for all 50 states. The high court’s decision was that South Dakota’s economic nexus law was constitutional. Since this ruling, states have been jumping on the economic nexus bandwagon by enacting similar legislation. As we describe in a recent blog, economic nexus is based upon the amount of sales or number of transactions in the state. If a certain threshold is met, nexus is deemed to be created. For instance in South Dakota, economic nexus is created in if an out of state company makes sales of products or services into South Dakota in excess of $100,000 or has 200 or more transactions.

CA Jumps On Board

There has been a flurry of activity among states enacting economic nexus laws as a result of this Supreme Court case. California is the latest state to officially jump on board the economic nexus bandwagon and effective April 1, 2019 out of state sellers meeting certain thresholds must now collect and remit sales tax.

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Historical Documents Relating To Al Capone And The IRS

Al Capone And The IRS

In 1931, the Internal Revenue Service’s Intelligence Unit completed an investigation of Alphonse Capone which led to his conviction for tax evasion for which he served 11 years in prison. A recent Freedom of Information Act Request for a copy of Special Agent Frank Wilson’s report to Elmer Irey about the Capone investigation led to a review of the records in light of the confidentiality provisions of Internal Revenue Code Section 6103. The review concluded that this information could be made available to the public – principally because Capone never filed a tax return.

The following are copies of reports and letters from the actual file which summarize the events and activities of the three year investigation of Al Capone.

  • Letter dated July 8, 1931, from W.C. Hodgins, Jacque L. Westrich, and H.N. Clagett, all Internal Revenue Agents, to the Internal Revenue Agent in Charge, Chicago, Illinois, in re Alphonse Capone, 7244 Prairie Avenue, Chicago, Illinois.
  • Summary Report dated December 21, 1933, prepared by Special Agent Frank J. Wilson at the request of the Chief, Intelligence Unit, Bureau of Internal Revenue, Washington, D.C., in re Alphonse Capone, Lexington Hotel, 2300 Michigan Boulevard, Chicago, Illinois.
  • Letter dated March 27, 1931, from Special Agent Frank J. Wilson to the Chief, Intelligence Unit, Bureau of Internal Revenue, Washington, D.C, providing an update on the status of the “Capone investigation.”

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Information Under The Freedom Of Information Act (FOIA)

The Freedom of Information Act, 5 U.S.C. 552, provides any person the right to request access of federal agency records or information.  The FOIA applies to records either created or obtained by an agency and under agency control at the time of the FOIA request. Agencies within the executive branch of the federal government, including the Executive Office of the President and independent regulatory agencies are subject to the FOIA. State governments, municipal corporations, the courts, Congress and private citizens are not subject to the FOIA.

All IRS records are subject to FOIA requests. However, FOIA does not require the IRS to release all documents that are subject to FOIA requests. The IRS may withhold information pursuant to nine exemptions and three exclusions contained in the FOIA statute.

While the Freedom of Information Act is an option in some cases, records that can be processed routinely in accordance with procedures identified in 26 CFR 601.702(d) are specifically excluded from the processing requirements of the FOIA.  Many FOIA requests for IRS information can be obtained more efficiently using routine established agency procedures.

The FOIA established an effective statutory right that records of the Executive Branch of the United States Government are accessible to the people. This was not always the policy regarding disclosure of Federal information. Before the FOIA was enacted in 1966, the Administrative Procedure Act governed the disclosure of agency records to the public and was viewed as a withholding statute rather than a disclosure statute.

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Akore Tax Calendar Gets Tax Professionals Organized

Akore Tax Calendar

There is a really smart and affordable Tax Calendar for tax professionals in large, medium and small tax organizations; including corporate, public accounting and independent firms. Having a high performance Tax Calendar that organizes every client tax return and covers every tax is a welcome tool for every tax professional today. Tax professionals love it!

Akore Tax Calendar is now offered to TaxConnections members and visitors at a very low cost. It is easy to use and best of all it is simply an amazing tool. Request your tour and get organized!

As you are getting this years tax returns filed it is a really smart idea to get all this years clients returns organized using the Akore Tax Calendar. It makes your job so much easier next year.

Arrange A Tour Now To Get All Your Professional Life Organized

Special Cost Is $65.00 Annually At This Link Only

 

 

TaxConnections Complimentary Webinar Series: ASC 740 The Basics: Perms, Temps, NOLs and Credits

Free Tax Provision Webinar

Event Description

COURSE: ASC 740 The Basics: Perms, Temps, NOLs and Credits
DATE: Friday, April 5, 2019
TIME: 11:00AM EST/10:00AM CT/9:00AM MT/8:00AM PST

This course will discuss the intermediate ASC 740 topics such as stock compensation, states and uncertain tax benefits. It is a great course for practitioners new to ASC 740 or brushing up on their skills.
Nick Frank is an internationally recognized expert on the corporate tax provision. Prior to founding Tax Prodigy, Nick was employed by a large multinational and a Big Four Firm. Given his responsibility for the tax provision, Nick found much of the tax software out there difficult to use and a challenge to understand.

Nick had one goal in mind and this was to simplify the tax provision process and make it as easy as an Excel Sheet to understand. Nick Frank made the tax provision process easy for anyone department to do; in fact, so easy that Fortune 1000 companies and public accounting firms doing the tax provision for all their clients are saying is the easiest year they have ever had with the tax provision. Join this webinar to learn how these companies simplified the tax provision process and stay steps ahead of any audit.

Register Here For This Event

 

U.S. Government Accountability Office: Foreign Asset Reporting

The United States Government Accountability Office (GAO) recently presented a very extensive report to Congressional Committees. TaxConnections believes it is vitally important to read the GAO’s Report since it states they interviewed officials from IRS, other federal agencies and organizations, selected tax practitioners, and more than 20 U.S. persons living overseas.

TaxConnections believes that the GAO will benefit hearing from thousands of citizens abroad how who now come to our site to learn the stories of U.S. citizens affected by foreign asset reporting requirements.

Here is the report word for word:

FOREIGN ASSET REPORTING

Actions Needed to Enhance Compliance Efforts, Eliminate Overlapping Requirements, and Mitigate Burdens on U.S. Persons Abroad

Why GAO Did This Study

Concerns over efforts by U.S. taxpayers to use offshore accounts to hide income or evade taxes contributed to the passage of FATCA in 2010, which sought to create greater transparency and accountability over offshore assets held by U.S. taxpayers. House Report 114-624 included a provision for GAO to evaluate FATCA implementation and determine the effects of FATCA on U.S. citizens living abroad. GAO—among other things— (1) assessed IRS’s efforts to use FATCA-related information to improve taxpayer compliance; (2) examined the extent to which Treasury administers overlapping reporting requirements on financial assets held overseas; and (3) examined the effects of FATCA implementation unique to U.S. persons living abroad. GAO reviewed applicable documentation; analyzed tax data; and interviewed officials from IRS, other federal agencies and organizations, selected tax practitioners, and more than 20 U.S. persons living overseas.

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