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The Positive Power Of Hope: Leaders Inspire Teams And Improve Relationships

POWER OF POSITIVE THINKING - BEST

When a person has ‘hope’ they create an opportunity to improve their lives and make it better in some way. Hope gets people through uncertain situations personally and professionally. More importantly, envisioning a better future motivates people to take steps to make it happen. A wealth of psychological research over the past few decades have proven that it’s the psychological vehicles like optimism, passion, inspiration and hope that really get people motivated and moving. In 1991, the psychologist Charles R. Snyder and his colleagues came up with the Hope Theory. According to their theory, hope consists of agency and pathways. The person who has hope has the will and determination that goals will be achieved, and a set of available strategies at their disposal to reach their goals. Hope involves the will to get there which leads to learning new skills and setting new goals.

As professionals learn how to adapt in a new world, it is more important than ever to remind yourself to put hope into action and inspire those around you. One of the ways you can do this is by sending people messages that motivate them each day. TaxConnections has a gift eBook you can download with more than 250 Inspirational Messages to inspire, motivate and bring back smiles. Send one message or send them all to those around you.

Request Complimentary eBook of 250 Motivational Inspirations.

CARES ACT: Coronavirus Aid, Relief And Economic Security Act

PRESIDENT TRUMP SIGNS CARES ACT

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19 TaxConnections provides you the 880 page Cares Act as published by the Tax Foundation.

Any reference to this Act shall be treated as referring only to the provisions of that division:
A—KEEPING WORKERS PAID AND EMPLOYED,HEALTH CARE SYSTEM ENHANCEMENTS, AND ECONOMIC STABILIZATION, TITLE I—KEEPING AMERICAN WORKERS PAID AND EMPLOYED ACT
Sec. 4001. Short title.
Sec. 4002. Definitions.
Sec. 4003. Emergency relief and taxpayer protections.
Sec. 4004. Limitation on certain employee compensation.
Sec. 4005. Continuation of certain air service.
Sec. 4006. Coordination with Secretary of Transportation.
Sec. 4007. Suspension of certain aviation excise taxes.
Sec. 4008. Debt guarantee authority.
Sec. 4009. Temporary Government in the Sunshine Act relief.
Sec. 4010. Temporary hiring flexibility.
Sec. 4011. Temporary lending limit waiver.
Sec. 4012. Temporary relief for community banks.
Sec. 4013. Temporary relief from troubled debt restructurings.
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TaxConnections Virtual Offices: Tax Advisor’s Valuable Asset

TaxConnections Virtual Office

Tax Professionals who have adopted TaxConnections Virtual Offices have called to thank us for our technology and especially so during the new age of social distancing. While other companies were touting renting virtual office space as the new norm, TaxConnections has spent years building virtual offices in the cloud for tax professional members. The time has come and we are years ahead of anyone with our technology. The best part is that every one of our members can use their own technology and we never have access to their passwords or confidential information.

TaxConnections Virtual Offices Provide The Following Benefits For Tax Professionals:

1) You do not need to pay for an expensive connection service to your desktop computer to locate important links on your office computer. TaxConnections Virtual Office enables you to
organize all your computer desktop links so you can access them from your cell phone.
2) You do not ever give us your passwords as we never need or have access to them to ensure privacy.
3) You establish valuable online real estate with a TaxConnections Virtual Office in the cloud.
4) You ensure people can find you online and send a message for free as a TaxConnections Member.
5) We offer a Special Membership to anyone who is laid off or retired during this time.
6) We offer special advertising opportunities to our TaxConnections Members.
7) We connect tax professionals with companies looking for tax expertise.
8) We are an inexpensive advertising platform for companies who have cancelled tax conferences and want to access a niche business tax community.

Get started and establish a virtual office presence with a TaxConnections Membership.

Senior Tax Specialist – Asset 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 asset management and investment group in San Francisco,CA. 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 Policies In The European Union: A Report On A Changing Tax System Every Tax Professional Should Read

European Union Union - Changing Tax System

The Publications Office of the European Commission has released the results of a survey on Tax Policies Of The European Union 2020. In the report the European Commission states that the next five years will be important for tax policy in Europe and especially so for corporations operating across international borders. The foreward states “Changes in climate, technology and demography are transforming our societies and way of life, leaving EU citizens anxious about their own and their children’s future.

In the face of these challenges, tax policy plays a vital role in supporting a just transition to a sustainable and digital economy compatible with the principles of our social market economy. This transition will not happen overnight. Now, therefore, is the moment to set a course for a tax system that can solve our contemporary and future challenges. This will require action at all levels: international, EU and national.

According to the report “It presents an indicator-based analysis of the design and performance of Member States’ tax systems. It has been prepared to provide policymakers across Europe with analyses and insights which can support the transition to a tax system that reflects the realities of the 21st century. By pursuing a new trajectory for tax policies, we can be confident that our social market economy will emerge from the challenges of today and tomorrow stronger, fairer, greener and more digital than ever before.”

Click Here To Download Report On Tax Policies In The European Union

AB 5 Alternative Or How Business Owners Can Better Spend $800 Per Year

AB 5 Rules

In September 2019, California enacted a new worker classification approach called the ABC test (AB 5 – see Oct 2019 post). Basically, AB 5 starts with the presumption that all workers are employees rather than independent contractors (unless they work for the State of California which is exempt from many state labor laws). If A, B and C of the law are met, the worker is a contractor.  If A, B and C are not met, the parties need to see if any of about 50 exemptions apply and if yes, then apply the pre-AB 5 classification system which primarily looks at factors to determine if the employer has the right to control the manner and means of how the worker does his/her work.

While one goal was to be sure workers are not disadvantaged by some employers who may pay low amounts, I believe the law has far more disadvantages than advantages, there were definitely better and more modern ways to improve the law, and there are a lot of new complexities and confusion.  The new legislative year also started with over 25 proposals to add more exemptions and clarifications or even to repeal AB 5.

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Tax Specialist – Partnerships and Corporate (San Francisco, CA)

Tax Specialist - Partnerships ( 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 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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Tax Manager – Investment Management (San Francisco, CA)

Tax Manager, San Francisco, CA

TaxConnections has been retained by a high net worth family and investment group to locate a Tax Manager in San Francisco, CA. It is an opportunity of a lifetime for a tax professional with the requisite skills! Our client has an unusually high retention rate and rarely does an opportunity come up with this investment group.

The Tax Manger will be responsible for assisting senior tax management with tax research and planning and all aspects of the tax compliance and forecasting for a very significant investment partnership and the related investment management entity. Individual must have a solid understanding of current tax laws including knowledge of investment partnership structures. Researching and communicating the tax consequences of current and proposed investments will be a part of the responsibilities of the successful candidate.
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Senior Tax Specialist – Investment Group (San Francisco, CA)

Senior Tax Specialist - Investment Group in 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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Virtual Currencies: Additional Information Reporting And Clarified Guidance Could Improve Tax Compliance

Government Accountability Office On Virtual Currency

According to the Government Accountability Office, these are the facts:

As virtual currencies like bitcoin grow in popularity, how can IRS be sure that people are paying relevant taxes?

IRS addressed some taxpayer questions in its 2014 and 2019 virtual currency guidance. For example, the guidance says that using virtual currency can produce taxable capital gains.

But IRS could do more to help taxpayers comply. Financial institutions already report information about investment sales to IRS and taxpayers—to make both aware of any taxable income. While some virtual currency transactions are reported, not all are. Our would improve reporting and more.

Examples of Virtual Currency Transactions that Can Produce Taxable Capital Gains

What GAO Found
Taxpayers are required to report and pay taxes on income from virtual currency use, but the Internal Revenue Service (IRS) has limited data on tax compliance for virtual currencies. Tax forms, including the information returns filed by third parties such as financial institutions, generally do not require filers to indicate whether the income or transactions they report involved virtual currency.

IRS also has taken some steps to address virtual currency compliance risks, including launching a virtual currency compliance campaign in 2018 and working with other agencies on criminal investigations. In July 2019, IRS began sending out more than 10,000 letters to taxpayers with virtual currency activity informing them about their potential tax obligations.
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Valentines Day Tax Form To Download In Complimentary eBook

Valentines Tax Form

Each year TaxConnections posts a Valentine Tax Return Form for our members. Please open up the link to view the TaxConnections Valentine Tax Return. You can also find this Valentines Tax Form and many others in our downloadable gift ebook “TaxConnections Best Jokes And Fun Tax Forms“.

“How did the telephone propose to his girlfriend?” “He gave her a ring!”
“What did the paper clip say to the magnet?” “I find you very attractive.”
“What did the stamp say to the envelope on Valentine’s Day?” “I’m stuck on you!”
“Why did the sheriff lock up their valentine?” “She stole their heart.”
“What do you call two birds in love?” “Tweethearts!”
“How can you tell when a squirrel is in love?” “It goes nuts!”
“I once fell in love with someone who only knew 4 vowels. They didn’t know I existed.”
“What did the calculator say to the pencil?” “You can count on me.”
“What did one oar tell the other oar?” “This is so row-mantic!”

Tax Laws That Have Been Recently Extended Or Changed

Joint Committee On Taxation Extenders

Recent tax law changes have extended or changed many expiring tax law provisions, including:

~Treatment of mortgage insurance premiums as qualified residence interest
~Reduction in medical expense deduction floor
~Deduction of qualified tuition and related expenses
~Energy efficient homes credit
~Employer credit for paid family and medical leave
~Work opportunity credit
~Special rule for determining earned income
~Repeal of maximum age for traditional IRA contributions
~Increase in age for required beginning date for mandatory distributions
~Expansion of section 529 plans

Download a complete list of affected tax law provisions through the Joint Committee on Taxation List of Expiring Tax Provisions 2020.