TaxConnections

 

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please enter your input in search

Archive for TaxConnections

2019 Owned And Leased Vehicle Depreciation Charts

2019 Automobile Depreciation Charts

According to IRS Rev. Proc. 2019, this revenue procedure provides: 1) tables of limitations on depreciation deductions for owners of passenger automobiles first placed in service by taxpayer during calendar year 2019; and (2) a table of amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2019. The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by 280F(d)(7). For purposes of this revenue procedure, the terms “passenger automobiles” includes trucks and vans.

The Depreciation Charts also include: 1) Depreciation limitations for passenger automobiles acquired before September 28, 2017, and placed in service during calendar year 2019 for which the additional first year depreciation rules apply 2) Depreciation limitations for passenger automobiles acquired after September 27, 2017 and placed in service during calendar year 2019 for which the first year depreciation rules apply 3) Dollar amount for passenger automobiles with a lease term beginning in calendar year 2019.

CLICK HERE TO REQUEST DEPRECIATION CHARTS

 

7 Ways Tax Professionals Increase Opportunities To Be Hired

Kat Jennings - 7 Ways For Tax Professionals To Increase Opportunities To Get Hired

Having conducted thousands of searches for multinational corporations and high net worth individuals all over the world, I am a well-known expert on how tax professionals are hired for tax jobs. The intention of this post is to increase the opportunity for you to be discovered and hired by those who need your tax expertise. We see so many tax professionals unknowingly make mistakes in finding a new job or acquiring a new client that it is important to teach you how to succeed. Here are the ten top mistakes we encounter tax professionals make when searching for a new tax job or client acquisition.

Online Professional Profile – We encounter countless online professional profiles that are poorly written and this is a major obstacle to your success. We know many people need an online professional profile makeover.  There are professional profiles which have too much information, professional profiles with too little information, profiles with no photos, profiles missing important information on education and technical experiences, professional profiles that age you out(www.taxconnections.com enables you to input your profiles with no dates for employment or education to prevent ageism), etc.

Read more

Senior Tax Manager, International (Silicon Valley)

Senior Tax Manager, International

TaxConnections has been retained to conduct a search for a Senior Tax Manager, International for a publicly listed company in the San Jose, CA area. Our client seeks a Senior Tax Manager who will report to the VP Tax and assist on a wide range of international tax responsibilities. Your willingness to expand your tax knowledge is key in this role. International experience with multinational operations in Asia and Germany very helpful.

Primary Responsibilities

This role requires an individual with the willingness to assist and take responsibility for a variety of interesting international tax projects as required or needed to include:

Read more

Vice President Tax – Insurance Company (Midwest Region)

VP Tax Job

TaxConnections has been retained by a insurance company in the mid west to locate their lead tax executive.

The Vice President Tax is the head of tax for all the companies that operate under this privately held parent. The Vice President Tax will be responsible for overseeing and managing the tax function and all relationships with external and internal business partners and identify areas of risk and opportunity for the company including:

  • Manage the co-sourcing agreement with the Companies’ external tax accounting firm for the preparation of the statutory and GAAP income tax provision and accrual, and the tax return preparation and compliance matters for income, premium, property and sales/us
  • Manages all Companies’ tax audits and examinations and negotiates settlement of disputed issues with the Internal Revenue Service and other regulatory bodies.
  • Represents the Companies at the highest levels of appeal in negotiations regarding tax deficiencies.
  • Controls tax planning responsibilities for all Companies including short and long-range planning to reduce tax expenses to the legal minimum.

Read more

Tax Director, Reporting And Compliance – San Diego, CA

Tax Director Job - San Diego, CA

TaxConnections has been retained to conduct a search for a Tax Director for a publicly listed company in the San Diego, CA area. Our client seeks a tax executive to lead an experienced tax team for a company with significant international operations.

This role reports to the VP, Global Tax and is responsible for US GAAP world-wide tax accounting & reporting, including domestic income tax compliance and income tax audits. Technical GAAP and tax skills, strong communication skills, team development and stakeholder management will be integral to the role as the successful candidate will be expected to work with senior internal and external stakeholders, as well as develop and lead a team of tax professionals.

Read more

What To Expect From A Revocable Living Trust

Revocable Living Trusts

Living trusts, otherwise known as inter vivos trusts, are created during the lifetime of the person who created the trust, who is otherwise known as the grantor, trustor, or settlor (hereinafter, “Grantor”).  A Revocable Living Trust (“RLT”) can be established for a specified period of time, upon the occurrence (or nonoccurrence) of a specified event, or until the death of the Grantor.  The three essential parties to an RLT are the Grantor, Trustee, and Beneficiary.

The Trustee manages the trust assets for the benefit of the Beneficiary.  The Grantor of an RLT retains the absolute right, during his lifetime, to alter the terms of the trust, amend the trust in whole or in part, and revoke the trust in its entirety.  A revocable trust morphs into an irrevocable trust when the Grantor dies, or when the Grantor surrenders title to the property held in the trust during his lifetime and relinquishes the right to alter, amend, revoke, or terminate the trust.

Read more

The IRS Form 3520 Nightmare: Annual Return to Report Transactions With Foreign Trusts And Receipt of Gifts

Gary Carter

(This Article Reposted By Popular Demand)

It was early on a Monday morning, and I dragged myself in after a long weekend of reg. buzzing and Code section perusing. I was not looking forward to the day. I played a message on my answering machine that made me want to return home and crawl back into bed. It was left in the middle of the previous night by a crazed and panicked client living in Norway. She had just gotten a CP15 Notice from the IRS that said she had been charged a penalty in the amount of $10,000 under Section 6677 of the Internal Revenue Code (IRC) for failure to file Form 3520-A, under the requirements of IRC Section 6048(b).

The client was the owner of a foreign trust, and I knew we had properly filed Form 3520, “Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.” Foreign trusts with U.S. owners have the responsibility to file Form 3520-A, “Annual Information Return of Foreign Trust With a U.S. Owner,” which few of them do. So since IRC Section 6048(b) requires the owner of a foreign trust to ensure that this happens, we attached “substitute” Form 3520-A to Form 3520, in accordance with the instructions to Form 3520. Form 3520 and the attached substitute Form 3520-A were filed in August, but we had filed an automatic extension for the client’s tax return, which, according to the instructions to Form 3520, also extended the filing date for Form 3520.

Read more

The Wisdom Of Hiring Tax Executives Over 55

Kat Jennings

By 2024, professionals fifty-five years old and older will represent 25% of the United States workforce, with the fastest annual growth rates among those over sixty-five. A majority of these baby boomers want to continue to work long after sixty-five. Through TaxConnections retained executive search services division, we often speak to tax executives in their late fifties and early sixties who are doing an outstanding job for their organizations and love the work they do. In fact, I know of many extraordinarily talented tax executives over seventy-five who are doing an incredible job mitigating risk for organizations. A tax executive over seventy-seven recently shared with me that his CEO called him into the office recently and as he entered the room he was worried about being terminated. Instead the tax executive was given a big raise along with a bonus and appreciation for his work. Encounters like this do happen in organizations today. They happen in organizations with executives who value and respect what years of experience brings.

Read more

Why You Should Request A Collection Due Process Hearing

Venar Ayar

The Collection Due Process (CDP) hearing is one of the most important rights given to taxpayers. It’s your final opportunity to stop an IRS levy of your assets or the filing of a federal tax lien against your property.

Requesting The CDP Hearing

The IRS is only required to give you a CDP hearing if you request it. You should receive a Notice of Intent to Levy in the mail which explains your CDP rights. The IRS can only seize your assets without sending this notice in rare cases, such as when collection of the tax is at risk.

The notice will tell you that you have 30 days to request a CDP hearing. You need to request the hearing in writing and by the deadline.

If you miss the deadline, you may receive what is known as an equivalent hearing, but you will lose some important rights.

Read more

New IRS Email Impersonation Scam – IRS Does Not Send Unsolicited Emails To Taxpayers Or Send Status Of Tax Refunds

IRS Notice

The Internal Revenue Service and its Security Summit partners today warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email. Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of refunds.

The IRS this week detected this new scam as taxpayers began notifying phishing@irs.gov about unsolicited emails from IRS imposters. The email subject line may vary, but recent examples use the phrase “Automatic Income Tax Reminder” or “Electronic Tax Return Reminder.”

The emails have links that show an IRS.gov-like website with details pretending to be  about the taxpayer’s refund, electronic return or tax account. The emails contain a “temporary password” or “one-time password” to “access” the files to submit the refund. But when taxpayers try to access these, it  turns out to be a malicious file.

Read more

Vice President Tax – Insurance And Financial Services Company

VP Tax In Midwest

The Vice President Tax is the head of tax for all the companies that operate under this privately held parent. The Vice President Tax will be responsible for overseeing and managing the tax function and all relationships with external and internal business partners and identify areas of risk and opportunity for the company including:

  • Manage the co-sourcing agreement with the Companies’ external tax accounting firm for the preparation of the statutory and GAAP income tax provision and accrual, and the tax return preparation and compliance matters for income, premium, property and sales/us
  • Manages all Companies’ tax audits and examinations and negotiates settlement of disputed issues with the Internal Revenue Service and other regulatory bodies.
  • Represents the Companies at the highest levels of appeal in negotiations regarding tax deficiencies.
  • Controls tax planning responsibilities for all Companies including short and long-range planning to reduce tax expenses to the legal minimum.

Read more

The Tax Remote Workforce Has A Very Strong Future

REMOTE WORKERS

According to the 2019 AICPA Accounting Graduates Supply and Demand Report, there are fewer people entering the accounting profession. It is a good report but I have something to add to the report that we hear in the trenches working with tax and accounting professionals every day. There is a very high number of three to five year trained tax and accounting professionals who have something to say on their exit interviews from the top 100 accounting firms. We have been fortunate to hear their voices in private counseling sessions in addition from the firms themselves. We want to share this information with you because it is important. We believe this will be why the remote tax and accounting workforce will continue to grow stronger. This is very good news for tax professionals seeking remote work.

Read more