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Is It Better To Start A New Business Or Relocate An Existing One Into An OZ?

start a new business or relocate an existing one into an OZ

As we enter into the third year of the federal Qualified Opportunity Zone (QOZ) program we have a slightly clearer picture of how taxpayers are using this flexible and impactful program.

Not surprisingly, the vast majority of early Qualified Opportunity Funds (QOFs) formed through Dec. 31, 2019 are focused on real estate projects as they begin directing their investments into Qualified Opportunity Zone Businesses (QOZBs). Preliminary reports in 2019 indicated that only about 5% of public QOFs were focused on operating businesses. However as the Treasury Department provided more guidance through new sets of proposed and final regulations, taxpayers and the OZ community have come to realize that using the OZ program for operating businesses can yield even greater long-term benefits for both OZ communities and investors compared to real estate projects alone.

OZ PROGRAM PARTICIPATION

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Tax Professionals Working Smart: High Performance Tax Calendar

Akore Tax Calendar

Having the luxury of a low cost, high performance Tax Calendar that covers every imaginable tax return is a welcome tool to manage any tax organization or a tax services firm client list. This low cost, affordable Tax Calendar provides much needed organization to  tax professionals in large, medium and small corporate tax organizations and tax services firms.

Akore Tax Calendar is easy to use, inexpensive, high quality and best of all it is simply an amazing tool that tracks all tax returns. Request a tour of this Tax Calendar and get organized in 2020!

Make your job at a tax professional so much easier this year. Click on the link below to learn more about this time saving calendar.

Request A Tour To Get All Tax Returns Organized In 2020

Are you a large corporate tax organization or a public accounting firm? Ask us about our scanning services to make your decision easier.

 

 

Illinois Sales Tax Deduction Cap On Vehicle Trade-Ins

Illinois State Sales Tax Deduction

When the final results are in, car dealerships in Illinois likely noticed a spike in revenue during December 2019 by customers looking to avoid increased Illinois sales tax. This increase is a result of a new Illinois sales tax law that is set to go into effect January 1, 2020. The tax law that was signed by Gov. J.B. Pritzker on June 28th caps the sales tax deduction on the trade-in value of vehicles. Previously, Illinois had no cap on the sales tax deduction allowable on vehicles that are traded in as a part of the purchase of a new vehicle. State officials estimate that the change in Illinois tax law will generate roughly $60 million in additional revenue on an annual basis. Proceeds will go to funding roads and vertical infrastructure projects under the Rebuild Illinois Capital Plan.

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Assistant Tax Manager, Pass-through Entities (San Francisco, CA)

Assistant Tax Manager - Pass-throughs, San Francisco, CA

Assistant Tax Manager (San Francisco, CA)

TaxConnections has been retained to locate an Assistant Tax Manager responsible for assisting the Director of Tax, Pass-Through Entities and the Senior Tax Manager in managing the tax planning and compliance functions for multiple business lines and other investments owned by family.

Primary emphasis is on tax compliance, planning, and support for Fremont’s pass-through entities.  Understand and apply the current tax laws and regulations including the tax implications of investment partnership structures and real estate development and operations.  Identify and communicate issues, positions, and opportunities both orally and in writing to management.  Manage members of the tax accounting staff.

Responsibilities include the following:

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IRS Willing To Consider Requests For Relief From Double Taxation Related To Repatriation

Double Taxation Related To Repatriation

The IRS announced that the agency has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from application of the repatriation tax under section 965, as amended by the Tax Cuts and Jobs Act (TCJA).

The IRS has determined that in unique circumstances, such as where a corporation paid an unusual dividend for business reasons, not because of the enactment of TCJA, it may be appropriate to provide relief from double taxation. When the same earnings and profits of foreign corporations are taxed both as dividends and under section 965, double taxation could result.

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Make Your Tax Clients Laugh – Even With A Big Tax Bill

200+ Tax Jokes From TaxConnections

Tax time is a very busy time of year for tax professionals in dealing with their clients. What we have discovered are the many tax professionals who have a great sense of humor. TaxConnections built an eBook of fun tax jokes and forms you can use with tax clients. You can help clients through tax time with a long list of fun jokes and forms to remind them to lighten up this year.

We invite you to request TaxConnections downloadable eBook titled Tax Jokes, Tax Quotes And Fun Tax Forms and have fun with clients. We invite you to leave a comment with one of your favorite jokes this year!

Request 200+ Tax Jokes, Tax Quotes And Fun Tax Forms eBook

With Our Compliments,

TaxConnections Inc.

Understanding Your IRS Notice Or Letter: Why Was I Notified By The IRS?

IRS Letter - What Do You Do When You Receive IRS Letter?

Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue.

If you agree with the information, there is no need to contact us.

If, when you search for your notice or letter using the Search on this page, it doesn’t return a result, or you believe the notice or letter looks suspicious, contact us at 800-829-1040. If you determine the notice or letter is fraudulent, please follow the IRS assistor’s guidance or visit our Report Phishing page for next steps.

Why Was I Notified By The IRS?

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IRS Publication Error: Were You Misled By The IRS Publication 54?

IRS Publication 54- Were You Misled?

The Federal tax return filing thresholds were updated for the 2018 tax year, with the most significant change being for individuals filing as “Married Filing Separately.” The income tax return filing threshold was reduced from $4,050 in 2017 to just $5 for 2018. However, Publication 54 – Tax Guide for U.S. Citizens and Resident Aliens Abroad, for the 2018 tax year, incorrectly stated that married taxpayers filing separately must file a return only if the individual filer’s gross income equals or exceeds $12,000.

Meanwhile, the IRS website and the 2018 instructions for Form 1040 correctly indicated that a married filing separately taxpayer must file a tax return if the individual’s gross income is at least $5. They failed to mention the change in the more detailed Publication 54 on which many US taxpayers living abroad rely.

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Tax Manager/Senior Tax Manager (San Francisco, CA)

Tax Manager/Senior Tax Manager In San Francisco, CA

TaxConnections has been retained by an investment firm to fill a Tax Manager/Senior Tax manager role located in San Francisco, CA. We would genuinely appreciate your review of this opportunity and kindly refer this to anyone who may appreciate learning more.

Tax Manager/Senior Tax Manager (San Francisco, CA)

TaxConnections is currently conducting a search for a Tax Manager/Senior Tax Manager for a private family office in the San Francisco Bay area. We genuinely appreciate your review of this opportunity and invite you to contact us privately with any questions.

The Tax Manager/Senior Tax Manager 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.

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TaxConnections: Who We Are, How We Create More Success For Tax Professionals

TaxConnections About Us

As the CEO of TaxConnections, I want to share with you our message for tax professionals. We exist to raise your visibility online and improve your opportunities for success. These opportunities include new client acquisition and access to tax jobs most people do not have access to online. Our primary goal is making sure the spotlight is on our tax professional members, and they outperform their competitors in client acquisition and new business opportunities. As you read through this post you will understand who we are and what we do for you!

What Is TaxConnections Mission?

Bringing the world’s leading tax professionals to a niche tax platform to increase their business opportunities.

What Is The Value TaxConnections Offers?

TaxConnections builds a tax professionals’ personal brand and raises their visibility on the search engines through our proprietary methodology.

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What To Do If You Have Unreported Bitcoin Income

Unreported Bitcoin Income - What To Do

You may need to amend your tax returns and pay additional taxes, penalties, and interest if you have previously unreported Bitcoin income.  If you fail to take action, the IRS may audit your returns as part of its Virtual Currency Compliance campaign.

Key Insights We Will Discuss
  1.  How the IRS treats Bitcoin transactions for tax purposes
  2. What thee IRS is doing to increase virtual currency tax compliance
  3. What you should be doing to correct your past non-compliance with Bitcoin tax laws
Bitcoin Taxes 101

The IRS considers Bitcoin and other virtual currencies to be property for tax purposes.  You need to pay taxes if you receive Bitcoin income, the same way you would need to pay taxes if someone paid you for your work by giving you a new car.

The property will be valued based on the currency’s exchange rate on the date you received the income.  You can use any exchange rate listed on a public exchange as long as you consistently use the same method.

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IRS And Treasury Issue Guidance For Students With Discharged Student Loans And Their Creditors

IRS On Discharged Student Loans

The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 (PDF) that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school.

Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements for the discharge of any indebtedness within the scope of this revenue procedure.

The Treasury Department and the IRS have determined that it is appropriate to extend the relief provided in Rev. Proc. 2015-57Rev. Proc. 2017-24 and Rev. Proc. 2018-39 to taxpayers who took out federal and private student loans to finance attendance at nonprofit or other for-profit schools not owned by Corinthian College, Inc. or American Career Institutes, Inc.

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