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Motivational Quotes To Activate Tax Professionals: Including A New Way To Generate Revenue For Tax Expertise

Motivational Quotes To Activate Tax Professionals

This week we bring you motivational quotes from Tom Peters, a management innovator. He co-authored along with Robert Waterman, Jr. the book In Search Of Excellence.

We are all Michaelangelos.
~ Tom Peters, Author, Business Management Motivator

The simple act of paying positive attention to people has a great deal to do with productivity. ~ Tom Peters, Author

Celebrate what you want to see more of. ~ Tom Peters

Management is about arranging and telling. Leadership is about nurturing and enhancing. ~ Tom Peters

If a window of opportunity appears, don’t pull down the shade. ~ Tom Peters

Excellent firms don’t believe in excellence – only in constant improvement and constant change. ~ Tom Peters

Formula for success; under promise and over deliver. ~ Tom Peters

It’s this simple. You are a brand. You are in charge of your brand. There is no single path to success.And there is no one right way to create the brand called You. Except this: Start Today.  ~ Tom Peters

Excellence is not an aspiration. Excellence is what you do in the next five minutes. ~ Tom Peters

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We encourage all tax professionals to start building their brand on TaxConnections. TaxConnections Membership will enable you to participate in our Marketplace launch in October 2021. First to come will be highest in our Marketplace.

Learn About TaxConnections Marketing Marketplace At This Post

Start TaxConnections Membership Today. Early Adopters Advantage!

Call 858.999.0053 if interested in Speaker/Sponsor spot at TaxConnections Virtual Tax Summit in October.

(SPECIAL NOTE: Michaelangelos in Tax, please send message to kat@taxconnections.com to set up call about being paid for your content and expertise in TaxConnections Marketplace. You earn 75% of revenue generated, TC earns 25% for marketing your content.)

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Tax Law Legal And Tax Update: Complimentary Webinar

Freeman Tax Law Webinar

Everyone Is Invited To Attend This Law Legal And Tax Update

You are invited to attend a Freeman Law Webinar hosted by lawyers Jason Freeman, Matthew Roberts, John Reyna and Greg Mitchell at 2:00PM Central Time (Texas) on Wednesday, July 28th 2021. Freeman will provide attendees a law legal and tax update.

The topics to be discussed include:

  • IRS Enforcement Trends And Cryptocurrency Updates
  • Excess Benefit Transactions And Reasonable Compensation
  • Lifting The Automatic Stay To Proceed With State Court Litigation
  • Tax Court Updates

Click Here To Attend Complimentary Webinar

Freeman Law Legal and Tax Update Webinar-
July 28, 2:00 pm CT

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Costly Sales Tax Mistakes Businesses Are Making

Costly Sales Tax Mistakes Businesses Make

The COVID-19 pandemic has been and will be remembered as one of the most impactful global events of our era. An unprecedented challenge was thrust upon the medical, government, and business community that will clearly change many of the behaviors of our society in the long run.

When state enforced lockdowns and the advice of medical professionals globally forced the ceasing of business as usual for industries across the country, businesses both large and small were left with one choice: adapt or die.

In an inspiring display of free market forces, most businesses chose to adapt and did so quickly. By the end of March 2020, a stunning number of businesses had employees working from home, restaurants were full curbside and delivery, retailers and customers were shifting to e-commerce in ways they were not previously, and everyone had ZOOM on their electronic devices.

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IRS States Abusive Trust Tax Evasion Schemes

Trust Tax Evasion Schemes
Accessing The Offshore Funds

How do taxpayers involved in these schemes enjoy the fruits of their abusive scheme since their funds are offshore? There are several methods to repatriate the taxpayer’s funds to the U.S. All of these methods, at some point, involve the opening of foreign bank accounts. Two examples are described below:

  • A bank account is opened in the tax haven country and a debit or credit card is issued from the account. These cards are used by the taxpayer in the U.S. to withdraw cash and to pay for everyday expenses. Since the cards are issued by banks located in tax haven countries, it is very difficult for the IRS to trace these transactions back to the taxpayer.
  • An International Business Corporation (IBC) is established. Funds are transferred from the foreign trusts to the IBC via foreign bank accounts. Fraudulent loans are set up from the IBC to taxpayers and funds are wired back to the taxpayers in the U.S. Because loans are generally not taxable, the repatriation of funds is not reported on a U.S. tax return. In addition, because the ownership of IBCs is documented with bearer shares and IBCs are located in tax haven countries, it is very difficult for the IRS to prove that fraudulent loans are actually the taxpayer’s income.

IRS

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The FBAR (Report of Foreign Bank and Financial Accounts): Everything You Need to Know

The FBAR (Report of Foreign Bank and Financial Accounts): Everything You Need to Know
What is the Report of Foreign Bank and Financial Accounts (FBAR)?

Congress enacted the statutory basis for the requirement to report foreign bank and financial accounts in 1970 as part of the “Currency and Foreign Transactions Reporting Act of 1970,” which came to be known as the “Bank Secrecy Act” or “BSA.” These anti-money laundering and currency reporting provisions, as amended, were codified at 31 USC 5311 – 5332, excluding section 5315.

The Secretary of the Treasury subsequently delegated the authority to administer civil compliance with Title II of the BSA to the Director of FinCEN.  IRS Criminal Investigation (CI), however, maintains authority to enforce the criminal provisions of the BSA.

While FinCEN retains rule-making authority with respect to FBAR reporting, FinCEN redelegated civil FBAR enforcement authority to the IRS.

The FBAR regulations require that a United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, file an FBAR to report:

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Cost Segregation – Self Storage Very Popular Property Type

Bruce Johnson

Self-storage has been a very popular property type for cost segregation for many years. It ties closely to the boom in multifamily property development we have seen over the last decade or so. Most self-storage properties fall in the $1M-$5M basis range, but basis can stretch into the 10s of millions depending upon property size, location, and unique features.

There are certain features that make a self-storage facility a strong candidate for cost segregation.   For instance, does the subject property have climate-controlled lockers?  These specialty lockers are eligible for accelerated depreciation.  How are the interior walls between the lockers constructed?  If they are demountable and therefore movable, then there is a possibility that the walls themselves may be considered a personal property asset, and therefore be depreciated at a greater rate.

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What Parents Should Know About Taxes On Custodial Accounts

What Parents Should Know About Taxes On Custodial Accounts
If your child turns 21 and is still a full-time student, the account can still get hit with taxes.

My daughter is about to turn 21 and will be able to control the custodial account we established for her years ago. Will she qualify for the 0% capital-gains rate if she sells shares after she has control of the account? She is in college, and my wife and I claim her as a dependent. —J.D., New Hartford, N.Y.

Even though your daughter can control the account at 21, she’ll still be subject to the kiddie tax if she’s a full-time student younger than age 24 and doesn’t provide more than half of her own support with income from a job. With the kiddie tax, her unearned income (such as dividends, interest and capital gains) over $2,100 will be taxed at the parents’ rate. For the first $2,100, your daughter would probably pay 0% long-term capital-gains tax. Only taxpayers in the lowest two brackets qualify for the 0% rate.

Your daughter should wait until she is 24 or supporting herself to sell most of the stock, recommends John Dundon, an enrolled agent in Englewood, Colo. At that point, the gains will be taxed at her own (likely lower) rate.

Have a question? Contact John Dundon, EA, Taxpayer Advocacy Services, Colorado

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What To Know About Intercompany Service Receipts In Washington

What To Know About Intercompany Service Receipts In Washington

Washington state is known for its evergreen forests, beautiful mountains and for being the home of Starbucks. That said, for remote retailers, it should also be known as a state with several unique tax situations, one of which is its treatment of intercompany service receipts.

In general, the Washington Department of Revenue (DOR) takes a fairly aggressive stance in regards to the taxation of remote companies providing services to customers within the state.

However, companies have several avenues that could provide potential relief for these tax burdens.

Taxation Of Services Within Washington State

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Launch Of A New Era In Marketing Tax Services: Learn How To Easily Generate Revenue… Even While You Are On Vacation

Launch of TaxConnections Marketplace

As the CEO of www.taxconnections.com, I have spoken to hundreds of thousands of Tax Executives in corporate tax organizations, and Tax Partners in public accounting and law firms over 25+ years. How a corporate tax executive is introduced to tax professionals in tax accounting and tax legal services firms is about to change as we launch TaxConnections Marketplace during our October 21, 2021 online Virtual Tax Summit.

What is TaxConnections Marketplace? It is a platform that enables all of our tax professional members to upload content for sale and be paid 75% of sales revenue everytime your content is downloaded in our Digital Markerplace.

What are examples of content TaxConnections Members can upload?

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Federal Court Imposes Willful FBAR Penalties On Long-Time CPA

Federal Court Imposes Willful FBAR Penalties On Long-Time CPA

In a recent decision, a federal district court found that a long-time CPA/tax-return preparer recklessly failed to file FBARs to disclose several foreign financial accounts.  As avid readers of our Insights are aware, many federal courts have found that reckless reporting failures are sufficient to impose “willful” FBAR penalties—and those penalties can be quite signficant.

The case was United States v. Kronowitz.  And it is yet another reminder that courts addressing FBAR reporting failures tend to look critically at the account holder’s background, including educational and professional.  Account holders with tax-related backgrounds or professionals with substantial business experience are often held to a higher standard.

The Foreign Accounts

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United Kingdom: Inheritance Tax Tips To Save Money

United Kingdom: Inheritance Tax Tips To Save Money

You can legitimately plan and manage your tax and save money to survive and thrive.

Inheritance tax receipts in the United Kingdom amounted to approximately 5.32 billion British pounds in 2020/21. The standard rate of inheritance tax is 40% of any amount over £325,000. Each year, approximately 24,500 estates are required to pay this amount1.

If you are running a business, have personal investments, or should you wish to opt-out of the statistics, plan your tax affairs, this article takes you back to the helpful basics.

Here are the 9 Simple and overlooked Tax saving tips for UK individuals you should know.

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IRS On United States Income Tax Treaties – A to Z

IRS On Tax Treaties

The United States has tax treaties with a number of foreign countries. Under these treaties, residents (not necessarily citizens) of foreign countries are taxed at a reduced rate, or are exempt from U.S. taxes on certain items of income they receive from sources within the United States. These reduced rates and exemptions vary among countries and specific items of income. Under these same treaties, residents or citizens of the United States are taxed at a reduced rate, or are exempt from foreign taxes, on certain items of income they receive from sources within foreign countries. Most income tax treaties contain what is known as a “saving clause” which prevents a citizen or resident of the United States from using the provisions of a tax treaty in order to avoid taxation of U.S. source income.

If the treaty does not cover a particular kind of income, or if there is no treaty between your country and the United States, you must pay tax on the income in the same way and at the same rates shown in the instructions for the applicable U.S. tax return.

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