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Senior Tax Specialist – Investment Group (San Francisco, CA)

TAX JOB - Senior Tax Specialist - Partnerships 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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Tax Specialist – Wealth Management (San Francisco, CA)

Tax Specialist - Wealth Management (San Francisco, CA)

TaxConnections has been retained by a high net worth family office in San Francisco, CA to locate a Tax Specialist with 2-3 years of experience. The opportunity to work in this family office is a once in a lifetime one. It is ideal for anyone wanting to leave public accounting and go in-house and work with a highly supportive family office with a stellar reputation.The Tax Specialist is responsible for performing tax compliance and planning functions as well as providing tax support for various company entities, which include Partnerships, Limited Liability Companies and Corporate entities. The financial and team support they have given all of their employees during this time has been extraordinary.

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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IRS Retools Settlement Days Program To Allows Unrepresented Taxpayers To Settle Their Cases Virtually

IRS Virtual Settlement Program

The Internal Revenue Service Office of Chief Counsel today announced the Settlement Days program will continue remotely enabling unrepresented taxpayers to work towards resolving their pending United States Tax Court case despite “stay-at-home” orders in many jurisdictions. The first two events are for docketed cases with place of trial in Detroit or Atlanta. Future events may be scheduled in other cities throughout the United States.

Virtual Settlement Days is a coordinated effort to resolve Tax Court cases by giving taxpayers not represented by counsel the opportunity to receive free tax advice and possible representation from Low Income Taxpayer Clinics (LITCs) or other pro bono organizations. Taxpayers can discuss their Tax Court case and federal tax issues with members of the IRS Office of Chief Counsel, Appeals and Collections.

The program is geared to help unrepresented taxpayers receive free assistance in discussing a potential fair settlement of their tax disputes in an informal setting without the need for further litigation or a trial in Tax Court. The vast majority of taxpayers participating in previous Settlement Days programs have resolved their cases; most of those who ended up with a liability have been able to enter into an installment payment arrangement.

The Tax Court canceled scheduled trial sessions in a series of Orders issued on March 11, 13 and 23, 2020. The Tax Court Orders state that it is expected that parties will continue to work together to exchange information and address pending issues. The Settlement Days events accomplish the Tax Court’s goals by allowing the parties to work towards settling case on a remote basis.
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Reasonable Compensation: The New Elephant In The Room

Paul Hamann - Reasonable Compensation For Shareholders of S Corps

In late December of 2017, the most significant piece of tax legislation since the Tax Reform Act of 1986 was signed into law. Dubbed the Tax Cuts And Jobs Act(TCJA) of 2017, the legislation not only made minor reductions to most individual tax brackets and Major reductions for corporate tax brackets, but it also complicated much of the existing laws, particularly around closely held corporations or S Corps(IRS 2018b). One element which was modified for S Corps, in particular was the impact of reasonable compensation on the S Corps owner’s personal tax return. This White Paper examines why the IRS is now focusing on an accurate reasonable compensation figure, and how reasonable compensation can be derived properly.

You are invited to attend a complimentary webinar on Reasonable Compensation and receive CPE credits. Leading expert on S Corps and Reasonable Compensation will share with you how to get this done accurately and easily and ensure you protect your clients on audit of their compensation.

Register For Tuesday, May 12th Complimentary Webinar On Reasonable Compensation

Register For Tuesday, June 2, 2020 For Complimentary Webinar On Reasonable Compensation

U.S. Shareholders Of A Passive Foreign Investment Company

OLIVIER WAGNER - US Expats With Passive Foreign Investment Company

The IRS found the way to congratulate U.S.expats who are shareholders of a Passive Foreign Investment Company(PFIC) by adding one additional form you need to file. Together with your tax return, you need to file Form 8621.

This applies for each separate PFIC you are a shareholder if you:

-Receive direct or indirect distributions from a PFIC.
-Recognize a gain on a direct or indirect disposition of PFIC stock.
-Report information with respect to a QEF or section 1296 mark-to-market election.
-Make an election reportable in Part II of the form.
-File an annual report pursuant to section 1298(f).

Who must file Form 8621?
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How To Apply For Social Security Retirement Benefits

Social Security Retirement Benefits

According to the Social Security Administration government site, you can apply for retirement benefits easily online. The U.S. government offers an online application that can be completed in as little as fifteen minutes. You can apply from the comfort of your home at any time convenient for you. There is no need to drive to the Social Security Office or speak to a Social Security representative to apply.

In most cases, once your application is submitted electronically, you’re done. Social Security will process your application and contact you by telephone or by mail if any further information is needed.

You can apply for Social Security Benefits at this link

Who can apply for retirement benefits online?

You can apply online for retirement benefits or benefits as a spouse if you:

• are at least 61 years and 8 months old;
• are not currently receiving benefits on your own Social Security record;
• have not already applied for retirement benefits; and
• want your benefits to start no more than 4 months in the future. (We cannot process your application if you apply for benefits more than 4 months in advance.)
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IRS On Home Office Deductions: Attention Tax Experts! We Need Input On This IRS Post As Everyone Is Asking Questions

Home Office Business Deduction

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes.

Simplified Option
For taxable years starting on, or after, January 1, 2013 (filed beginning in 2014), you now have a simplified option for computing the home office deduction (IRS Revenue Procedure 2013-13, January 15, 2013). The standard method has some calculation, allocation, and substantiation requirements that are complex and burdensome for small business owners.

This new simplified option can significantly reduce the burden of recordkeeping by allowing a qualified taxpayer to multiply a prescribed rate by the allowable square footage of the office in lieu of determining actual expenses.

Regular Method
Taxpayers using the regular method (required for tax years 2012 and prior), instead of the optional method, must determine the actual expenses of their home office. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation.

Generally, when using the regular method, deductions for a home office are based on the percentage of your home devoted to business use. So, if you use a whole room or part of a room for conducting your business, you need to figure out the percentage of your home devoted to your business activities.

Requirements To Claim The Home Office Deduction
Regardless of the method chosen, there are two basic requirements for your home to qualify as a deduction:
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California Department Of Tax Fee Administration Amends its “Collection of Use” Tax Regulation (Part 2)

California Department Of Tax Fee Administration Amends its “Collection of Use” Tax Regulation (Part 2)

If you’ve been following along with our blogs, you know that we talked about some new amendments taking place under California Sales and Use Tax Regulation 1684, “Collection of Use Tax by Retailers”. In the first part of our blog, we discussed how California implemented on April 1, 2019 an economic nexus threshold for retailers in addition to the longstanding physical nexus threshold. The State now requires out of state sellers to register and collect use tax in California as soon as they exceed $500,000 of sales of tangible personal property in either the preceding or current calendar year.

In the first blog we focused on three examples from the amended regulation for when economic nexus would be triggered for an out-of-state retailer. In this second part of the blog we will talk about the circumstances that will allow out-of-state retailers to discontinue their obligation to collect and report use tax to California. In other words, when will California no longer require an out-of-state retailer to hold a Certificate of Registration – Use Tax and to collect and report use tax?
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The Value of “Superseding” Returns And Processing Additional $500 Stimulus Benefit For Certain Non-Filers

NATIONAL TAXPAYER ADVOCATE

For the IRS, like much of the country, it seems like the focus in recent weeks has been “All COVID, all the time.” The IRS is playing a central role in administering the Coronavirus Aid, Relief, and Economic Security (CARES) Act and other federal relief efforts, most notably by issuing Economic Impact Payments (EIPs) to more than 150 million individuals. The legal, technological, and practical challenges the agency is facing are enormous, and the IRS has moved rapidly, skillfully, and creatively to tackle these challenges, albeit hitting some processing bumps in the road.

Notwithstanding the IRS’s best intentions and efforts, taxpayers continue to face significant challenges. One month after the enactment of the CARES Act, the IRS has issued 122 million payments for a total of 207 billion dollars. However, some eligible individuals have not received the correct amounts, some deposits have been sent to discontinued or closed bank or financial accounts, and some mailing addresses will still need to be updated. Taxpayers have also complained about the IRS portal, “Get My Payment.” Nevertheless, more than 100 million people to date have successfully verified the status of their payments, and more than 8.9 million people have provided bank or financial account information to accelerate their receipt of payments. That is no small feat. The IRS continues to try to remedy any issues that arise, while keeping an eye on preventing fraud. Yet there are many tax issues unrelated to EIPs that taxpayers continue to struggle with as well.

In this blog, I will highlight several topics:
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Complimentary eBook : 250+ Best Tax Jokes, Fun Quotes And Tax Forms

FREE GIFT - Funny eBook of Tax Jokes

TaxConnections gives our complimentary eBook to every tax professional and taxpayer this year. Enjoy a compilation of more than 200+ tax jokes and fun tax forms with this free download.

We want to give you something to remind you to take a moment today 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 to your life? Everybody needs some levity today! Request your copy:

250+ Best Tax Jokes, Tax Quotes, Fun Tax Forms.

IRS Warns Of New Twist On Phone Scam; Crooks Direct Taxpayers To IRS.gov To Verify Calls

IRS Warns Of New Twist On Phone Scam; Crooks Direct Taxpayers To IRS.gov To Verify Calls

The Internal Revenue Service today warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills.

The IRS and its Security Summit partners – the state tax agencies and the tax industry – urge taxpayers to remain alert to tax scams year-round, especially immediately after the tax filing season ends. Even after the April deadline passes, the tax scam season doesn’t end.

In the latest version of the phone scam, criminals claim to be calling from a local IRS TAC office. Scam artists have programmed their computers to display the TAC telephone number, which appears on the taxpayer’s Caller ID when the call is made.

If the taxpayer questions their demand for tax payment, they direct the taxpayer to IRS.gov to look up the local TAC office telephone number to verify the phone number. The crooks hang up, wait a short time and then call back a second time, and they are able to fake or “spoof” the Caller ID to appear to be the IRS office calling. After the taxpayer has “verified” the call number, the fraudsters resume their demands for money, generally demanding payment on a debit card.
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Webinar 11:00AM EST Today: Reasonable Compensation For Shareholder Employees Of S Corps (2 CPE Credits)

Reasonable Compensation- S Corps

Are you concerned of guessing at Reasonable Compensation? Are you concerned your clients may be taking too little or too much compensation leaving them vulnerable to an IRS Challenge?

The IRS has specific guidelines on the compensation of S Corp & C Corp owners. Do you want to ensure you are advising your clients properly? Our software helps tax advisors increase the value of their practice by efficiently determining the compensation of an S Corp or C Corp owner in minutes, providing a high dollar value add service to your practice, while protecting your clients from an IRS challenge.

REGISTER HERE FOR COMPLIMENTARY WEBINAR AND CPE CREDITS

Paul Hamann is an expert on determining Reasonable Compensation for closely-held business owners. He has educated more than 30,000 tax advisors and valuators on the topic of Reasonable Compensation.

Event Description

Between 2010 and 2013 a flurry of court cases and IRS enforcement brought the issue of ‘What is Reasonable Compensation for a Shareholder-employee of an S Corp’ out of the shadows and placed it forefront as a priority issue for CPA’s, EA’s, Tax and Financial advisors to cover with their clients. In 2017 congress passed the TCJA again placing Reasonable Compensation front and center, making the stakes even higher if challenged by the IRS.

Learning Objectives

Understand The Basic Advantages Of Distributions V. Salary/Wages

-Identify IRS guidelines for determining Reasonable Compensation and assess the consequences of an IRS re-characterization of distributions
-Review Reasonable Compensation in the courts and advanced scenarios
-Recognize when Reasonable Compensation applies to your client and identify options for determining Reasonable Compensation
-Review why Reasonable Compensation has become a priority for the SB/SE division of the IRS and review Tips from the pros and IRS Red Flags

Who Should Attend
CPA & EA practitioners who advise Shareholder-Employees of S Corps on the issue of Reasonable Compensation who are interested in learning about current IRS guidelines, and solutions for advising their clients on the issue of of Reasonable Compensation.

REGISTER HERE FOR TODAYS WEBINAR

UNABLE TO MAKE TODAYS COMPLIMENTARY? REGISTER FOR MAY 12th WEBINAR NOW

REGISTER HERE FOR JUNE 2nd REPEAT Of TODAYS COMPLIMENTARY EVENT