TaxConnections


 

Crowdfunding And Taxes: What You Need To Know

Jim Marshall - Crowdfunding And Taxes

In recent years, raising money online through third-party backers, or crowdfunding, has grown in popularity.  Originally utilized mostly by musicians, filmmakers and for other creative endeavors, it has now become a more widespread method of raising money for a trip, medical expense, or startup, and is often a quicker and easier alternative than conventional fundraising.  Often the creator of a campaign puts little thought to the tax ramifications before launching and collecting the funds.  With this increase in utilization, the business of its taxation has become an increasing question.  While Congress and the IRS have not addressed crowdfunding income specifically, applying standard tax principles and common sense may help when talking through the issues surrounding taxable crowdfunding income and deciding how to report and pay taxes on it.

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Senior Vice President Tax – M&A, Real Estate (Southern California)

Senior Vice President Tax - Real Estate And Mergers And Acquisitions

TaxConnections has been retained to conduct a search for a Senior Vice President Tax for a Southern California client. This tax executive role requires a high level of executive presence and interface with a wide range of internal and external advisors.  Responsibilities include private equity and real estate deals, mergers and acquisitions, financial modeling; review corporate and partnership tax returns; and managing company’s income tax compliance activities  (insourced and  outsourced); advise senior management regarding tax liabilities; and supervision of the incumbent tax team.

The Senior Vice President of Tax will lead acquisition structuring and due diligence including tax integration efforts including:

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Global Tax Revenue Authorities – Free Gift From TaxConnections

Kat Jennings - Tax Revenue Authorities Free Gift

As part of the many resources available through TaxConnections, we have created a list of 250+ Global Tax Authorities Country Representatives contact information including names, emails and revenue authority sites. This valuable resource is ideal for tax professionals who want access to save time locating global tax revenue authority contact information.

We developed a resource of 250 identifying tax revenue authorities in more than 150 countries.

Make a request to receive a complimentary pdf copy at this link:

https://www.taxconnections.com/global-tax-authority-country-representatives .

TaxConnections Members  can view the monthly updates in their virtual tax offices.

 

 

Tax Cuts and Jobs Act: What Is New For Small And Medium Sized Businesses

IRS - What Is New In Tax Cuts And Jobs Act For Small And Medium Sized Businesses

Congress approved major tax reform in the Tax Cuts and Jobs Act, signed into law on December 22, 2017. This legislation, which affects both individuals and businesses, is commonly referred to as TCJA or the 2017 tax reform legislation. This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners and tax professionals to understand. Businesses affected by TCJA include corporations, S corporations, partnerships (including limited liability companies or LLCs) and sole proprietorships. Changes to deductions, depreciation, expensing, credits, fringe benefits and other items may affect your business tax liability and your bottom line.

It’s important to consider your business structure and accounting methods when applying tax reform to your situation. The official IRS.gov website includes a Tax Reform page that highlights what you need to know about the tax law changes. This page also provides links to news releases, publications, notices, legal guidance and other resources. There’s also a dedicated tax reform page for businesses. We update these resources regularly. Some provisions of TCJA that affect individual taxpayers can also affect business taxes. As a business owner or self-employed individual, you should review tax reform changes for individuals and determine how these provisions affect your business tax situation.

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As IRS Develops “Future State” Plan To Assist Taxpayers Digitally – Free Problem Solving Help Available For Taxpayers At Specific Locations

Nina Olson- Future State Plans

The Taxpayer Advocate Service (TAS) will conduct Problem Solving Day events in communities throughout the country in the coming months and year. During these events, TAS employees from a local office will be available to assist taxpayers in person with tax problems they have not been able to resolve with the IRS. Generally, TAS can assist taxpayers whose problems with the IRS are causing financial difficulties, who’ve tried but haven’t been able to resolve their problems with the IRS, or believe an IRS system or procedure isn’t working as it should. And our service is free.

Why Is TAS Holding Problem Solving Days?

Congress created the Office of the National Taxpayer Advocate as we know it today through the IRS Restructuring and Reform Act of 1998 (RRA 98). The law further strengthened the role of TAS and provided for Local Taxpayer Advocates in each state. TAS maintains a geographic presence in each state, the District of Columbia, and Puerto Rico, and continues to look at changing taxpayer demographics to adjust its footprint to meet taxpayer needs. Recognizing the importance of personal contact, we work one-on-one with taxpayers and their representatives within our area to resolve their tax issues.

As the IRS develops its “Future State” plan that focuses on assisting taxpayers digitally rather than in person, the National Taxpayer Advocate continues to elevate her concerns about the plan through her Reports to Congress.

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Senior Vice President Tax – Large Family Office (Los Angeles, CA)

Senior Vice President Tax - Large Family Office

TaxConnections has been retained to conduct a search for a tax executive for a private equity, family office in Los Angeles, CA.

This is an opportunity for a Tax Partner in a Big Four firm or Law Firm to move into a large family office focused on multiple transactions.

Responsibilities include financial modeling, global tax strategy, tax planning and compliance; review the filing of all domestic and international corporate, personal, partnership and other income and indirect tax returns; and implementing and managing company’s income tax and indirect tax compliance activities (partially insourced and partially outsourced); advise senior management regarding the impact and tax liabilities; and supervision of an outstanding, incumbent tax team.

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Tax Partner – International/Transfer Pricing (Midwest)

International Transfer Pricing Tax Partner - Midwest Law Firm

TaxConnections has been retained by a leading multinational law firm to locate a Tax Partner to lead the Midwest region in serving transfer pricing and international clients. This market facing role is due to the continued expansion of the international and transfer pricing practice. The Tax Partner will team with a group of talented economists who are already in place to grow the Midwest tax practice. The law firm currently has about 80 tax lawyers worldwide and this successful practice is expected to double in size over the next five years.

The Tax Partner will assist multinational clients to design, develop, implement, document and defend transfer pricing strategies. They will provide clients guidance in analyzing factual material, communicate the benefits of the transfer pricing methodologies both to government representatives and the courts and negotiate advance pricing agreements on a worldwide basis.

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4 Easy Steps To Establish A Virtual Tax Office

Kat Jennings - Virtual Office

1st Step – Secure Virtual Office Address

TaxConnections developed the first virtual office technology for tax professionals members. It is a virtual office address in the cloud that frees you from a physical office space. A virtual office enables others to find and connect with you no matter how many address changes you make throughout your personal or professional life. A virtual cloud office enables business connections to keep track of you professionally over a long period of time. A reliable address during the course of your professional career results in increased business opportunities for you.

As an internationally recognized expert in search for tax professionals, I can assure you there are many obstacles that prevent a steady stream of new business reaching you today. Your biggest obstacle is when sites expect people to pay to find and connect with you online. More than 85% of potential business opportunities never make it to you when people are asked to pay to see your contact information. These prospective business opportunities make their way to tax professionals who have established themselves with a virtual office. A virtual office opens the flow of business opportunities to your professional career.

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President Trump: Executive Order On Establishing The White House Opportunity And Revitalization Council

President Trump- Executive Orders

ESTABLISHING THE WHITE HOUSE OPPORTUNITY AND REVITALIZATION COUNCIL
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:

Section 1.  Purpose.  Fifty-two million Americans live in economically distressed communities.  Despite the growing national economy, these communities are plagued by high poverty levels, failing schools, and a scarcity of jobs.  In December 2017, I signed into law a bill originally introduced as the Tax Cuts and Jobs Act (Act), which established a historic new Federal tax incentive that promotes long-term equity investments in low-income communities designated as “qualified opportunity zones” by the Governors of States or territories.  In order to further facilitate such investment, my Administration will implement reforms that streamline existing regulations, protect taxpayers by optimizing use of Federal resources, stimulate economic opportunity and mobility, encourage entrepreneurship, expand quality educational opportunities, develop and rehabilitate quality housing stock, promote workforce development, and promote safety and prevent crime in urban and economically distressed communities.

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Tax Reform Creates Opportunity Zone Tax Incentive

IRS Opportunity Zones

Qualified Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act. These zones are designed to spur economic development and job creation in distressed communities throughout the country and U.S. possessions by providing tax benefits to investors who invest eligible capital into these communities. Taxpayers may defer tax on eligible capital gains by making an appropriate investment in a Qualified Opportunity Fund and meeting other requirements.

In the case of an eligible capital gain realized by a partnership, the rules allow either a partnership or its partners to elect deferral. Similar rules apply to other pass-through entities, such as S corporations and its shareholders, as well as estates and trusts and its beneficiaries.

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Who Needs To File A 2018 Individual Tax Return

Venar Ayar- Who Needs To File A 2018 Tax Return

2018 tax returns are due April 15, 2019, but not everyone needs to file a tax return. Taxpayers most commonly need to file when they want a tax refund, when they earned more than the income threshold, or when they had self-employment income.

It’s best to figure out if you need to file a return early on during the tax season so you don’t need to scramble to get your return completed by Tax Day.

Income Thresholds

You need to file a return if your income was at or above the following amounts in 2018:

  • $12,000 for single taxpayers
  • $18,000 for heads of household
  • $24,000 for married taxpayers who file joint returns

Taxpayers whose income exceeds the thresholds need to file regardless of whether they owe taxes or will receive a refund.

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Vice President Tax – Midwest Life Insurance Company

Vice President Tax Job In Omaha Nebraska

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.

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