TaxConnections


 

The Fair 55 Tax Reform Plan (Part 8)

Michael Caryl Fair 55 Tax Reform

TEMPORARY DEFERRED AND PASSIVE INCOME TAX (DPIT).

Largely to assure revenue neutrality, by initially using the least objectionable, narrow aspect of a general individual income tax, it is proposed that a low-rate (3%) flat rate tax be temporarily imposed on income that was deferred (and not taxed) before repeal of the current PIT and on interest and dividends. Thus, the deferred income, to be taxed (for the first and only time), would only consist of distributions from tax-deferred private qualified plans such as IRAs 401Ks, etc. Read More

IRC Section 965 Transition Tax – Part 6

John-Richardson- Investigating the Transition Tax

A Reprieve

This is the sixth in my series of posts about the Sec. 965 Transition Tax and whether/how it applies to the small business corporations owned by tax paying residents of other countries (who may also have U.S. citizenship). These small business corporations are in no way “foreign”. They are certainly “local” to the resident of another country who just happens to have the misfortune of being a U.S. citizen. Read More

Charitable Contributions

Kazim Qasim Charitable Contributions

With the change in the season and the return of fall, many people begin the act of making their homes less cluttered, and we will all begin to get donation requests in the mail.  As the weather cools, we tend to turn an eye towards end of year tax moves as well.  The Tax Cuts and Jobs Act of 2017 brought about many changes in how businesses and individuals are going to operate starting for 2018 onward.  With the deviations to the itemized deductions that we are all so used to, rethinking your charitable giving is a must. Read More

Will You Get A Refund Or Owe For 2018?

Chuck Woodson Will You Get A Refund Or Owe For 2018?

As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and certain credits) exceed your tax liability, and if the pre-payment also got reduced, you could be in for an unpleasant surprise at tax time.  Read More

For Many Business Taxpayers, Time Is Running Out To Elect Out Of New 100-Percent Depreciation Deduction For 2017

IRS Time Is Running Out To Elect Out Of New 100 Depreciation Deduction

The Internal Revenue Service today reminds business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the IRS.

In general, individuals and calendar-year corporations must file the election with the IRS by Oct. 15, 2018. The new 100-percent deduction allows businesses to write off most depreciable business assets in the year they are placed in service. Read More

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

Senior VP Tax Job - Family Office ( Los Angeles, CA)

TaxConnections Executive Search Services Division has been retained to conduct a search for a Senior Vice President Tax for a family office in the Los Angeles, CA area. This very likable CEO has a global diversified portfolio of investments including private equity, real estate and media business holdings. This is a very special opportunity for a tax executive with family office expertise!

We would genuinely appreciate your taking the time to review the Senior Vice President Tax opportunity and refer this to anyone you know who may be interested in learning more.

An ideal Senior Vice President Tax candidate will be currently working in a family office environment and/or a Partner in a Big Four firm experience; real estate investment firm, investment fund, private equity or asset management.

Read More

Director of Tax (Orange County, CA)

Director of Tax Job - Orange County, California

TaxConnections Inc. has been retained to conduct a search for a Director of Tax in Southern California/Orange County area. Our client is a 3B multinational holding company that offers an exciting and fun work environment aligned with a highly professional management team. This company offers an exciting dream job for a Head of Tax who wants to be located in Southern California.

The Tax Director will be responsible for overseeing and managing relationships with external and internal business partners to improve processes and procedures for the tax organization. The Tax Director must have the ability to identify areas of risk and tax opportunity for the company in all areas of international, federal, state, local, sales and use tax. Role involves a wide range of domestic and international tax matters including consolidated income tax provision, tax compliance and transfer pricing.

Read More

Director of Tax (North Dakota)

Director of Tax Job- North Dakota

TaxConnections has been retained to conduct a national search for a Director of Tax for a publically listed regulated company in North Dakota. With a presence in more than 48 U.S. states this company employs more than 10,000 professionals.

Our client seeks a tax executive with experience in a regulated industry to lead and develop a strong tax team. We would appreciate your review of this opportunity and referring this to anyone you feel would like to learn more about it.

Key Responsibilities Are:

Read More

Senior Director of Tax (New Jersey Area)

Director of Tax Job - New Jersey - Pennsylvania Area

TaxConnections has recently been retained to conduct a search for a Senior Director of Tax for a publically listed regulated company in the New Jersey area. With a presence in more than 46 U.S. states and Canada this company employs more than 7,000 professionals. Our client seeks a tax executive with experience in a regulated industry to lead a strong tax team.

Key Responsibilities:

  • Leads departmental research initiatives and interprets tax law; defines and implements corporate tax strategies, policies and standard operating procedures to ensure on-going compliance with statutory tax laws; manages exposure to risk; maximizes and leverages tax benefits and minimizes the company’s overall tax liability within a regulatory industry and rate case construct.
  • Anticipates and plans for developing and upcoming tax issues, and communicates them effectively to senior executives.
  • Ensures that the performance of the tax reporting and compliance staff results in the prompt and accurate processing and filing of the relevant tax returns and manage payment of the relevant taxes to the relevant tax authorities on time.
  • Reviews extraordinary tax audit, sox compliance and litigation issues.
  • Prepares, articulates, negotiates or mediates with tax authorities to reach a favorable settlement.
  • In the capacity as the top internal tax consultant and advisor, provides tax advice, planning options and opportunities related to merger and acquisitions, new service products and/or other business initiatives.
  • Manages the performance of people in the department, which includes interviewing, on boarding, performance reviews, coaching, counseling and career development, etc. to ensure the continued overall improvement in employee performance.
  • Overall accountability for the performance and results of the tax reporting and tax compliance team; and for the tax affairs of the company in support of the financial strategies and objectives.
  • Defines and integrates tax strategies to ensure company maintains a fully compliant and advantageous tax position.

Key Competencies:

  • Demonstrated knowledge and hands-on approach and success in working in a highly matrixed organization.
  • Ability to manage competing priorities and the pressures associated with tax filings and general business demands.
  • Strong analytical and problem solving skills.
  • Ability to develop “Best Practice” processes, implements, and maintains those processes to ensure maximum efficiency and accuracy.

Education/Experience:

  • Requires a Bachelor’s degree with graduate degree, a JD degree or CPA highly preferred.
  • At least 10-15 years of experience in technical income tax with at least 5 years progressive experience managing people and leading teams. Regulated industry experience required.

Contact Kat Jennings to request more information or call 858.999.0053.

 

 

Tax Professionals – You Are Invited To Complimentary ASC 740 Webinar – THE BASICS (Friday, October 5th 2018)

ASC 740 Webinar - Free

Date: Friday October 5th 2018
Time: TIME: 11:00AM EST/10:00AM CT/9:00AM MT/8:00AM PST
Topic: ASC 740 – THE BASICS

Register for Complimentary Webinar: ASC 740 – THE BASICS.

Corporate tax professionals are invited to attend our scheduled complimentary training classes on ASC 740 this Friday, October 5, 2018.

Learn ASC 740 tax provision from nationally recognized tax provision expert Nick Frank. Nick will take you through several courses on tax provision during the 3rd and 4th quarter 2018. Having experienced the challenges of the tax provision Nick developed a simple and easy way to do the tax provision. What was formerly a highly complex task that took weeks do is now is completed in days when you follow Nick Frank’s instructions.

Read More

The Fair 55 Tax Reform Plan (Part 7)

Michael Caryl Fair 55 Tax Reform

ENTERPRISE CONSUMPTION TAX (ECT)

In what, to some, may be the boldest aspect of the Fair 55 Tax Reform Plan©, it is proposed that, in an orderly and fiscally responsible manner, both the current Personal Income Tax (PIT) on individuals’ currently earned income, and the Corporation Net Income Tax (CNIT) on C corporations’ profits, would be repealed and replaced by the addition-method Enterprise Consumption Tax (ECT), imposed at the illustrated rate of 5.5%. The proposal does provide for the temporary imposition of a limited Deferred and Passive Income Tax (DPIT), to be applied only to non-social security/non-public employee retirement benefits such as deferred income, interest and dividends, received by higher-income individuals, but at the flat rate of 3%, which is the rate for the lowest bracket of the current state personal income tax. Read More

The IRS’s Level Of Service Measure Fails To Adequately Show The Experience Of Taxpayers Seeking Assistance Over The Phone – Part 2

Nina Olson Measuring the Taxpayer Experience

In last week’s blog, I discussed how the Level of Service (LOS) measure used by the IRS paints a misleading picture of the taxpayer experience because it does not fully reflect taxpayers’ ability to speak with a telephone assistor and get the answer they need. The high LOS reported by the IRS masks its weaknesses in providing a high-quality customer experience, and reliance on this measure causes these weaknesses to go unaddressed. Similarly, the IRS reports an impressive overall toll-free customer satisfaction rating of 90 percent for fiscal year 2017; however, the response rate for the survey that is the basis for this measure has been low in previous years, and the measure only accounts for those callers that were able to speak with a telephone assistor. In this week’s blog, we will take a closer look to see how this rating stacks up against external evaluations and to understand the drivers of a successful taxpayer experience communicating with the IRS, regardless of the channel chosen or utilized. We will also examine how the IRS compares to other federal agencies and private sector companies, and identify practices the agency can adopt to prioritize the taxpayer experience. Read More

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