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Tag Archive for CA

Rejoice – Business Meals Are Still Deductible

Charles Woodson- Business Meals Are Still Deductible

If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed last December that did away with the business-related deductions for entertainment, amusement or recreation expenses, beginning in 2018. You can still entertain your clients; you just can’t deduct the costs of doing so as a business expense.

While the ban on deducting business entertainment was quite clear in the revised law, a lingering question among tax experts has been whether the tax reform’s definition of entertainment also applied to business meals, such as when you take a customer or business contact to lunch. Some were saying yes, and others no. Either way, both sides recommended keeping the required receipts and documentation until the issue was clarified.

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Director of Tax Job – Corona, CA

Director of Tax Job - Corona, CA

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 is an exciting dream job for a Head of Tax who wants to be located in Southern California.

Responsibilities:  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.

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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.

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New Deduction For Pass-Through Entities

Haik Chilingaryan- Tax Deductions For Passthroughs

Under the new tax laws (“TCJA”), there is a new deduction available to owners of pass-through entities. Section 199A of the Internal Revenue Code allows owners of pass-through entities to deduct up to 20% of their business income from their income taxes. The first portion of this article provides an overview on the various types of pass-through entities that are included under Section 199A. The second portion of the article provides an analysis on the conditions that the owners of pass-through entities must satisfy in order to qualify for the 199A deduction.

PASS-THROUGH ENTITIES

For purposes of Section 199A, the following entities are entitled to the deduction: sole proprietorships, partnerships, limited liability companies, S corporations, trusts, and estates. The most distinguishing characteristic of pass-through entities is that the entities themselves generally do not pay tax. Instead, all of the earnings and expenses are passed through to the owners who pay the taxes on their individual tax returns. The sections below provide an overview on the general characteristics of each type of pass-through entity.

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Learn About Four New Corporate Tax Executive Jobs -TaxConnections Executive Search Division

Tax Jobs - Director of Tax Jobs

TaxConnections Executive Search Services Division has been retained on four senior tax executive leadership roles all located in different parts of the country. If you have an interest in a lead tax role in California, North Dakota, New Jersey please contact us at contact@taxconnections.com.

For your information, TaxConnections Executive Search clients do not advertise any of these opportunities on the job boards. Our clients privately retain us to conduct a comprehensive national search for the lead tax executives they seek.

If you want to be informed privately of tax executive roles unavailable anywhere else in the country, we suggest you become a TaxConnections Member to be the first to be confidentially informed. We reach out to corporate tax executives we know first. It is smart to be in TaxConnections Worldwide Directory of Tax Professionals! Read more

Senior Vice President Tax (Los Angeles, CA)

Senior VP Tax Job, Los Angeles, CA

TaxConnections Executive Search Services Division has recently been retained to conduct a search for a Senior Vice President Tax in the Los Angeles, CA area for a private equity client with real estate  SPAC expertise. We would genuinely appreciate your taking the time to review the 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 private equity and/or a Partner in a Big Four firm, investment fund, or asset management with substantial S-Corp expertise.

Senior Vice President Tax

Responsibilities include global tax strategy, tax planning and compliance; review and 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. The Senior Vice President Tax will work directly with the CFO in identifying and developing  effective tax strategies and planning techniques to minimize overall taxes of consolidated group of companies; minimize overall costs associated with the tax structure and lead acquisition and due diligence and integration efforts.

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Vice President Tax – Real Estate, Partnerships, Acquisitions (Southern California)

Tax Job, Vice President Tax Job, Los Angeles, CA

TaxConnections Executive Search Services Division has recently been retained to conduct a search for a Vice President Tax with experience in real estate, partnerships, mergers and acquisitions. 

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

Vice President Tax

Responsibilities include global tax strategy, tax planning and compliance; review of all domestic and international corporate, partnership and other income tax returns; and implementing and managing company’s activities (partially insourced and partially outsourced).

The Vice President Tax will report directly to the CFO in identifying and developing effective tax strategies and planning techniques to minimize overall tax burden of consolidated group of companies and minimize overall costs associated with the tax structure. The Vice President of Tax will lead acquisition structuring and due diligence including tax integration efforts.

The role requires research and analysis of tax issues; working with external advisors on domestic and foreign authoritative tax laws, corporate strategies, decisions, regulations and rulings; and advising senior management regarding the impact and tax liabilities. The Vice President Tax will oversee all tax-related payments; review and preparation of income tax projections for cash flow modeling; liaise with domestic and foreign business units, and external service providers on tax matters, and manage the coordination of audits and inquiries by various taxation authorities.

Reply to Kat Jennings to learn more about VP Tax opportunity.

 

 

Tax Manager/Partnerships (San Francisco Bay Area, CA)

Tax Manager-Partnerships Job

The Tax Manager role requires partnership, S corp and individual tax consulting experience and the skills to effectively diagnose clients’ needs in order to develop and implement solutions. Primary responsibilities involve providing tax compliance, tax accounting, tax research and planning on partnerships, s corps and individual tax return for sophisticated clientele. We will build upon your technical strengths in order to expand your expertise in partnership, s corp and individual taxation. Our firm builds well-rounded tax experts to serve a myriad of client needs which leads to continued professional growth. Our culture is to develop trusted tax advisors with sound judgement with the highest ethical standards in the profession. The Tax Manager/Partnerships will be responsible for a range of projects including:

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A Breakdown Of The Proposed IRS 1040

Charles Woodson, Proposed IRS 1040 Form

Remember the IRS’s promise about being able to file your income tax return using a postcard?

The reality of the new 1040 form is a far cry from a postcard. Although the administration insists that it has simplified the process of preparing your tax return, a few minutes of comparing the old 1040 to the new draft version shows that the redesign did little more than change it from the previous two-page form to two half-size pages – with six schedules provided separately. All but four of the 79 lines from the old version remain on the new one; they’re just divided up differently. Unless all of your income comes from wages, interest, dividends, pensions and Social Security, you will now have more schedules to fill out than you did before, and you still have a lot of work ahead of you.

How much new work does the revised version represent? Here’s a quick rundown of the six new schedules:

Offer In Compromise FAQs

Chuck Woodson, Offer In Compromise

We’re all responsible for paying our fair share of taxes each year. But what happens when the amount that you owe is simply out of reach? What happens if you failed to make payments in a timely manner and your financial circumstances have shifted to the point where your cumulative debt is beyond your ability to pay? In the face of this untenable position, your best option for paying the IRS may be what is known as an Offer in Compromise.

The Goal of the Offer in Compromise

The Offer in Compromise, or OIC, was created to accomplish two goals: it allows American taxpayers who are unable to pay the full amount of their tax debt a way to negotiate a payment that is in keeping with their ability to pay, while at the same time providing the IRS with the ability to collect at least a portion of the amount that is owed to them. The process is neither simple nor fast: it generally takes at least one to two years for both sides to come to an agreement on an amount to be paid.

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Senior Tax Manager/Partnerships (East San Francisco Area, CA)

Tax Job, Senior Tax Manager, Pleasanton, CA

The Senior Tax Manager role requires partnership, S corp and individual tax consulting experience and the skills to effectively diagnose clients’ needs in order to develop and implement solutions. Primary responsibilities involve providing tax compliance, tax accounting, tax research and planning on partnerships, s corps and individual tax return for sophisticated clientele. We will build upon your technical strengths in order to expand your expertise in partnership, s corp and individual taxation. Our firm builds well-rounded tax experts to serve a myriad of client needs which leads to continued professional growth. Our culture is to develop trusted tax advisors with sound judgement with the highest ethical standards in the profession. The Senior Tax Manager/Partnerships will be responsible for a range of projects including:

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Tax Planning Is More Than Just Tax Filing

Haik Chilingharyan, Tax Planning

Tax planning involves a wide range of strategic decisions and implementations which affect your overall estate plan. In fact, there is arguably no other area of law that is more complex and that contains as many guidelines as the U.S. tax law. In addition, there are also State and Local Tax laws (SALT). The impact of SALT has become even more significant ever since the passage of the Tax Cuts And Jobs Act, primarily because the legislation now limits the SALT deductions to only $10,000.

The understanding of such complicated set of rules is a fundamental key to tax planning. Proper tax planning is a proactive measure that one takes to arrange and rearrange their finances in order to limit his or her tax liability to the lowest amount allowed by law. The confusion often arises because people often make the mistake of thinking that by hiring somebody to file their taxes they are engaging in proactive tax planning. However, the filing of tax returns is usually a reactive activity, not a proactive one.

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