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Tag Archive for California

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.

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Estate Planning In A Nutshell

Haik Chilingaryan, Estate Planning Tax Lawyer, Los Angeles, CA

What Is Estate Planning?

An estate plan includes trusts, wills, health care directives, financial directives, guardian designations, and living wills. However, proper estate planning does not merely include the delivery of these documents, but the process of identifying the objectives sought by our clients and putting in place the strategies that help them achieve their goals. Thus, estate planning primarily consists of the advice and guidance that you get from a professional who can be a steward in the preservation of your wealth.

In a nutshell, our firm takes the comprehensive approach to estate planning, which includes not only the methods in which a person’s assets are distributed upon death, but also the implementation of strategies that preserve the most amount of wealth during one’s life. It follows that the most amount of wealth that can be preserved during one’s life can increase the overall value of the estate, which the beneficiaries will receive upon one’s death. Our firm also uses the various tools available in the legal realm in order to protect the assets of our clients from creditors and predators.

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Tax Job – Tax Manager/ Partnerships – Northern California

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

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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Tax Manager/Partnerships – Northern California

Tax Job, TaxConnections Retained Executive Search

Kat Jennings, TaxConnections CEO and internationally recognized tax search consultant, has worked with many firms over the years. One of her clients is an East Bay Area boutique tax practice with former Big Four Tax Partners and has grown to around a 50-person tax practice. They offer a culture of support, respect, flexibility, and opportunity that is refreshing to experience these days.

Tax Manager/Partnerships (Pleasanton, CA)

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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California And Market Based Sourcing Of Revenue As Related To Income Tax Apportionment

Market-Based Sourcing of revenue for services as related to income tax apportionment purposes is becoming a trend among states. As our economy becomes more service intensive, determining how to properly source service and intangible revenue is vital to the states. According to Bloomberg BNA, California’s latest draft rules for market-based sourcing of sales of intangibles are confusing and could affect defense contractors, asset managers, and R&D service companies.

On May 18, 2018, the California Franchise Tax Board (FTB) held its third Interested Parties Meeting (IPM) regarding proposed amendments to California Code Regulations, Title 18 (CCR), Section 25136-2. This section of the CA Regulations describe the provisions of market-based sourcing rules for California taxpayers.

Background

California shifted from the cost-of-performance method to the market-based sourcing method when assigning income from sales of services and intangibles, such as software.  The shift came with California’s switch to elective single-sales-factor apportionment for multistate taxpayers in 2011 and mandatory single-sales-factor apportionment in 2013.

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What You Need To Know About California’s SB 993

Sales tax is a major revenue source for many states, including California, which is why its legislature has been looking for additional ways to collect fees under the ‘sales tax’ umbrella.

For years, State Senator Bob Hertzberg has been trying to extend the state’s reach by imposing sales tax on services. Although 2015’s Senate Bill 8 didn’t pass, there’s another bill recently heard in the Senate Governance and Finance Committee: Senate Bill 993 (SB 993).

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Understanding Marginal Income Tax Brackets

By any measure, the tax code is huge. According to Commerce Clearing House’s Standard Federal Tax Reporter it’s up to 74,608 pages in length.¹

And each Monday, the Internal Revenue Service publishes a 20- to 50- page bulletin about various aspects of the tax code.²

Fortunately, it’s not necessary to wade through these massive libraries to understand how income taxes work. Understanding a few key concepts may provide a solid foundation. Read more

Top Predictions You Need To Know: Wayfair V. South Dakota Onlines Sales Tax Case

As we wait for a decision in the Wayfair v. South DakotaSupreme Court Case regarding online sales tax, we thought it would be fun to take a look at possible outcomes depending on how the Court rules.

Our Opinion On The Online Sales Tax Case

Back in March we shared our predictions on how the online sales tax case’s outcome would affect businesses.

What if the Supreme Court rules against South Dakota? We’re back where we started with Quill remaining the physical presence standard and states passing various legislation that’s either unconstitutional (and likely not upheld) or that requires onerous reporting. Read more

Are Virtual Currencies Taxable?

With virtual currencies like Bitcoin becoming more mainstream in recent years, we often get asked if revenue from the sale or exchange of these digital dollars is taxable. The simple answer is, YES – income (or profit) from virtual currency transactions is reportable on your income tax return. However, because this is still a relatively new phenomenon, there are a few things you should be aware of to make sure you don’t get caught with a huge tax bill!

Virtual currency, as generally defined, is a digital representation of value that functions in the same manner as a country’s traditional currency. Bitcoin is one example of a convertible virtual currency which can be digitally traded between users and purchased for, or exchanged into, U.S. dollars, Euros and other real or virtual currencies. There are currently more than 1,500 known virtual currencies. Because transactions in virtual currencies can be difficult to trace and have an inherently anonymous aspect, some taxpayers could be tempted to hide taxable income from the IRS. Read more

A Review Of Significant TCJA Provisions Affecting Small Businesses

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017, and are permanent, unless otherwise noted.

Corporate Taxation

  • Replacement of graduated corporate rates ranging from 15% to 35% with a flat corporate rate of 21%
  • Replacement of the flat personal service corporation (PSC) rate of 35% with a flat rate of 21%
  • Repeal of the 20% corporate alternative minimum tax (AMT)

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The Latest In Online Sales Tax: Wayfair Vs. South Dakota Oral Arguments

Last week the U.S. Supreme Court heard oral arguments in the Wayfair v. South Dakota online sales tax case. While the court’s decision regarding the matter isn’t expected until June, the Justices’ questions in the matter reveal that it’s far from already settled, and they’re divided on whether or not Quill should be overruled.

South Dakota’s Arguments Regarding Quill

South Dakota’s Attorney General Marty Jackley began his statement, Read more

The Truth On Accumulated Payroll Taxes

This is the absolute top of the food chain of priority cases for IRS Collection employees.

Succumbing to the temptation to use IRS as your involuntary banker is rewarded at best with steep penalties–not deductible, thank you–and interest charges that together make credit cards look like a bargain.

Prosecution is possible for severe offenders as this official Department of Justice News Release shows. In the criminal justice system, failing to turn over withholding taxes is considered just the same as embezzlement. Read more

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