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Tag Archive for Kat Jennings

Tax Professionals – Question Of The Week For You!

Tax Advisor’s – What Are Your Thoughts On This Question Of The Week?

My client has an 1120-F entity and wishes to convert it to a C-Corp or S-Corp. Is there a way to do this without any tax implications? He is a US citizen and the corp has two buildings that generate rental income.

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Read Argument Word For Word In The U.S. Supreme Court – South Dakota V. WayFair, Inc

As States become more aggressive in the collection of sales tax, cases are making their way to the United States Supreme Court. In the 1960s the U.S. Supreme Court limited states sales tax collection power to individuals and businesses with a physical presence, either themselves or property, in the state. This was reaffirmed in the 1992 Quill decision in Quill Corporation V. North Dakota.

Since the Quill decision, the “physical presence rule” has been challenged in the area of sales tax (31 states now have laws collecting sales tax from internet firms with no physical presence in the state). Horror stories abound including states like Massachusetts and Ohio claiming they can tax any company if their website puts a cookie on an in-state browser.

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Virtual Currency Transactions Must Be Properly Reported For Tax Purposes

Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest.

In more extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions. Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000. Read more

Virtual Currency And Taxes – The View Of The United States Internal Revenue Service

Kat Jennings, CEO, Tax Blog, TaxConnections

Internal Revenue Service Notice 2014-21

Section   1. Purpose

This notice describes how existing general tax principles apply to transactions using virtual currency. The notice provides this guidance in the form of answers to frequently asked questions.

Section   2. Background

The Internal Revenue Service (IRS) is aware that “virtual currency” may be used to pay for goods or services, or held for investment. Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance — but it does not have legal tender status in any jurisdiction. Read more

Corporate Tax Executives Exclusive – Costly Corporate Software Mistakes

Kat Jennings, CEO, Tax Blog, TaxConnections

You are invited to a private conference call on Friday, May 11, 2018 at 9:00AM PDT/10:00AM MT/11:00AM CT / 12:00NOON EST. This one of a kind conference call exposes an underworld of costly software mistakes that are affecting corporate tax departments worldwide.

Tax executives rarely know about the big mistakes made in purchases and implementation. I have asked these experts to share what really goes on. In order to get the real truth out we are providing anonymity to these folks and invite only those individuals currently employed in a corporate tax department. Read more

Corporate Tax Executives: Hiring Trends You Need To Know

When you have been searching for tax executives for 30+ years you see hiring trends long before tax organizations realize what is happening. For tax executives who have worked with me over many years to build their tax organizations, I am going to share what we are seeing in the market right now so you are better prepared.

There is an explosion of tax opportunities about to reach the market of the likes I have not seen since TRA 1986 under President Reagan. Read more

Tax Advisor’s Reference Guide – 292 Pages Of Individual Federal Tax Return Instructions

Tax Advisors Reference Guide, IRS, Federal Tax Returns, Tax Forms, Individual Tax Return, Federal Tax Return, Kat Jennings, Tax Blog, TaxConnections

With all the changes in taxes this year, it takes an ace tax advisor to figure them out. Therefore we want to make certain our members and followers have access to the most up-to-date information in preparing clients individual federal tax return.  We are providing you the Tax Advisors Reference Guide with 292 pages published by the IRS  for those of you preparing federal tax returns for tax clients. What is also wonderful about this publication is it provides all the Tax Forms you will need to prepare tax returns in English, Spanish, Chinese, Korean, Russian and Vietnamese. Read more

A Secret Few Know About A Graduate Tax Degree

Graduate Tax Degree, Graduate Tax Program, Multinational Tax Job, Kat Jennings, CEO, Tax Blog, TaxConnections

While speaking to the Dean of a graduate tax program recently, I shared with them an important fact. The majority of corporations, public accounting, and law firms all require a graduate tax degree to get through the front door to interview today (or they want to see you are enrolled in a graduate tax program).  If you have a graduate tax degree like an MST, MLST or an LL.M, you made a great career decision already as these tax professionals are the ones who are being hired by major firms today.   Read more

Tax Advisors Reference Guide On President Trump’s Executive Orders On The Elimination of 298 IRS Existing Regulations #2

You would never know what was hidden in these regulations unless you conduct extensive research which we did for our members. We will be providing our research to our members.  Based on a preliminary review, these proposals could be very far reaching and effect a wide range of our member’s clients. These proposals deserve your immediate review!

TaxConnections Members should study this very important information in order to make comments or request a public hearing on areas that will impact you and your clients. If you want to comment or request a public hearing please make note of the date of May 14, 2018. You must make a request for a public hearing before this date.

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Looking For A Tax Job ? – TaxConnections Community Provides More Opportunities

Kat Jennings, CEO, TaxConnections

By popular demand, many companies are requesting to advertise their tax jobs on TaxConnections.  Smart companies understand it makes sense to advertise tax jobs on the leading tax community for tax professionals. If you have an open tax role in a corporation, law firm, public accounting firm or independent tax practices, we highly recommend you post with us.

As the world of tax changes, the best way to connect with the tax community is on www.taxconnections.com.

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Tax Advisors – Work Smart With New Client Acquisition Strategy

Kat Jennings, Tax Blog, CA, TaxConnections

You have a tax practice and want to build clientele! What do you do?

What you must do is develop a smarter marketing strategy. The first step in any marketing development strategy is to place yourself in the mindset of a prospective client; start thinking like one!

Where would you go to find a tax advisor? You think a prospective client will go to FaceBook or LinkedIn to find a tax advisor? It is unlikely yet so many tax professionals are still wasting time and money on sites that yield no new clients for them. I know tax advisors who have spent thousands of dollars advertising and posting on sites and have never gained one new client. Read more

Tax Question Of The Week: Who Knows The Answer?

Kat Jennings, Tax Advisor, Tax Blog, Tax Question of the Week, TaxConnections

During the final stages of an IRS Appeals Level of an OIC, I then received an audit for my 2015 corporate tax return. My personal side was settled and a figure agreed upon( took two years to get to this status). My question is “Does this mean that my OIC already negotiated will have to withdrawn?”

Is the OIC withdrawn automatically in Appeals? Are the Auditors attempting to take away the negotiated OIC and I have no choice in the matter? Is there any part of the code section that would tell me how this is handled. I am unable to find it and the lawyer representing me is unable to find any code section to protect an already negotiated OIC settlement.

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