My desire to describe a generation of distinguishable tax experts in corporations, accounting firms, law firms and academia made me think of a “taxonaut” or “taxnaut”. When you look up the word “naut” in the dictionary it states the definition is one of a voyager; or likened to a voyager! There is a new generation of tax professionals voyaging out into a new world of tax explorers. They are being Read more
Tag Archive for Tax Professional
There is no one who understands the business of people who are laid off better than I do. Over thirty years, I have dealt with tax professionals who have been laid off for a wide range of reasons due to mergers, acquisitions, seasonal tax work, and a variety of other reasons. What I want to bring attention to in this blog post Read more
In order to assist management in tax organizations who want to develop a leading and productive tax team, a special blog series starts January 2016 and runs through March 2016. This special series will consist of 12 articles that address the challenges tax management teams will likely face in running their tax organizations. The purpose of sharing this insightful and valuable information is to ensure you never feel alone in your journey managing a tax department. In fact, you will learn there are many challenges faced in managing a tax organization that you will be able to handle with the information provided in these posts.
Why will you want to read these posts? You will learn what 30 years of experience has taught me during more than 500,000+ private conversations with tax professionals around the world. I promise to share great stories with you during these posts.
The 12 week series on Developing A Leading Tax Team in 2016 will cover:
A corporate tax professional asked me recently what they could do to increase their annual raise! Their expectations were set higher than the bonus they received and they felt like their accomplishments went unnoticed. Most companies raises are set to reflect two variables including the company’s success and the individual’s contributions. However, these methods are not always accurate for many reasons but the bottom line is that your contributions may not have been noticed. This happens often so do not be disappointed but learn from a great technique that is certain to help you when raise time comes around.
As a seasoned retained search executive, I am often asked to counsel tax professionals on compensation. Over the years, I have figured out effective techniques anyone can use to thoughtfully and comfortably remind Read more
If you are contemplating selling real-estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of years.
The first and possibly most important issue is adjusted basis. When computing the gain or loss from the sale of property, your gain or loss is measured from your adjusted basis in the property. Thus, your gain or loss would be the sales price minus the sales expenses and adjusted basis.
So what is adjusted basis? Determining adjusted basis can sometimes be complicated, but in a simplified overview, it is a dollar amount that starts with your acquisition value and Read more
Over the years, I have completed several private studies for corporations who were benchmarking salaries for their tax departments. The purpose of this post is to educate you on how to obtain the most accurate and up-to-date information for your tax department. Allow me to set guidelines and boundaries right up front and that means how the information is gathered. First of all, the mass produced surveys of tax professionals by well-known staffing houses are so far off the mark that they often do a great disservice to those who read them. You must have a person who understands tax and the role each tax professional plays in an organization.
There are hundreds of unique tax positions around the world within specialized areas of taxation; unless you understand the complexity of technical skills involved you are Read more
When a tax professional starts searching for a new tax job they often do not know where to start! With thirty years of experience consulting to multinationals, I want to help as many people as possible. Therefore, I created a complete step by step course on “How To Find A Tax Job”. Included in the course are the following: How To Get To The Top of The Tax Profession; Resume Template, Building Your Online Professional Summary, Contact A Hiring Manager, How To Approach A Hiring Manager; Types of Interviews; 10 Great Questions To Ask During An Interview; Top Ten Interview Mistakes; What To Do After An Interview. The course is free with every TaxConnections Annual Membership.
If you currently have a TaxConnections Membership, go to your green “Welcome Your Name” Dropdown Navigation Bar and click on “Resource Library”. If you want access to Read more
In Wole Odujinrin v. IRS Commissioner the petitioner, a hematology oncologist who represented himself, did not have adequate substantiation to support his petition and was not entitled to claim a net operating loss. He was also liable for an accuracy-related penalty under IRC 6662 – the expensive kick in the shorts.
This petitioner moronically showed up with little documentation in support of his claimed deductions and had inadequate evidence to show that he correctly assessed his 2009 tax liability. He testified that he relied on the advice of a tax practitioner but that person was not present to testify at trial nor provide an affidavit.
The Tax Court ultimately ruled in this case that the petitioner failed to establish a defense Read more
As a Tax Professional, you have the opportunity to influence the Internet Sales Tax Law. While Congress is on track to pass a nationwide Internet Sales Tax, you can make a significant contribution to improve it before it becomes law! The Open Government Foundation has designed an innovative platform for making line-by-line suggestions for improvements in the internet sales tax law.
TechCrunch has created a version of the “Project Madison” crowdsourcing legislative platform that enables readers to add, delete and amend specific passages in the upcoming tax law. Suggestions by tax professionals will receive the attention of Congressional Staffers. TaxConnections in support of TechCrunch needs your help to make a difference in this law – NOW!
Senate Bill S.743, the “Marketplace Fairness Act of 2013,” passed the Senate with overwhelming support and is on to the House of Representatives. TechCrunch launched a news civic channel to source and promote the most insightful ideas to pass on to government. This is a real opportunity to improve the Internet Sales Tax Laws while it has left the Senate and is on its way to the House of Representatives.
Here is exactly what you need to do: Read more