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Tag Archive for Tax Professional

The Taxonauts- A New Type of Tax Professional

katd

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

Nicest Thing To Do For A Tax Professional Before You Lay Them Off

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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

How To Develop A Leading And Productive Tax Team In 2016

Kat Jennings

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:
Read more

Tax Professionals-Here Is A Gift To Help You To Increase Your Compensation

Kat Jennings

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

Facing A Huge Gain From A Realty Sale?

Barry Fowler21

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

Compensation For Corporate Tax Professionals – How To Acquire The Most Accurate Information

Kat Jennings - TaxConnections-9

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

Complete Course – How To Find A Tax Job

Kat Jennings - TaxConnections6

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

Odujinrin v. IRS Commissioner – Reinforces The Significance of Engaging A Reputable Enrolled Agent

3d business man presenting concept of expert advicet

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

2013 Finance Act – Part 10 – Irish Tax System

This is the final post in a ten-part Worldwide Tax Blog Series.  Due to the amount of changes it is not possible to detail each individual provision so I decided to focus on a cross section of amendments to give a general overview.  The legislative provisions I have selected will have an affect on most if not all Irish individuals whether resident and domiciled or resident and non-domiciled; employed or unemployed; retired or still working; self employed or PAYE workers; corporate structures or individuals, etc.

Finance Act 2013 contains the legislative provisions for a number of changes to the Irish tax system under all the main tax heads including Income Tax, Corporation Tax, Capital Gains Tax, Excise, Value Added Tax, Stamp Duty and Capital Acquisitions Tax.

Universal Social Charge – Part 1

The Remittance Basis for Income Tax – Part 2

The Remittance Basis for Capital Gains Tax – Part 3

Taxation of Certain Social Welfare Benefits – Part 4

Mortgage Interest Relief – Part 5

Donations To Approved Bodies – Part 6

Farm Restructuring Relief – Part 7

FATCA – The US Foreign Account Tax Compliance Act – Part 8

Close Company Surcharge – Part 9

Stamp Duty – Part 10

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10. STAMP DUTY

Finance Act 2013 introduced anti-avoidance measures to target “resting in contract” and other structures used in relation to certain land transactions.

The main points are as follows: Read more

How You As A Tax Professional Can Help Influence The Internet Sales Tax Law

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

2013 Finance Act – Part 4 – Irish Tax System

This is a ten-part Worldwide Tax Blog Series on a cross section of amendments in the Irish Tax System and a general overview:

Universal Social Charge – Part 1

The Remittance Basis for Income Tax – Part 2

The Remittance Basis for Capital Gains Tax – Part 3

Taxation of Certain Social Welfare Benefits – Part 4

Mortgage Interest Relief – Part 5

Donations To Approved Bodies – Part 6

Farm Restructuring Relief – Part 7

FATCA – The US Foreign Account Tax Compliance Act – Part 8

Close Company Surcharge – Part 9

Stamp Duty – Part 10

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4. TAXATION OF CERTAIN SOCIAL WELFARE BENEFITS

From 1st July 2013 certain Social Welfare Benefits not previously chargeable to Income Tax will come into the Income Tax net including:

1.  Maternity Benefit
2.  Adoptive Benefit
3.  Health & Safety Benefit

Revenue will now be permitted to amend tax credit certificates and standard rate cut off points to collect the tax arising on these benefits. Read more

GAO Reports A Big Increase In FBAR Reporting – Maybe It Is A Result Of IRS Enforcement Efforts?

The number of American taxpayers reporting foreign accounts to the Internal Revenue Service (IRS) doubled to 516,000 between 2007 and 2010, according to the United States Congress’ General Audit Office (GAO). The GAO investigation also found that six percent of US taxpayers who took up the IRS’ 2009 offshore tax amnesty received penalties of USD1 million or more, and most of them had accounts at the Swiss bank UBS.

Have Un-Reported Income From A Foreign Bank?
Need Experienced Tax Advise?
Contact the Tax Lawyers at Marini & Associates, P.A.
for a FREE Tax Consultation Connect with me on TaxConnections:  Ronald Marini
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