There is no denying the impact of the government shutdowns due to a global virus. However, it is during times like this that people make changes in their personal and professional lives. The focus of this article are the changes made in the world of the tax profession. Given the advances in technology and what is known as early adopters of technology, the focus of this article is an example of an early adopter of technology in the tax profession.
As you read this post you will think of more ideas and we welcome your comments on what you experienced as early adopters of technology in the tax profession. Throughout the year, I will write articles about the early adopters of new technology we discovered in the tax profession. You will learn specifically about tax professionals who joined our tax professional platform and the technical gifts they share with clients all over the world.
Tell me and I forget, teach me and I may remember, involve me and I learn. ~Benjamin Franklin, American Statesman, Author, Inventor, Scientist, Diplomat, Founding Father (1706-1790)
You can do anything you set your mind to. ~ Benjamin Franklin
An investment in knowledge always pays the best interest. ~ Benjamin Franklin
Speak ill of no man, but speak all the good of everyone you know.~Benjamin Franklin
When you are finished changing, you are finished. ~ Benjamin Franklin
We must all hang together, or assurdedly we shall all hang separately. ~ Benjamin Franklin
We invite you to join us as we promote tax expertise to our visitors searching for tax expertise online.
Tax Professionals – Start Here
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Keep Your Thoughts Positive Because Your Thoughts Become YOUR WORDS.
Keep Your Words Positive Because Your Words Become YOUR BEHAVIOR.
Keep Your Behavior Positive Because Your Behavior Becomes YOUR HABITS.
Keep Your Habits Positive Because Your Habits Become YOUR VALUES.
Keep Your Values Positive Because Your Values Become YOUR DESTINY.
You are a tax professional and just want to stay focused on business. You are now working in a world that has changed and much of it has been secret, yet right before your eyes. More than ever, important information is coming out about how you use the internet and you are likely wondering what you should or can believe. Since our inception, TaxConnections has operated differently from all the other sites you may be utilizing right now. We do not sell your data or information nor do we have an App that collects all your personal information. We focus on promoting your professional expertise to drive new clients to you. We run a platform that places a very high value respecting your privacy!
We want to educate our tax professional members about working online and will provide a series “You Need To Know… What You Do Not Know”. If you are working online, as we all are, it is your responsibility to learn a lot more than you may realize or be cognizant of working online. Please follow me in the weeks ahead to learn what you should know operating your business online.
Start by watching this video and making certain your family also watches this YouTube Video:
The Creepy Line
Everyone in the world should watch the above mentioned video!
Then pay attention to the lessons we send you as we offer a solution to our members. You will be a lot smarter operating online.
Lesson One: Apps – What To Consider
Reporting Virtual Currency Transactions
Have You Received This Letter From The IRS Recently?
Why we’re writing to you. We have information that you have or had one or more accounts containing virtual currency and may not have
met your U.S. tax filing and reporting requirements for transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies.
Virtual currency is considered property for federal income tax purposes. Generally, U.S. taxpayers must report all sales, exchanges, and other dispositions of virtual currency. An exchange of a virtual currency (such as Bitcoin, Ether, etc.) includes the use of the virtual currency to pay for goods, services, or other property,
including another virtual currency such as exchanging Bitcoin for Ether. This obligation applies regardless of whether the account is held in the U.S. or abroad. More information can be found on www.irs.gov and in Notice 2014-21, found at www.irs.gov/pub/irs-drop/n-14-21.pdf, which describes how general tax principles
for property transactions apply to transactions using virtual currency.
With all that has happened this year affecting so many, we want to take this opportunity to share with you the Santa Hotline. It was sent to me recently so I dialed up Santa’s Hotline Number for myself today to discover if Santa was really there. Santa answered!
I then tested the hotline on an adorable two year old visiting my home today. It was beautiful experiencing the excitement of a young child knowing Santa was on the phone talking to him. Bringing joy to those you know is a wonderful act of kindness.
Take a moment and call the Santa Hotline at 605.313.4000 today and leave him a list of what you want for Christmas this year. You will be pleasantly surprised he responds to your wish list with a return call.
This post is to remind you to have fun with your family, friends and clients this season.
Santa’s Hotline Phone Number: 605.313.4000
If this phoneline brings you joy, it will be mission accomplished.:)
We live and breathe strategies that gain attention for tax professionals online. Anyone marketing their tax expertise online can run a check on Google today and discover that when you type in the word “tax professional” you will see 1,330,000,000 Billion results. If you go to LinkedIn and type in “tax professional” you will see 1,890,996 Million results. How do you elevate your tax expertise to the top of the search engines and gain a competitive edge online? We have been testing strategies for years now and have a formula that works for tax professionals.
One of the first lessons we encountered, we learned through our search services division. With all the resources to search online, we knew firsthand all the paywalls that prevented us from finding and connecting with the tax professionals for all the clients who came to us for referrals. A search for you most often requires people to pay a fee for connecting with you online. This was the first obstacle we were determined to overcome for every tax professional’s success. TaxConnections technology was developed so our tax professional members appear on an organic Google search just under LinkedIn. Our tax professional members profiles are linked together on the backend which raises our tax professional members visibility to the top of the search engines together. It is a powerful boost each member receives from day one and they can even gain a powerful link to the TaxConnections site!
1. Although Thanksgiving is widely considered an American Holiday observed on the fourth Thursday of every November, it is also celebrated in Canada as the second Monday of every October. Other countries that celebrate Thanksgiving include Germany, Japan, Grenada, Liberia, The Netherlands and Norfolk Islands.
2.The first Thanksgiving was observed in Plymouth, Massachusetts in 1621 at the Plymouth Plantation where Pilgrims held a three day harvest feast to celebrate a successful growing season.
3. President Abe Lincoln declared Thanksgiving a National Holiday.
4. Turkeys have poor night vision but the men in my family who have hunted wild turkey for Thanksgiving dinner tell me they are very smart critters who can fly up to 55 miles per hour (farm raised domesticated turkeys cannot fly because they are fat and heavier).
5. A 16-week-old turkey is called a fryer and a five to seven month old turkey is called a young roster. A group of domesticated turkeys are called a “Rafter”. A group of wild turkeys is called a “Flock”.
In theory, it should be fairly straightforward to find the tax law. At the federal level, we have the Internal Revenue Code (Title 26 of the U.S. Code) available at a congressional website, Cornell Law School site and from commercial tax publishers. Regulations can also be found at the Cornell Law School website, perhaps a few others (including this blogger’sites for regs published in the Federal Register for 2011 through the present), and commercial research publishers. And the U.S. Tax Court and many other federal courts publish their opinions on their websites (but not all). The best way to find everything and have the ability to confirm currency of the information is via a commercial tax publisher.
But, there are challenges of finding the law even with complete access to it for a fee, in how it sometimes is assembled. I’ll demonstrate this using temporary regulations issued in July 1987 (TD 8145), an IRS notice issued in 1989 that modified parts of the 1987 regulations, a 2020 effort to replace the 1989 notice, and an oddity of a incorrect explanation of part of the 1989 notice in the 2019 IRS Pub 535 on business expenses (it was correct in prior versions of this pub). I’ll also attempt to explain why this all happened, AND how it can all be avoided. After all, the tax law is complex enough and should not be made even more complex by challenges of finding that law!
TaxConnections is calling out to tax professional members who will tell real-life stories of clients impacted by the changes in tax laws, tax increases and tax audits. Our digital tax platform is one where tax experts and taxpayers connect around the world. More than ever, people are affected by tax increases in local, state, federal and international tax jurisdictions. Last November 2019, a blog titled “Shocking Behind The Scenes Story: Tax Professionals Advocating For Taxpayers On 3520-A Penalties” which created hundreds of comments on the topic of taxpayers being treated unfairly. If you read the comments you will discover the unwanted and difficult positions taxpayers were faced with on this issue. The point is we know there are many tax stories in the hands of TaxConnections Members that we need to bring to the attention of taxpayers.
“The whole idea is to get an edge. Sometimes it takes just a little extra something to get that edge, but you have to have it.”
~ Don Shula, American Professional Football Coach, Head Coach of Miami Dolphins(1970-1995)
This wonderful Don Shula quote is a great reminder that it is that little extra something that makes winners. For years, we have worked tirelessly to give tax professionals and taxpayers that little extra something to get that edge. TaxConnections mission has always been to raise the visibility of tax experts online so taxpayers can find them easily. Professionally, I understand the challenges in finding tax experts being hired by multinationals who could not find the tax expertise they needed. You can view my track record and partial client list here. TaxConnections is a proven solution for taxpayers to connect with tax experts all over the world.
We know it is really all about educating tax professionals about the powerful technology we built that benefits you! Today, we will teach you how TaxConnections raises your visibility and increases your career opportunities. Our management team is available to call anyone who would like to speak with us today. It is our way of staying connected to your individual needs and success journey. Our management team is offering individual attention and counseling to any tax professional who requests it.
If you would like to speak to our CEO or someone on our executive management team, we encourage you to reply with the best time and number to reach you today. We will call you and introduce ourselves and be happy to show you the secret sauce of our technology and how it drives new business and opportunities to you.
Please reply to this link and we will be delighted to call you today and help you. You can also reach our CEO directly at this email address. Please provide us your name and number along with the best time to reach you today. We will do everything in our power to get to you today or even the weekend on a call.
Kat Jennings, CEO