International And Transfer Pricing Tax Partner - Law Firm

TaxConnections has been retained by a leading multinational law firm to locate a Tax Partner to lead the Midwest region in serving  international and transfer pricing clients. This market facing role is due to the continued expansion of the international and transfer pricing practice. The Tax Partner will team with a group of talented economists who are already in place to grow the Midwest tax practice. The law firm currently has about 80 tax lawyers worldwide and this successful practice is expected to double in size.

The Tax Partner will assist multinational clients to design, develop, implement, document and defend international and transfer pricing strategies. They will provide clients guidance in analyzing factual material, communicate the benefits of the transfer pricing methodologies both to government representatives and the courts and negotiate advance pricing agreements on a worldwide basis.

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Sweetheart Tax Return - TaxConnections

TaxConnections Members Can Download A Higher Resolution Copy Of This Fun Tax Form When You Login As A Member. Login And Go To Content Download In The Foot Of Any TaxConnections Page.

Click Here For Best View.

We welcome all your comments on Valentines Day!

 

Charles Woodson - Home Ownership And Tax Reform

As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year.

Mortgage Interest – Prior to the tax reform, a taxpayer could deduct the interest he or she paid on up to $1 million of acquisition debt and $100,000 of equity debt secured by the taxpayer’s primary home and/or designated second home. This interest was claimed as an itemized deduction on Schedule A of the homeowner’s tax return. This tax deduction was often cited as one of the reasons to purchase a home, rather than renting a place to live.

Qualified home acquisition debt is debt incurred to purchase, construct, or substantially improve a taxpayer’s primary home or second home and is secured by the home.

Home equity debt is debt that is not acquisition debt and that is secured by the taxpayer’s primary home or second home, but only the interest paid on up to $100,000 of equity debt had been deductible as home mortgage interest. In the past, homeowners have used home equity as a piggy bank to purchase a new car, finance a vacation, or pay off credit card debt or other personal loans – all situations in which the interest on a consumer loan obtained for these purposes wouldn’t have been deductible.

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TaxConnections ADMIN GIRL

TaxConnections has had numerous requests for a written summary of the changes due to Tax Reform.  According to the Taxpayer Advocate Services (TAS) website you can view Tax Changes By Topic:

Tax Changes by Topic

The Tax Reform Changes website shows you how the new tax law may change your future tax filings and helps you plan for these changes. Currently the site addresses the most common 2017 IRS Form 1040, US Individual Income Tax Return topics and whether the tax law has changed or not. It provides line by line explanations and scenarios to describe how the new law may affect you. You can also sign up to receive email notifications as the website is updated with new tax law information.

The information on this page is categorized by tax topic in the order of the IRS Form 1040. Simply choose a tax return category such as income or payments and find information including the previous (2017) tax law information and the tax law change, if any, plus scenarios to describe how the new law may affect you.

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IRS- How To Write A Revenue Ruling Request

To assist you in preparing a Letter Ruling Request, TaxConnections is providing this sample format. This Letter Ruling Request Template will be helpful as an outline for anyone writing one. If your request is different from the sample format, a different format will not defer consideration of your Letter Ruling Request. We simply want to provide you with a general sample and outline in writing one.

What Is A Letter Ruling?

A letter ruling is a written determination issued to a taxpayer by IRS Chief Counsel in response to the taxpayer’s written inquiry, submitted prior to the filing of returns or reports required under federal law. In general, it concerns the requester’s status for tax purposes or the tax effects of its acts or transactions. Letter rulings and other similar ruling requests interpret the tax laws and apply them to the taxpayer’s specific set of facts. You must pay a User fee that can range from $200 to $28,300, depending upon the type of ruling being sought.

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Tax Question -Wyoming, New York, Delaware

TaxConnections is reaching out to our community of tax experts to help answer a tax question for one of our site visitors. Your advice will be most appreciated. Can you help?

When you are a member and answer our visitors tax questions we give you credit by promoting you and your tax expertise on the home page of TaxConnections. You can also make comments below.

“What would be the taxes (corporate and individual to shareholders upon dividends) on ordinary income in the following org structure: NY resident 100% owner of a Wyoming corporation ->Wyoming Corporation 100% owner of a DE LLC –> DE LLC generates ordinary income from interest, fees and rents. The DE LLC is doing business in NY.”

 

Tax Inspectors Without Borders 3

Tax Inspectors Without Borders (TIWB) is a joint OECD-UNDP initiative and is at the forefront of efforts to build tax audit capacities in developing countries. As a result of these initiatives, more countries are collaborating to close tax loopholes, improve transparency and ensure that multinational enterprises pay tax where they operate. There are at least 149 countries and jurisdictions committed to the Global Forums standards, transparency and exchange of information. Implementation continues on measures to reduce tax avoidance by multinational enterprises under the G20/OECD Base Erosion And Profit Sharing project in 113 countries and jurisdictions.

This progress is bearing fruit, with billions in additional dollars of tax revenue resulting from voluntary compliance mechanisms and off-shore investigations. This additional revenue can help countries to mobilise more resources domestically in support of the United Nation’s Sustainable Development Goals – resources that are very much needed. While there is considerable positive momentum, last year’s Panama Papers revelations also remind us that much more can be done to tackle tax avoidance and evasion. Work on the international tax agenda has become more inclusive in recent years and has demonstrated the power of multilateral co-operation to deliver global solutions to global problems. Continued political leadership and advocacy will be vital. In parallel, countries also need the knowledge, tools and capabilities to effectively engage on international tax issues. In many developing countries, these technical skills are lacking. This is where TIWB comes in.

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Motivational Quotes - 250

TaxConnections has an eBook gift for you of 250 motivational quotes to inspire you throughout the year. This compilation of inspirations is a wonderful tool that reminds you to continue to move successfully forward each day. Many of the greatest leaders in our world experienced numerous challenges prior to their great successes. This compilation of motivational inspirations is a reminder of the mindset that moved these leaders to greater success in life.

You will enjoy this eBook and we hope you use it to share these important life messages with family, friends and professional colleagues throughout the year. One text or email with any one of these 250 inspiration quotes is a great way to start a day in the lives of people you know professionally and personally.

Click Here To Receive Your Complimentary eBook: https://www.taxconnections.com/motivational-inspirations

 

 

Virtual Phone - TaxConnections

As I was talking to a CFO client this week about his return vacation from Hawaii, I explained to him that he could still be working in Hawaii and no one would know the difference with the new virtual phone system. He can transfer his calls from cell phone to office, have a video conference meeting, know when his staff has checked in and are working, chat with them about the projects due this week and no know would know if he was in his office or on the beach.

Take a look at this amazing new technology that can be easily added to your current phone system. We have been utilizing this phone service and we love it. Once you see every feature you have for thirty dollars a month, you will drop all the other service providers and save yourself thousands of dollars a month. It is simply amazing!

Learn About A Virtual Phone Today

 

TaxConnections - Virtual Phone In The Cloud

You will save yourself thousands of dollars annually with the new virtual phone technology. After juggling multiple programs costing us thousands of dollars a month, we are now using technology that is amazing and we want you to know about it. You will thank us!

Take a look at all the features in this virtual phone system which cost less than thirty dollars a month. We have been utilizing this phone service for years and would never consider using any other service. Once you see every feature you have for thirty dollars a month, you will drop all the other service providers and save yourself thousands of dollars a month. It is simply amazing!

Learn About A Virtual Phone Today

 

Kat Jennings - Thank These Gentlemen

This is an important post that we encourage you forward on to any person you know who is an American working and living abroad; or any accidental Americans who are caught up in this tax legislation. Please watch this video where John Richardson interviews Jim Gosart, Olivier Wagner and Solomon Yue about their work on behalf of all Americans Abroad. Although many other significant contributors have helped along the way, these gentlemen have been greatly instrumental in getting tax legislation H.R. 7358 to Congress.

If you have followed any of the initiatives to get this bill in front of Congress, you must know what they have accomplished is astonishing. The goal has always been to make the tax treatment of Americans Abroad fair. The new bill presented in Congress is appropriately called “Tax Fairness For Americans Abroad Act of 2018″ and you should follow it closely.

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TaxConnections - Virtual Tax Offices

TaxConnections has built Virtual Offices for tax professionals around the world; however, we want to tell you about our evolving iterations and updates. For those of you unfamiliar with TaxConnections Virtual Office, allow me to explain what it is and why it is important to have one.  A Virtual Office enables you to conduct business from any location with cell phone access. While organizations have moved their businesses to the cloud, tax professionals are moving their businesses into the cloud and away from brick and mortar buildings. Early tax professional explorers are staking out virtual office space and acquiring prime cloud real estate. TaxConnections tax members and their virtual offices are already dominating space online.

What we imagined is now a reality, a “virtual office” in the cloud for tax professionals. It is a steady home base throughout a tax career where a tax professional can always be reached. It is a place where your mail always comes to you no matter what city or country you may be traveling. There are no brick and mortar real estate costs, and no landlord; you are free to work from any location on earth. Your entire business is in the cloud, and you are unencumbered and able to travel light.

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