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Want To Save Taxes On A Roth IRA Conversion?

Charles Woodson - Roth IRA Conversion

If you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for his or her labor and expenses in an audit. Payments to independent contractors are referred to as non-employee compensation (NEC).

Because so many fraudulent tax returns were being filed right after e-filing opened up in January and before the old 1099-MISC due date at the end of February, the IRS had no way of verifying NEC. That opened the door for the IRS to be scammed out of millions of dollars in erroneous earned income tax credit (EITC). To plug that hole, the IRS moved the filing date for NEC 1099-MISCs to January 31 and no longer releases refunds for returns that include EITC until the NEC amounts can be verified.

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TaxConnections Happy Thanksgiving Gift For Tax Professionals

welcometurkeymissyThanksgiving is the day we are reminded to set aside time for thanksgiving and praise for the tax professionals and tax organizations we have served this year.

1. We are grateful for the tax professionals who TaxConnections refers new tax business and tax opportunities. You are tax leaders on the front lines of business development innovation.

2. We are grateful for the tax professionals who trust our counsel regarding advancing tax firms and tax careers.

3. We are grateful for every client who has retained TaxConnections Executive Search Services Division us to conduct searches for their tax departments.

4. New Members Gift who join us by Sunday, November 25th receive one year free membership with one year annual membership.

Happy Thanksgiving,

Kat Jennings, CEO
TaxConnections
La Jolla, CA 92038 USA
858-999-0053

 

10 Fun Thanksgiving Facts To Enjoy With Family And Friends

10 Fun Thanksgiving Facts

Enjoy 10 Thanksgiving Turkey Facts!

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 thanks to the tireless efforts of Sarah Josepha who wrote the nursery rhyme Mary Had A Little Lamb.

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).

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”.

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Senior Vice President Tax – Family Office (Los Angeles, CA)

Senior VP Tax Job - Family Office ( Los Angeles, CA)

TaxConnections Executive Search Services Division has been retained to conduct a search for a Senior Vice President Tax for a family office in the Los Angeles, CA area. This very likable CEO has a global diversified portfolio of investments including private equity, real estate and media business holdings. This is a very special opportunity for a tax executive with family office expertise!

We would genuinely appreciate your taking the time to review the Senior Vice President Tax opportunity and refer this to anyone you know who may be interested in learning more.

An ideal Senior Vice President Tax candidate will be currently working in a family office environment and/or a Partner in a Big Four firm experience; real estate investment firm, investment fund, private equity or asset management.

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Director of Tax (Orange County, CA)

Director of Tax Job - Orange County, California

TaxConnections Inc. has been retained to conduct a search for a Director of Tax in Southern California/Orange County area. Our client is a 3B multinational holding company that offers an exciting and fun work environment aligned with a highly professional management team. This company offers an exciting dream job for a Head of Tax who wants to be located in Southern California.

The Tax Director will be responsible for overseeing and managing relationships with external and internal business partners to improve processes and procedures for the tax organization. The Tax Director must have the ability to identify areas of risk and tax opportunity for the company in all areas of international, federal, state, local, sales and use tax. Role involves a wide range of domestic and international tax matters including consolidated income tax provision, tax compliance and transfer pricing.

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Senior Vice President Tax – Family Office (Los Angeles, CA)

VP Tax Job, Tax Executive Search

Our retained search client is a global private family office that actively manages a global diversified portfolio of investments (including private equity and real estate), is seeking to hire a Senior Vice President, Tax. This executive will oversee the company’s global tax function and all matters concerning tax planning and strategy. The Senior VP Tax must have strong pass-through tax experience with M&A experience a plus. This is an exciting position with a direct impact on the success of the family office business operations as a whole.

• Responsible for global tax planning and compliance; reviewing and filing of all domestic and international corporate, personal, partnership and other income and indirect tax returns; implementing and managing company’s income tax and indirect tax compliance activities

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IRS Rules: FATCA Reporting For U.S. Taxpayers

IRS, U.S. Citizens Reporting Foreign Assets, TaxConnections

The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore. The Treasury Department and the IRS continue to develop guidance concerning FATCA. For current and more in-depth information, please visit FATCA.

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. There are serious penalties for not reporting these financial assets (as described below). This FATCA requirement is in addition to the long-standing requirement to report foreign financial accounts on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) (formerly TD F 90-22.1).

FATCA will also require certain foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. The reporting institutions will include not only banks, but also other financial institutions, such as investment entities, brokers, and certain insurance companies. Some non-financial foreign entities will also have to report certain of their U.S. owners.

Therefore, if you set up a new account with a foreign financial institution, it may ask you for information about your citizenship. FATCA provides special (and lessened) reporting requirements about the U.S. account holders of certain financial institutions that do not solicit business outside their country of organization and that mainly service account holders resident within it. In order to qualify for this favorable treatment, however, the local foreign financial institution cannot discriminate by declining to open or maintain accounts for U.S. citizens who reside in the country where it is organized.

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TaxConnections Media Alliance Compared To Top Global Accounting And Legal Alliances

Kat Jennings, TaxConnections CEO, TaxConnections Membership Compared To Accounting And Legal Alliance

The following data was acquired by Amazon Alexa Analytics. We encourage anyone reviewing this data to go to Amazon Alexa Analytics Site and check it any day of the year. The results will demonstrate that TaxConnections media membership will have you outperforming your accounting and legal alliances.

Page Views: This means how many pages site visitors click around to on each visit on average.
Bounce Rate: This means when visitors arrive what percentage bounce off the site and leave right away.
Time On Site: This means how much time do visitors spend on each visit on average.

Where no rating exists in blank spaces below it means there is not enough activity for Amazon Alexa Analytics to rate it.

Click This Link To See Results: https://www.taxconnections.com/comparisons-to-global-accounting-and-legal-alliances

Want Your Firm To Join TaxConnections Media Alliance?

Contact Kat Jennings.

 

Virtual Currency Business Act Proposed Drives Droves Of Investors To Bermuda

TaxConnections, Virtual Currency Legislation

Virtual Currency Business Act Proposed In Bermuda – Regulation Of Virtual Currency Business Driving Many Investors To Bermuda

With interest in virtual currency at an all-time high, virtual currency is here to stay. Kevin Anderson of the Bermuda Monetary Authority, the financial services regulator states the Virtual Currency Business Act (VCBA) has been proposed as a “shining example” for what Bermuda can accomplish.

The Bermuda VCBA defines “virtual currency business” as the provision of the following activities: issuing, selling or redeeming virtual coins, tokens or any other form of virtual currency. This would include an ICO business on behalf of customers. The Act would also cover payment service providers, defined as: “a person whose business includes the provision of services for the transfer of funds.”

It would also cover virtual currency exchanges, virtual currency wallets and virtual currency services vendors, defined as any business providing specific virtual currency-related services to the public. The legislation also addresses the intersection of cryptocurrency and fiat, preventing fraud and market manipulation, the integrity of cryptocurrency owners, clear descriptions of the risks for prospective investors, and the Bermuda Monetary Authority BMA enforcement powers. Review the Consultation Paper at this link.

Want Your Crypto Tax Business To Appear On TaxConnections?

Contact kat@taxconnections.com

 

Looking For A Tax Job? Learn How The System Really Works! Call In Conference Friday May 18, 2018

TaxConnections CEO Kat Jennings is hosting a valuable conference call on Friday, May 18th2018 at 9:00AM PDT/10:00AM MT/11:00AM CT/12:00NOON EST specifically to teach tax professionals how to be more successful finding a tax job or consulting roles. As a globally recognized tax search expert with a long list of clients, Kat will teach you what you need to know! Most people are in the dark what to do and Kat brings you into the spotlight!

Want to stop wasting time submitting your resume to company portals? Want to know why companies never respond to your resume submissions? Want to know why there are more tax jobs out there today but people cannot find you? Want to learn the challenges hiring authorities encounter to find you? It is nearly impossible to succeed until you understand the barriers to success and how to break down the walls preventing you from getting to the decision-makers.

There is a lot that prevents you from getting an interview and I will teach you how to get key decision makers to notice you! After years teaching senior tax executives how to get to the top, I will teach you how to do it. All you need to do is listen in on a conference call (no webinar, just a call in conference limited to the first 400 tax professionals).

This session is for tax professionals exclusively who want to find employment or consulting projects.

Go to this link and click on radio dial “To Find A Tax Job” for information that will help you even when you are not looking.

Date: Friday, May 18, 2018

Time: 9:00AM PDT/10:00AM MT/11:00AM CT/12:00 NOON EST

Call In Number: 605.562.0400/ Access Code 946 5628

Have questions? Contact Kat Jennings.

 

Taxes For U.S. Expatriates Living In Mexico

What U.S. citizens in Mexico need to know about their tax obligations?

Are you one of the more than 1 million expats living out your golden years in Mexico? Social Security and pension checks certainly go far in this tropical paradise, but there are two important things for US expats in Mexico to remember to do in the spring of each year: file a US tax return, file a Mexican tax return. You want to stay tax compliant no matter where you choose to spend your time. Read more

Are There Advantages To Owning A Second Home?

Whatever the location, size, or value of a second home, certain tax advantages are built in. However, your opportunity to benefit from them depends on how you use the property.

Personal Use

Both property taxes and mortgage interest are as deductible for a second home as they are for your primary residence — and are subject to the same limitations. If you file a joint return, you cannot deduct interest on more than $1 million of acquisition debt ($500,000 for married persons filing separately) on one or two homes. Read more