If you need to hire high quality tax staff in the New Year, then you may well benefit from using a specialist recruitment agency

The tax industry

The focus on taxation has increased over 2012, as the government’s tax policy discussions; big business tax evasion schemes; and HMRC’s new task-forces, designed to discover tax evasion and avoidance; all hit the national headlines. As a result of this, taxation is now on many individuals’ and businesses’ minds and good taxation professionals are in high demand for their services.
This is great for the professionals working in the industry, but it can mean that it’s hard for businesses to secure quality staff and talent for their organisation in a highly competitive environment.

Recruitment – the reality

Recruitment isn’t only an expensive process – it’s a time-consuming and complex process requiring good legal knowledge, an understanding of recruitment and selection best practices and the ability to attract and select the right candidate for your organisation into the role you are advertising. These activities can take up a lot of management time and divert that resource away from other core business activities. For this reason, it’s well worth considering a tax recruitment agency to help you find the staff member you need.

Why an agency?

Specialist recruitment agencies really know the industry for which they are recruiting. When it comes to taxation, many of the recruitment consultants will be former taxation professionals themselves. This gives them the edge when it comes to understanding the role on offer and finding the right person to fill it. They will know the language, qualifications and demands of the tax role and have the contacts and network needed to seek out the right candidate.
You can commission a recruiter to find a staff member for you as a one off job, or hire them on a retained partnership basis, if your recruitment needs are large and diverse. This can be a very successful approach for larger businesses who can build up a successful partnership arrangement with a key recruitment agency.

Finding the right agency

The success of the recruitment relationship will be strongly dictated by the account manager who works on the client’s account. This person will be the day to day contact and liaison and will need to have strong rapport and an excellent working relationship with the main client contact. Look for a well-respected and known recruitment agency, ideally with recommendations made to you by people who have previously used their service and seek out signs of business accreditation and quality marques. Check that you have the necessary rapport with the account manager and that they really ‘know their stuff’ rather than overtly selling to you.

Sarah Reed is a careers adviser and relies on the service of pro-tax.co.uk to inform her of any upcoming jobs in the tax industry.

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Posted by Taxmaster - February 4, 2013 at 7:18 pm

Categories: Federal Tax, Income Tax Tags:

A half century of Federal income tax changes for individuals

Federal income tax changes for individuals are linked to the first five income quintiles over the last half century and there are many things to observe from it. First, we have noticed that everyone loves the income tax cutting. Most of the changes are tax cuts, which are mostly for the bottom 80% of the population based on income.

Key point to note is that tax cuts are always good news for top income earning groups, because they pay more from their earnings and federal income tax cuts pay more in return. In 2009 and 2010, the top 10 percent income earners paid roughly 70 percent of federal income tax, a major cause of income inequality in United States. Some tax cuts are more broad-based as compared to others, like major federal income tax cuts in 1964 and 2001. If we compare them to 1982 and 2003 tax cuts, the prior tax cuts were broad based.

Former President Bill Clinton raised federal income tax from 36 percent to 39.6 percent for top earning groups in 1993 and decreased the percentage of tax to be paid by lower earning groups. The economic growth, more job opportunities, substantial growth, recessive quarters and no empirical support also affected the federal income tax percentage. Currently a summary was published by New York Times Economix, in which there is a long detail of half century individual federal income tax changes.

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Posted by Taxmaster - January 30, 2013 at 11:13 pm

Categories: Federal Tax, Income Tax, State Tax, Tax Law Tags: federal income tax, federal tax, income tax, tax code, tax law, tax reform

79 percent say all Americans should pay federal income taxes

Fox news reported that majority of Americans agree to pay federal income tax, though it may be as little as 2 percent of their earnings. According to a Fox news poll released on Thursday, 19 percent of Americans have agreed that they should pay something for federal income tax. Among these voters who favored the federal income tax, 71 percent are Democrats, 83 percent are Independents and 85 percent are Republicans.

IRS announced that 41 percent of the tax fliers didn’t pay the federal income tax last year. It was estimated by Tax Policy Center that non-payers percentage will be increased to 46 percent next year. Most of the voters are those who have come across Republican nominee Mitt Romney’s broadcast video where he remarked that about “47 percent of Americans” don’t pay federal income tax. During presidential campaigns, Mitt Romney also commented that USA is becoming an entitled society and most are dependent on the government. Still 63 percent of Americans think that what Mr Romney said has certain truth in it.

On average, three out of four voters believe that Americans are somewhat dependent on the government. About 46 percent of the voters think that federal government is doing too much nowadays. Only 22 percent of Americans thinks that federal government is doing only a little. The online poll has divided the citizens between federal income tax payers. These voters were all registered voters who also voted for the U.S presidential election.

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Posted by Taxmaster - January 25, 2013 at 11:09 pm

Categories: Federal Tax, Income Tax, State Tax, Tax Law Tags: federal income tax, federal tax, fiscal cliff, income tax, tax pledge, tax reform, tax the rich