A questioning mindset and willingness to change should not be generationally unique. To the younger generations in the workforce, be aware that your baby boomer supervisors place great value on two qualities; productivity and trustworthiness. Produce at a high rate and doors will open. You may want to run back to the safe harbor your old mindsets seem to provide. The key is to keep trying, keep growing, and enjoy the ride — you, your firm, and your people depend on it.
Leveling Up Your Accounting and Finance Credentials Digital badges and micro-credentials offer accounting and finance pros fun but serious ways to master — and show off — their expertise. Thanks to our increasingly digital world — where nearly everyone interacts, communicates, and conducts business online — being able to display a digital badge earned in data analytics, for instance, can differentiate you as an accountant who is putting in extra effort to stay current and competitive, and is willing to go beyond the basics of continuing education requirements.
By definition, a digital badge is a validated indicator of accomplishment, skill, quality, or interest that can be earned in many learning environments and is based on a shared and open And CPAs are particularly well positioned to take advantage of this new trend says digital badging and micro-credentialing proponent Dr. Kyle Peck, professor emeritus of education at Penn State University. Think of them as just-in-time designations that give you a way to set yourself apart from others in your field.
Since launching its EY Badges program in November of , nearly 4, badges have been earned globally. LEVELING UP In a world where online business is projected to replace most traditional transactions, having one or more digital badges in areas like analytics, cybersecurity, machine learning, for instance, can certainly help CPAs and other accounting and finance professionals differentiate themselves and shine a spotlight on their specialties.
However, like anything when it comes to professional development, McNeill points out that the credential is only as good as the institution behind it. Accounting for the Art of Influence Earning a voice at the leadership table is different than having a seat at the table. It says a lot about you as a professional, your credibility, and your potential to bring value to an organization. First, they demonstrate self-awareness that starts with a clear point of view and a distinct way of interacting with others. How do I use language? For instance, is the audience enthusiastic about new ideas, or do they approach innovation with trepidation?
Credibility at the leadership table stems from building strong relationships with the others seated at the table and continues to grow as trust deepens. All the motivation has to come from inside. In terms of conviction, she suggests considering how you might respond if you receive pushback on your input from others around the table. To illustrate, Coonan notes that many of the auditing professionals she coaches are inherently introverted.
Amidst all the noise of a more intense business environment, more people are simply vying to be heard. Scherer says practice and feedback are critical to developing these communication skills. Explore the CGMA Program: A lifelong professional learning journey that puts you on the path to take your career to a new level. Get started at CGMA. All rights reserved. The Business of Making a Social Impact Corporations, communities, and careerists can all do better by doing good.
By Carolyn Tang KmeT. So, it should come with little surprise that emerging generations of workers exhibit a deep desire for doing good, and this philosophy is now permeating the corporate realm. She credits our digital information age with fundamentally shifting the public consciousness. One could argue those percentages are likely higher today given how our society has become ever more sensitive to wide-ranging social, political, and environmental issues. From a corporate point of view, that means organizations that incorporate making a positive social impact into their missions should have an easier time attracting and retaining employees and customers.
For Taylor, making a positive social impact, both personally and professionally, is a philosophy instilled from an early age. Today, Taylor incorporates her love for helping others into her everyday job through developing partnerships with community organizations, developing volunteer opportunities, and securing program funding. Whether the cause is for at-risk youth, breast cancer, hunger, social justice, I am there.
In light of that, Taylor suggests companies that provide opportunities for volunteer work and actively design programming around driving social change will see positive outcomes. After all, not only are socially responsible companies more attractive to potential employees, they are also increasingly more attractive to prospective investors. MacArthur Foundation, and Calvert Impact Capital — came to be partly because investors today are less willing to accept social inequities and are instead looking for opportunities to take an active role in society.
The organization serves as a conduit between investors looking to make a positive social impact and promising businesses and organizations in underserved neighborhoods that need access to capital. Towns, Ph. You can see the disparities in the city. Towns says. While the deep desire for doing good that emerging generations of workers exhibit may be inspiring corporate reactions, it still takes individuals committed to causes to make real, lasting social impacts. He felt uninspired and chronically depressed. These people have nothing, yet they changed my life forever. Towns adds. She urges young careerists to surround themselves with like-minded business associates.
When we talk about robots, we are essentially referring to two kinds: industrial robots and service robots. Both varieties will be transformative for many workers, depending on their industry and role. How will functional leaders manage this hybrid workforce to ensure a harmonious existence of human and robot workers? Senior leaders must objectively assess not only their own strengths, but also where they have knowledge or experience gaps — areas where they need to build new skills. These shifts will open up more time for forwardlooking activities; executives will be helped further here by the presence of increasingly sophisticated data.
Structurally, what has to change in the organization? What type of people do they need, how will they work together, and Ceos will also be involved in helping foster a culture in which humans and robots coexist with trust, respect, and dignity. Cfos will need to ensure that people are able to build the automation, interpret results, and maintain control. How will functional leaders manage a hybrid workforce to ensure a harmonious existence of human and robot workers? They must close any gaps in their knowledge of the technology as they develop a keen sense of how the changes are impacting the business.
Coos should formulate and follow a digital strategy that incorporates aI or robotics. Investments in automation must have a clear role in reshaping the manufacturing footprint and streamlining the supply chain, which may also incorporate technologies such as blockchain and the industrial Internet of Things. In addition to increasing their technology acumen, Hr leaders must address a number of cultural issues, including how best to manage robots and train people to do the same.
Hr leaders also need to assess their employees' current capabilities, with an eye toward upskilling and re-skilling. In other words, leaders need to consider the skills their people have now, as well as the ones the company will need to recruit moving forward. Tech leaders will have a lot on their plate: cybersecurity, data management and analytics, and the myriad ways that automation technologies will impact all parts of the business.
They will need to shift their focus from managing cost to generating revenue. However, given the pace of adoption, the Csuite has to adapt as emerging technologies quickly gain prominence and scale. If you, as a senior leader, want to come out ahead, you should start discussing these changes with your fellow functional leaders today to lay the groundwork for your long-term strategy. This has critical implications for the Cmo, whose role will become increasingly driven by data analytics. Customers will expect to have the ability to personalize products and.
Please see www. By Clare FiTzgerald. Women today are on the move, shaking up old norms and solidifying a new sense of professional empowerment. Worse even, female representation on corporate boards is only sluggishly treading higher.
With all due respect, a want for advancement and workplace equality has never been the issue. Too often, tasks and to-do lists take precedence. Can women — and their organizations — change? People respect you for that. Too often, women display doubt more than certainty or put too strong an emphasis on their missteps.
To be blunt, women display a startling lack of belief in themselves — that needs to change. Teaching women how to acknowledge their unique talents, embrace opportunities, and advocate for themselves is key to the program. Her words should serve as an important reality. Family, friends, hobbies, and work are all pieces that impact the other areas of our lives. There are other ways to be successful. We need to help women build skills ahead of time and give them a chance when opportunities open.
Women have so much to bring to the table. Live, lead and inspire authentically! Join us for an invigorating morning and discover your unlimited potential when it comes to your professional and personal achievements. Tap into the power-building behaviors that can help ignite your passion and unleash your inner potential.
Will you work to make change? For the better part of two decades, the spotlight on the striking absence of meaningful diversity and inclusion in the CPA profession has been growing brighter.
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But despite increasing awareness and not-so-subtle public shaming, perhaps not even Detective Holmes could uncover evidence of progress over that time. We continually see firms boast of modest gains or distort their dismal results by emphasizing levels of effort. Maybe you should be. The problem is not with the programs themselves or even the intentions behind them; rather, the problem is with our firms and, more specifically, the legacy business model of the CPA profession.
This creates competition and insecurity, which drive greed, resulting in a race to the bottom. No one desires to be perceived as weak in their personal or professional lives. Hence the retention and succession issues we so commonly suffer from and complain about. How long will we let this go on? Hint: Numerous studies document better business performance thanks to diversity and inclusion. Besides, if you can prepare a tax return or financial statement correctly, what does it matter if you look the same or different than everybody else?
But perspective does. Perspective and diversity of thought is what leads to new ideas and creativity, innovation, and progress. Diverse perspectives, when given and received genuinely, have always been an X-factor for long-term business success and is the antidote for the echo chambers that exist in so many firms today. When the thing that limits progress is the thing itself, then you have happened upon one of the finest forms of riddles.
And as with all worthy problem-solving. The traditional firm model needs a makeover to capitalize on current business opportunities, and to embrace the disruption within the profession that will continue to exist for the foreseeable future. There is no single right course of action to accomplish this. Be you. Our increasingly diverse and socially conscious free market will certainly decide which firms have a future.
Being heard is easy We have brought grassroots advocacy literally to your fingertips. Questions: Please contact Martin Green, Esq. Do the Numbers Speak for Themselves? Finance has a crucial voice in every business. Earning a seat at the leadership table takes more than knowing the numbers, it takes knowing how the numbers bring value to your organization — and being able to communicate it to your audience.
The way you present the numbers, and the way you communicate your expertise, will ultimately determine if and when you earn a seat — and a voice — at the leadership table. Provide Value to Your Audience A key component of earning a seat at the table is being able to provide value. Is your audience looking for confirmation that a proposed path does not have any unanticipated financial pitfalls?
Are they looking for more financially sound alternatives? What exactly is your audience looking for? Identifying this ahead of time allows you to prepare the type of data and presentation that delivers the information your audience is actually looking for and values most in their decision making. Know Your Audience Does your audience lose attention as details are provided, or does providing concrete examples exhibit competency to them? Are you in a group of other technical professionals where citations are important, or is this an audience that needs you to explain technical accounting matters in very non-technical language?
How well others can absorb the information you provide determines if they will repeatedly seek you out for guidance. Learn by Example Recognize that looking to others who have already been distinguished for their skills can be beneficial to you. What traits do those go-to people possess? Are there certain areas of competency that appear more valued?
Are there certain communication traits that they. Are they providing innovative ideas, or is it more that they are providing solid, tried-and-true advice? At any point in your career you can learn from others that hold the influence or position you seek. Expand Your Expertise Every organization has subject matter experts; tap into them. I also encourage you to learn which areas your organization needs more knowledge in, and to tap into the tools and techniques being used to develop proficiency in that subject matter. Own Your Area of Expertise Recognize that those who are perceived as go-to people are not the go-to people for everything.
In other words, you cannot be all things to all people. There are specific areas of expertise they are being sought after and in which you will be sought after. In which areas do people reach out to you for your guidance and advice? Master them. Your aim should be to be recognized for your expertise inside and outside of your organization. You should also look to grow your professional network so that you can refer to other subject matter experts. When people recognize that you can point them toward people that provide valuable guidance, they are more likely to trust the guidance that you provide.
Further, experts you refer others to are more likely to reciprocate and direct others to you when seeking information on your specific areas of expertise. Know the Problem Generally, if a group of professionals are being gathered to discuss a problem it is unlikely an easily identifiable solution to that problem exists. As part of that gathering, being able to understand and define the actual problem that people are trying to solve is key. Complementary to understanding what will provide value to your audience, being able to identify and define the root cause of the issue at hand will help you provide meaning as solutions are sought and documented.
Be an Active Participant In the classroom, a professor calls on students who raise their hands to answer questions. In the business world, there is no going around the room looking for people who have their hands raised. There is an expectation that if you have specific knowledge or expertise that you will provide it without prompting or being specifically called upon.
Providing that knowledge and expertise is your job, it is welcomed, and it makes it more likely that people will look to you in the future. Request Feedback We often receive surveys requesting feedback on services provided. Why not do the same? Do you know which areas your colleagues believe you to have expertise? Do they perceive you as providing value? Are there specific areas of knowledge more sought after? Welcome that feedback, even if it does not agree with your perceptions or opinions, because it can help you define which areas you can build upon to enhance your expertise, influence, and recognition.
My closing tip for you is to recognize that earning a seat at the leadership table and becoming an influential, go-to person in your organization is all part of a journey that unfolds over time. You cannot rush or force expertise, trust, or recognition. In fact, nothing you do can truly guarantee you a seat at the leadership table.
You can, however, proactively develop your expertise and your skills in communicating that expertise, so that if you do get an invite to the leadership table, you will have a voice that is heard at the table. Volunteer as an individual, or get a group together and volunteer as a team. You can choose ANY volunteer activity you like. See our website www. What Does Leadership Mean to You? How you define leadership and what it means in your career could be a key factor in whether you ever get a seat at the table. Others ascribe vision, strategic planning, and goal-setting to leadership.
Finding talent, developing people, and building future leaders are also sometimes mentioned. Other participants offer traits or attributes such as integrity, reliability, and setting a good example. Fairness, kindness, and approachability are often mentioned, along with positivity, optimism, and energy. Some bring up qualities like intelligence and business savvy.
Occasionally someone defines leadership as a position, title, or role in an organization. This paradigm works at both a macro and micro level. It can be used to describe the exercise of leadership on a big stage, like leading a movement, community, or organization. But regardless of scale, the best leaders master the two Rs of leadership when trying to move from here to there: achieving results and building relationships.
Achieving results is a common driver of accounting and finance professionals. Their team may feel unappreciated for their efforts to reach the goal — or they become frustrated at a lack of opportunity to provide input and feedback as decisions are made. They tire from the high drive to achieve results.
There are also downsides for leaders with too heavy of a relationship orientation. People-pleasing tendencies get in the way of making tough decisions. A lack of clarity ensues because clear direction may offend certain team members and disappoint others. Collaboration is great, but over-collaboration stalls progress. Team members feel heard and cared for but eventually become frustrated by a lack of progress. This creates gaps and blind spots in their leadership style and potential.
During a recent executive team retreat, one leader highlighted the importance of initiative, which applies to both Rs of leadership. From a leadership perspective, I describe initiative like this: The leader goes first. What does that mean in practical terms? Here are 10 suggestions: 1. The leader goes first to navigate unresolved conflict in subordinate, peer, client, customer, and vendor relationships.
The leader goes first to connect with clients or customers on ways the organization can better serve them. The leader goes first to suggest process improvements that will make their department or organization more efficient. The leader goes first to care for team members who are struggling with personal concerns or challenges. The leader goes first to volunteer for special projects that will move their team or department forward. The leader goes first to confront a team member who engages in negative behaviors detrimental to the team. The leader goes first when seeing that the boss is overwhelmed and needs support or someone to take on tasks.
The leader goes first to delegate assignments that will help someone on the team learn new skills and grow professionally. Ultimately, my challenge to you is to stretch yourself, get out of your comfort zone, and take a risk. When you become a person of initiative, you had better get ready for your invitation to take a seat at the leadership table. Organic growth: the low cost, low risk answer for increasing internal output and sales and future firm expansion. Every firm wants it, but few truly achieve it. Because the typical CPA firm today commonly looks at the same several sources for achieving internal growth goals: rate increases, cross-selling services, prospecting new clients, and possibly recruiting some experienced talent.
But what if I told you that these efforts would never yield the organic growth results you want or need? According to recent benchmarking statistics, the average growth from these sources is just over 5 percent per year. Luckily, there are, in fact, several proven strategies for you to consider: 1.
Optimize current partner business development efforts Focus a partner on full-time business development Convert a young professional to a full-time business development role Hire an outside business development professional Develop a business development culture. Yes, that is a lot of focus on business development, but keep in mind these strategies are coming from me, a business development coach and trainer, and your new INSIGHT columnist on the subject.
I generally suggest that firms invest in business development training or coaching for their partners and enhance partner accountability through a quarterly check-in meeting and ongoing pipeline reporting. Ideally, partners will continually learn and implement new business development strategies while developing a deeper understanding of if and how their strategies are paying off. Could that figure double or even triple in a matter of years?
Strategy 3: Convert a young professional to a full-time business development role This strategy is potentially two-fold — it can achieve both your organic growth and succession planning goals. Ideally, the candidate will have already begun bringing in new business. Then, give this young professional significantly more time and training for business development. If the candidate succeeds, you also found yourself a partner prospect.
Strategy 4: Hire an outside business development professional Often, this is the first strategy considered because we are painfully aware that most other professions and industries employ. Whether this takes the form of someone who develops leads for you as a contractor, or a consulting firm with a lead generation strategy, or even hiring a full-time business development professional in-house, there are many ways to approach this strategy. In any case, this person will need to be hyper-focused on developing relationships with prospective clients and managing a strong pipeline of opportunities.
I will caution you that it can be extremely hard to find the right person who will be successful in this role and fit in at your firm. In fact, many firms make several attempts at this strategy before getting it right. Everyone, from the interns to the managing partners, should be intentional about growth. This usually requires firmwide training on what constitutes effective business development at each level and setting goals for activities across all levels.
The core of this effort revolves around the fact that developing better and more meaningful client relationships can be a significant source of client growth — and every person in the firm has the potential to engage in this manner. We all know we should regularly perform a mix of cardiovascular and muscular strength exercises to maintain our health. Of course, a good personal trainer will also design a physical fitness plan customized for you and correct your technique in performing the prescribed exercises when necessary. Nevertheless, I contend that the most important role of the trainer is to root you on, pushing you to complete the workout that you already know you should be doing.
Mark J. As a personal financial planner, I sometimes feel like a personal trainer. I design and develop personal financial plans that are appropriate for each client, and I correct their technique by identifying the things they should not be doing and replacing them with my recommendations for the steps they should be taking to improve their chances of financial success.
But, largely, I encourage them to do the things they already know they should be doing, like saving and investing, to improve their financial lives. Set aside an emergency fund. The first step in improving your personal finances is making sure you have an adequate reserve to meet unforeseen expenses and emergencies. How much is enough? The rule of thumb of six-to-nine months of living expenses is a good first cut, but I recommend you look at your employment situation.
If you were laid off or terminated by your employer, how many months would it take to find a new job? Pay down and pay off debt. Depending on the balances and loan lengths, you may also want to consider tackling the debts with the highest interest rates first. The quicker you bring down these debts, the less interest you pay and the more money you save, which could make a substantial difference in your ability to pay down other debts or save and invest later. Get adequately insured. As a fee-only financial planner, I am never paid by an insurance company to promote their products.
Insurance serves to provide people with the. And I believe that some form of long-term care insurance is appropriate for most people for whom neither Medicaid nor self-financing of elder care is realistic. Save for your retirement. The best way to build your retirement savings is to automate it by having a portion of your salary automatically deposited into your employer-sponsored k , b , or plan account.
If so, this is free money that should never be turned down. Now, if you happen to be ineligible to participate in a plan like this, or your employer does not offer one, then an individual traditional IRA or Roth IRA is likely to be the next best bet for you. Younger professionals and those who expect to be in higher income tax brackets later in life should seriously consider using the Roth option in their employer plan if available or establishing a personal Roth IRA first.
Give to your favorite charities. That said, I believe we have an ethical obligation to help those less fortunate than us, so I encourage my clients to give financial and other gifts to well-run charitable organizations and causes they care about. Set aside savings for a goal. Everyone has long term goals in addition to having a financially sound retirement.
It might be saving for a home, college for children or grandchildren, or a bucket list vacation. Invest appropriately for your financial position. There is a world of investments available to hopefully make your money grow and meet your financial goals. It is important to understand the significance of the timing of your goals when selecting the appropriate investments. Whenever possible, I recommend that stocks be used to largely fund goals that are five or more years into the future.
Investment-grade bonds can be used to fund goals that are one-to-five years into the future. And cash and short-term government bonds should be used for goals with less than a one-year time frame. The general concept is that the sooner you need your money, the less risk you can take with it. As with cleaning the winter cobwebs out of your residence, spring is a great time to dust off these old money ideas and put them in place in a shiny new personal financial plan — maybe you can even use your tax refund to spruce up your savings.
How to Elevate Ethics in Accounting and Finance Young professionals — and their employers — have a responsibility to set a high bar for ethical behavior. When you start a new job at a new organization, or change departments within your current company, your instinctual response to want to fit into the group takes over. This reaction is evolutionary, and it is rooted in our yearning to survive and flourish. Young professionals and new recruits are especially susceptible to wanting to fit in because of their desires to make good impressions on employers at the start of their careers.
While college curriculums are increasingly exposing students to more ethics education, young professionals still largely figure out the application of business ethics while on the job. Instead of trying to fit in, young professionals need to be encouraged and feel empowered to ask questions with confidence and without fear when something looks unfamiliar to them. The accounting and finance profession is based on integrity, and we need to work together toward creating and maintaining healthy work environments, regardless of rank or tenure.
So, here are some tips for both young professionals and their employers on how to elevate ethics in the accounting and finance profession. If you are a young professional, here is some advice for you: 1. Know who you are and what you stand for personally. If you find yourself caught up in something questionable or unethical early in your career, it can damage your reputation and stay with you for decades. Being young or less experienced are not excuses for acting unethically.
Determine who you can talk to in the company when something does not feel right. Perhaps it is a colleague or someone from HR. Find out if there is an anonymous way to provide feedback and use it if necessary. Find someone outside of the company you can talk to, as well. Enter into mentoring relationships. Many of these programs include structured mentoring with non-disclosure agreements. Ask questions! In the fledgling part of your career, you are learning how to do your job well, and you should develop a habit of seeking to understand why you are asked to complete a task and how it fits in to the overall goals of the company.
If you do not like a reason, consider if you should be doing it. For example, perhaps your colleague asks. Why do you feel uncomfortable? You do not know the reason for the journal entry and find it suspicious; your reputation is on the line. Talk to people about the situation that bothers you, and do not do anything you are uncomfortable doing. While this sentence sounds easy, it is arduous in practice. Your colleague may be telling you to book a journal entry without giving you a reason because that colleague is rushed.
However, it could also be because that colleague is hiding something. You will not know until you review evidence or do some research. Learn more about business ethics. Take classes, read articles, and talk to colleagues. The more you can learn about the types of ethical dilemmas that exist, the better equipped you will be to deal with them. If you are an employer of young professionals, please consider the following to help promote an ethical environment: 1.
Talk about ethics in your new hire training and then reinforce your focus on ethics in ongoing company meetings with your teams. Enforce a zero-tolerance policy for people who cheat the company and impose disciplinary actions upon people who disrespect others.
Train managers about ethics and open the dialogue for what is appropriate versus not appropriate around policies and behaviors. Provide anonymous ways for people to report when they feel something is not right, and then ensure you address feedback either in a company meeting or with a response back to the person sent through a system where the responder does not see the person who reported it.
Consider providing mentors to your new hires to offer another outlet for decision-making discussions. Encourage your young professionals to be involved in mentoring outside of the organization, too, because it will give them more diverse perspectives and other opportunities to discuss the issues they may face. Ensure that outside mentorship occurs with nondisclosure agreements. Explain to your employees the rationale for what they are doing and how their work impacts the company. When people understand the why of what they do, they do their jobs better.
Create an environment where it is okay to be wrong if intentions are not wrong. Consumers in our increasingly socially conscious marketplace, as well as young professionals entering the workforce, are demanding more integrity from the companies they work for and support.
This mindset should be incentive enough for organizations to be more mindful of their ethical practices and more transparent with their operations. As protectors of the public good, CPAs and other accounting and finance professionals are in a unique position to drive companies toward establishing better environments for integrity. Supporters of proposed Illinois legislation HB and SB allege certain corporations are guilty of stashing vast sums of income outside of the country.
In their view, these multinational businesses are avoiding paying their fair share of income taxes to the detriment of Illinois and its taxpayers. The proponents of this legislation are sincere but misguided. The fixes proposed, in my estimation, are bad policy, largely duplicative of legislation enacted long ago, and are based on faulty assumptions about the amounts of income on which taxes are being avoided. To understand both sides of this issue, we need to decode how Illinois laws and regulations divide the income of multistate and multinational corporations.
Then, the federal taxable income of a corporation conducting business in multiple states is divided among each of the states in which business is conducted to derive the income subject to Illinois income taxation. Illinois requires a group of related corporations that are a unitary business group to file a single combined return — mandatory combination. These requirements were included in the IITA many years ago to prevent corporations from avoiding Illinois income taxes by shifting income to related corporations located outside of Illinois and beyond the reach of Illinois tax law, while shifting deductible expenses to corporations subject to Illinois income taxation.
What happens if you have a group of related corporations and some of those corporations are located outside of the U. Illinois only includes foreignbased corporations in the unitary business group and combined Illinois income tax return if the foreign-based corporations have a significant U.
The unitary business.
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To be a member of a unitary business group, a corporation must have at least 20 percent of its property and payroll located within the U. Take the loan example above but put Corporation A in Bermuda instead. You could do the same thing with intangible property such as patents and trademarks.
But Illinois shut down this tax planning opportunity more than 10 years ago when the IITA was amended to require companies to add back these types of federal deductions when calculating income subject to Illinois income taxation. Back to the currently proposed legislation. Its proponents assert that their bills are necessary to shut down the tax evasion tactics of corporations in so-called tax havens Bermuda et al. My fear is HB and SB will radically change the IITA, adding unnecessary complexity while reducing the likelihood of international investment in the state.
A substantial increase in state revenues is simply unrealistic given our current tax laws. These proposed bills would essentially change the IITA back to utilizing the flawed way of apportioning the income of multinational businesses on a worldwide combination basis that was thoroughly analyzed and addressed by a U. A Muhammad F. Abbasi Jason J. Abbott Margo K. Abshire Drew D. Achenbach Ioan Adam Babatunde A. Adediran Timothy W. Adelman Monika Adomaityte Talha A. Ahmed Iyinogooluwa Ajayi Kyle D. Alden Alexa N. Alexander Blake P. Alexander Michael G. Alfirevic Cody D.
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Cushing Meghann E. Daniak Dominika S. Daniel Laith S. Davis Collin E. Davis Jennifer Davis. Michael Davis Hollie N. Day Scott A. Day Adriana H. De Bartolo Andrew J. Decker Caroline W. Deehan Caitlyn C. Degnan Kristen M. Delarmente Kevin Delisi Dino J. Dennis Kaitlyn Denny Callahan R. Derheimer Sarika V. Deshpande Scott E. Dhom Elisabeth A. Diamond Ryan A. Dickerson Charles N. Diemer Elizabeth L.
Dieng Zachary P. Dipak Michelle A. Dipasquale Luke D. Dirkse Michael P. Diviesti Haley D. Dix Kurt Dixon Anthony P. Dodaro Lauren Dodge Kyle T. Doerr Emily M. Doland Joe Dominick Ryan M. Dorenkott Christopher S. Dougherty Gorica Dragojevic Alex N. Dreyshner Patrick J. Dubis Lauren T. Dudley Kirstin R. Dufour Melissa M. Dunkley Jessica R. Dunn Ayshura Y. Durakova Neil A. Dusek Francis Dusik.
Daniel Dutczak Jonathan P. Dyche Callie M. Dziurgot E Christian J. Eatherly Kim M. Ebbesen Kristen M. Edmison Grant T. Edwards Jake R. Most of my interviewees are solopreneurs who operate in what Brendon Burchard calls the "expert arena" - they are coaches, consultants, authors, and speakers. I'll report what I have learned from them in one or more separate articles. However, the interviewees for this article have a slightly different profile - they are a formidable married power couple and they have grown a veritable portfolio of businesses with operations all over the world.
Marsha Wright is the public and well-known face of their organization. She has appeared on television, in newspapers and magazines, and on radio internationally as a high-performance business expert and strategic alliances expert. A columnist and an international 1 best selling author three-times over, she is sought out by business owners from every corner of the globe for her insights into revenue generation and marketing strategies to rapidly achieve business goals.
Every business that Marsha and Simon Wright own they have interests in investments and acquisitions, media, publishing, training and mentoring, and other sectors generates high six figures to seven figures. They have seen time and again that in manifesting this purpose, money naturally follows. Marsha and Simon each had a lot to say about the definition of productivity. Simon says it is "doing more with less and doing more in less time. He also says that "you maximize productivity by doing ONLY what you're the best in the world at doing - the key is, of course, finding exactly what that thing is.
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Marsha describes productivity as "staying focused on the end goal - or at least on the milestones that will take you to that end goal". Both of these entrepreneurs seem very in tune with their internal dialogue and are always questioning how productive they are by asking themselves if they should really be engaged in whatever activity they are pursuing at any given moment. Marsha states that "it is just as important to know what to stop doing - what to take off of your "to-do" list - as it is to know what to put on it". The Wrights could not operate so many businesses so effectively without teams of employees.
Their overall business productivity naturally depends on the productivity of these teams, which are managed by operations directors who ensure that they work efficiently. Marsha, Simon, and other managers in their companies actually spend little time in direct day-to-day contact with staff.
The secret to their success is hiring great people - people who have great ideas, are not afraid to work, and don't need policing. The adage "Hire slow, fire fast" is something that they strictly adhere to and they've learned that it takes an incredible amount of discipline to do so. They place an extraordinary amount of energy and effort into hiring the right people so they do not need to micromanage employees and situations and can remain focused on projects. Marsha and Simon's biggest productivity challenge is keeping the lines of communication open so that all team members know what is required of them at all times.
This ensures that team members have a clear understanding of their responsibilities, can be held accountable for their actions, and be replaced quickly and effectively as the need arises so that progress on projects does not stall. To accomplish this, all companies in their portfolio use a digital project management system called TeamworkPM. All staff and contractors joining the organization are fully trained to use it, and adopt it as their centralized personal productivity resource to help them stay on track.
Marsha also uses a mind mapping software tool for tracking her ideas. Between this and the project management system, their entire team effectively combats what Marsha refers to as "the graveyard of ideas" and "the graveyard of things that were supposed to get done, but didn't get done. Simon says that the productivity of a team can only be evaluated by looking at the management of that team and the leadership that management brings to the team. He and Marsha firmly believe that personal development for every team member is required and that training is not an event, but rather, an ongoing process.
They believe it is the company's responsibility to provide a thorough introduction to the company's culture and to create an environment of support that allows people to reach their fullest potential. Neither Simon nor Marsha believes that less than ideal productivity is a reason for firing a staff member. If someone is not performing optimally in one area, the company's policy is to first take the time to look for that person's area of brilliance, and allow that to be a dominant factor in allowing that staff member to bring value to the business and those whom the business serves - even if it means shifting the employee into another project or department.
They know that the better performing the team, the more time they can spend focusing on the message that they want to deliver to the "outside world" - the world of their clients, potential clients, and potential partners. In reflecting on their "productivity evolution," Simon and Marsha noted that when their first business was in the low 5-figure revenue bracket, they did not focus on developing a team because they did not recognize how important this would be as they worked to grow that business.
But they quickly found out that as their business portfolio expanded, it was increasingly important to spend less time "being a super hero and doing everything yourself" and to emphasize growing a team.