Thanks to Apple
I have to admit, I give people way more credit than they deserve. Especially big wig type people. At least until they show me otherwise. Then I’m death on them.
I’m constantly disappointed by the best attorneys in town, or the only CPA practice I had any respect for, or on and on and on. Competence is apparently relatively rare. Now comes a revelation from Deloitte, one of the big 4 auditing firms and one of the largest consulting firms in the world.
From the Deloitte Dbriefs comes this tidbit … “Tax executives face growing demands to transform their tax department’s capabilities, shift their focus, and add value.”
Let’s take them in reverse order.
“Add value” means saving taxes.
“Shift focus” to saving taxes.
“Transform the tax department” means quit just slapping numbers on paper and start saving taxes.
I thought the attitude that tax preparers did their job by slapping numbers on forms was limited to my competitors. I thought they were the only idiots in the world. But today it turns out that attitude infected the entire tax industry including the tax departments of the very largest companies in the world. You know … the household names. I used to work there; these people used to report to me; and that is something new.
This doesn’t speak well of our country. First of all, this isn’t brain surgery. (I’m assuming brain surgery is difficult, but who really knows?) And it’s not flying a jet plane (same deal). All it takes to save on taxes is take advantage of all the tax preferences and tax savings devices embedded in our complex tax code by the United States Congress. They’re not hidden. They’re right there in plain sight. Everyone knows they’re there, you know it and I know it, but the crazy thing is, everyone in the tax industry is too busy slapping numbers on tax returns to take the time to learn them and use them, Except us and Apple’s tax strategist and a few others.
To be fair, the tax strategists at Apple, Google, Amazon, GE & Caterpillar have all come to the public’s attention one way or the other for legally saving massive amounts on taxes. The only reason this has suddenly become a big deal is because every CEO in the country found out by watching TV that Apple cut $400 billion dollars out of their tax bill legally … completely legally. And they used that savings to fund their rocket to most valuable company in the world. That was the wake-up call. Must have been a big shock because they’re calling their tax people on the carpet.
If you have a few extra minutes, read the post about Apple’s tax strategy.
Quiz for the day … what fruit goes best with a ‘double Irish with a Dutch sandwich’?
I intend to put this term on the tongues of every businessman in the country. Spread it around.