Intuition

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Intuition is Experience Distilled

Our founder is a left brained intuitive genius. Some researchers say intuition is “the highest form of Intelligence.”

Intuition is the ability to acquire knowledge without recourse to conscious reasoning. Different writers give the word “intuition” a great variety of different meanings, ranging from direct access to … Wikipedia

A key component of genius & expertise is Intuition.

Intuition is “The ability to understand something immediately, without the need for conscious reasoning.is a key component of expertise. Intuition comes from Introspection. It is more of “feel” rather than “logic”. Intuition is your ability to sense things before they come.  More here

“The solutions to complex problems sometimes appear instantly in the high intellect (genius) mind before the problem is fully defined. High intellect people “are noted for superior cognitive ability; creativity & innovation; for making connections between objects that most of us wouldn’t think of connecting; for keeping everything they know, suspect, have seen or read hovering in the back of their brain to call on at a moment’s notice when appropriate; and combining seemingly disparate facts into remarkable solutions. This is intuition, and the more intelligent you are, the more intuitive you are. It inevitably inevitably involves abstract thinking and applying abstractions—that is, the people themselves become smarter. ”

We aren’t your average tax firm. Our founder is not an average tax expert. Our staff isn’t average. We do things other firms don’t do. We aren’t magical, but our founder & our firm rank in the top percentile on each of these key components: performanceintellect, intuition & experience. Like the words to a Sinatra song , they go together like love & marriage.

 

Rebrand

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This is a very complicated world. It’s a very noisy world. And we aren’t going to get a chance to talk much about us. So we have to be very clear what we want others to know about us. 

What we want you to know about Ellis

We are a strategy firm. Tax strategy.The best branded business in the world is Nike. Nike sells a commodity, shoes. But their advertising is about the world’s greatest athletes. They are about great athletes. People want to know what the businesses they rely on are all about. We aren’t about tax strategy, or biz re-.org or international taxation. Although we do that better than almost anyone. But at the core of Ellis, we believe we are about making business work better. Tax strategy, biz-reorg & international taxation help us do that but they don’t define us. We have had the opportunity to work with some great companies who are making the world a better place because we helped make their business work better. The phrase, “Making Business Work Better” touches our soul and what we are doing on this world. That’s what we want you to know about us

If you want to make it into the upper echelon of businesses, we can help. If you don’t want that, we wouldn’t be a good match. We try to improve every business we touch. I’m a right brained genius with decades of experience at all levels of the American enterprise system, and 10 powerful proprietary strategies designed to put your business on the cutting edge.
 

Background

The first half of my career was in the corporate world at relatively high levels.
 
Big 5 accounting firm: I started with the biggest & best accounting firm in the world. The people who started with me were the brightest people i met in my entire life. I audited several large & diverse companies. The experience I got there was elite. I didn’t get pigeonholed.
 
1st C suite: I went in as Controller, which is the top accounting officer of the company. Transferred to subsidiaries where I functioned as CFO. Terrific, diverse experience. .
 
2nd C suite: My next position was with a high tech credit card company. At the time they were industry leader. They brought me in to solve a significant problem. After I solved it, I rose rapidly in the ranks to a C suite position. My claim to fame came when the team i led introduced the mag stripe card & digital transactions to the marketplace.
 
Ellis CPA: After attempting to LBO my employer, I ran for Congress and found myself on the banks of the Colorado River, so I started an accounting practice.
 

Our firm: Ellis CPA.

 
Some tag lines we have used.
We provide better service than the firm next door.
We’ll cut your tax to the legal minimum.
Tax strategy cuts tax
We save more than we cost.
Easily measured concrete results.
We aren’t magical, but we are notably unusual, perhaps even remarkable, when you compare our high levels the components of expertise
 
professional performance
intellect
intuition
competitors
The Benefits of Working w/ Ellis
Making business work better
We put you into position to carve your mark
Tax Avoidance (98% successful.).
Tax Strategy.
Business Reorganization for success.
Identify & document intellectual assets for success
Interstate Tax Strategy.
International Tax Strategy.
We’ll cut your tax to the legal minimum

Apple Tax Strategy

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Apple’s Tax Strategy

 

Steve Jobs Carves Apple’s Mark on the universe with Tax Strategy.

“Apple’s Steve Jobs was singular in his ability to take a company “on a path to die” and turn it into the world’s most valuable — in part by “casting spells,” billionaire Bill Gates said. Gates spoke of Jobs, the Apple Inc. co-founder and chief executive officer who died of pancreatic cancer in 2011, in a segment on leadership to be broadcast Sunday on CNN’s Fareed Zakaria GPS.

I was like a minor wizard because he would be casting spells, and I would see people mesmerized, but because I’m a minor wizard, the spells don’t work on me, I have yet to meet any person whom could rival Jobs “in terms of picking talent, hyper-motivating that talent, and having a sense of design of, “Oh, this is good. This is not good,”  Gates added of his sometime collaborator and competitor. ”Even when he failed, he succeeded. NeXT, the computer that completely failed, it was such nonsense, and yet he mesmerized those people.” NeXT ceased making hardware five years later, and in 1996 it was bought by Apple.”

Steve was obviously a genius. But one part of his genius has been very little reported on. His leadership genius.

Tax Strategy

Before Apple began their meteoric growth, they addressed the tax problem with the “Double Irish & a Dutch sandwich” tax strategy. That & Jobs’ innovations propelled them to the most valuable company in the world. But it wouldn’t have happened without the tax savings. Every dollar of tax saved drops straight to the bottom line as another dollar of cash, working capital, profits & competitive advantage created out of thin air.

Without first solving the tax problem, Apple would have always been watching from the sidelines as other companies beat them to the prize.

The Apple miracle

In a scant 14 short years, Steve Jobs single-handedly pulled Apple from the brink of bankruptcy and propelled the company he founded into the most valuable company in the world.

Following a long struggle with Apple CEO John Scully for control of Apple, jobs was demoted and resigned in 1985. After a hiatus of twelve years, during which he founded Pixar & Next, two similarly valuable companies, Jobs returned to Apple in 1997. He died in 2011 with Apple on the brink of becoming the most valuable company in the world.

Steve talked a lot about his goal to carve his mark on the universe. The study of Jobs provides a number of lessons about growing companies for every CEO, if they can follow them. 

Addressed the tax problem

Before Apple began its phenomenal growth, they first addressed the tax problem with The “Double Irish & a Dutch sandwich” tax strategy. That & Jobs’ product innovations propelled them to most valuable company in the world. Without first solving the the tax problem, they would have always been an also ran, despite the phenomenal products.

Billions of Dollars

Over the next two decades, Apple harvested billions of dollars in tax savings which quickly added massive amounts of cash to their balance and profits to their income statement, and advantage over competitors. Apple’s stock value grew steadily along with Apple’s profits, cash balance & competitive advantage. Every dollar a company drops straight to the bottom line as another dollar of cash, working capital, profits & competitive advantage created out of thin air. Apple’s billions in cash, harvested from their tax strategies, steadily built Apple’s Balance Sheet and pushed their value higher & higher.

Innovation leads to competitive advantage

Jobs’ innovation wasn’t limited to Apple products. He was genuinely & completely innovative. He was always looking for a better way to do it. Whatever “it” was.  Without those tax savings, it’s unlikely Apple would have achieved the competitive advantage necessary to thrive. .

So, are you having trouble carving your mark on the universe? Give us a call to get started on the right foot.

Competition

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Competitors

We Have No Competitors

 

The only reason businesses fail is differentiation. Doing things the way your competitors do things is a recipe for disaster. 

We are a different kind of tax firm

There is a tax office on every corner in the country. H&R Block, Liberty, the neighborhood CPA firm that’s on every block in America. How can we say we don’t have any competitors? 

42,000 CPA firms, 12,000 H&R Block offices, 3,000 liberty offices, 6,000 Jackson Hewitt offices prepare tax returns & Turbotax millions all by itself.

The Scary State of the Tax Profession

Certified Public Accountants who do taxes for clients are regulated, as are lawyers and tax specialists called “enrolled agents,” who must pass a test and be re certified periodically by the IRS. But many of the independent tax preparers are subject to no standards at all. They simply hang out a shingle and fill out tax forms for clients.

We have no competitors because we don’t Practice the way other firms practice. We do tax strategy, we do tax avoidance, we do business re-.org, we do intellectual property strategies, seven key services which work together to make your business work better. 99% of tax firms just fill your tax forms

Our Competitive advantage is we outperform competitors. We give our clients  the ability to achieve superior margins compared to competitors and  we generate added value to the company and its shareholders. Every dollar we save drops straight to the bottom line as another dollar of cash, profit, working capital & competitive advantage.  Without competitive advantage, no business will last long.

99% of business don’t have a single competitive advantage that differentiates them from everyone else. We provide seven differentiators you can develop without going into the marketplace.  

The solution

Ellis has ten distinct services that can been worked & reworked to create competitive advantage out of thin air for your business.  Any one of them could provide the competitive advantage you need to prevail in the marketplace.

Neither the businesses themselves, or their tax professionals, pay any attention to this at all. that gives each of us a competitive advantage over our respective competitors. Each of them cuts your costs (tax) & creates cash based competitive advantage. There are limits to cash based competitive advantage, but it’s an advantage you didn’t have yesterday.

Every dollar we save drops straight to the bottom line as another dollar of cash, profit, working capital & competitive advantage created out of thin air.

Apple

Can you imagine how difficult it was to compete with Apple when they were adding a billion dollars to their balance sheet every year from overseas tax savings. That’s genuine competitive advantage. That’s basically what we do. Your competitors can’t copy it, even if they knew what we were doing. Eventually, after a long time, Google, Facebook, Caterpillar all copied Apple. Apple may have even told them.  Competitive advantage is something competitors can’t copy. But everything comes to an end. But by then, something else will crop up to do it all over again. If they can copy it, they will copy it. But if they don’t know how you’re doing it, they’ll never copy it. That’s what we offer.

Every dollar we save drops straight to the bottom line as another dollar of cash, working capital, profits & competitive advantage created our of thin air.

 

 

 

U.S. Tax

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The U.S.Tax System

Little Know Fact

Something very few people realize, the 16th amendment to the constitution created two tax systems, one for individuals and and one for businesses. And there’s a world of difference between them.

After proposing the new amendment, Congress began to worry that the amendment wouldn’t be ratified by the states. The issue was the way it was worded.

“The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.”

The specific language causing the concern was, “collect taxes on incomes from whatever source derived.” The concern was, the way it was written included money borrowed & the proceeds when selling at at loss in income subject to taxation.  Obviously, Congress had a good reason to be worried. So at the last moment, Congress took out ads in newspapers all over the country promising to ‘tax only profits’.

That relieved an uneasy electorate and the amendment passed unanimously among all the states that voted. Voters weren’t opposed to income tax, they were opposed to an unreasonable tax.

The 16th amendment was subsequently ratified by the Supreme Court in ‘Glenshaw Glass’ and added to the tax code in section 162 of the 1954 tax code. In their deliberations, both the Supreme Court & Congress considered those ads as ‘legislative intent’. Courts have subsequently looked back at those ads to determine Congress’ intent. Intent is crucial to determining how the law will be interpreted and enforced.

In the final analysis, this created to tax systems, which I will explain in my next post.

The Upshot

The upshot is this. Wage earners with no business income have a only handful of tax deductions allowed by Congress; mortgage interest, contributions, etc. Every one of them is a gift from Congress and can be revoked at any time.

On the other hand, businesses can deduct anything & everything.  There are no limitations on what a business can deduct. Over the decades since 1913 when the 19th amendment was passed, the requirements for a business deductions into these five requirements.

  1. Ordinary
  2. Necessary
  3. Reasonable
  4. Economic substance
  5. Valid business purpose.

Plus, the IRS does not make those decisions, the business or its owner makes them. If the IRS disagrees, it has to prove the deduction doesn’t meet these requirements.

Since 1913, 90% of tax law, in one way or another, has been written in an attempt to get around the 16th amendment.

Background

According to the constitution & the Supreme Court, before the 16th amendment was added to the Constitution in 1913, it was illegal for Congress to levy tax directly. Congress’ taxing authority was limited to taxing the states, who could raise the money anyway they wished. Never-the-less, Congress actively taxed people off and on until 1895, when the Supreme Court finally took the matter up & decided a direct income tax was un constitutional.

The U.S. Tax System is Brilliant by Mistake.

In the right hands, the tax code is a powerful force for good. It’s size, duration, & complexity create an environment where a good tax professional can mine the complexities, anomalies, differences and conflicts for tax savings.

I am a big fan of the U.S. tax code and the entirety of U.S. tax law. I think it’s a veritable playground of tax saving opportunities that most tax professionals never discover. Throw in 50 states and it gets better. Throw in 171 countries and tax law becomes the perfect playground for tax cutting strategies. Apple built itself in this playground.

The tax code may be an integral part of America’s economic prowess. I believe it is. It opened the door for innovative companies to use unique tax approaches to save taxes. That’s what we do. Every dollar saved drops straight to the bottom line as another dollar of cash, working capital, profits & competitive advantage.

Nowhere in tax are you standing on solid ground.

The tax code is always moving under your feet. There are 54 different individual codes in the United States Code. The Internal Revenue Code is the 26th of 54 titles in the . Other codes include Armed Forces, Bankruptcy & Banking. The 53 other codes are relatively stable & unchanging.

Tax Law is a constantly evolving matrix composed of the code itself, IRS Regulations, litigation results, Revenue Proclamations, private letter rulings, interpretations, etc. Each of these define the way the law is interpreted or enforced. And each of them change regularly as developments occur, especially when the law is new. And none of those are reflected in the original statute or the code itself. So just looking up the tax code is not enough. My research is not complete until I read articles about that specific tax law.

The Tax Code

Prior to 1874, U.S. statutes were not codified. That is, the acts of Congress were not separately organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). The first attempt to codify the Tax Code was in the Revenue Act of 1861. Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873. Title 35 of the Revised Statutes was the Internal revenue title. Another codification was undertaken in 1878.

History

    1. Revenue Act of 1861
    2. 1873 tax code
    3. 1878 tax code
    4. 1939 tax code
    5. 1954 tax code
    6. 1986 tax code
    7. 2017 tax code

In 1954 all the various tax laws that had ever been passed were codified into the 54 tax code, even preceding the 16th amendment, which became law in 1913. This code was referred to as the 54 code. This basic structure of the tax code has been identical ever since. Tax laws, which are passed every year, are simply hung like Christmas Tree ornaments on the 54 code. Few tax laws are ever repealed. Instead they are superseded. But, if they are never superseded they last forever. In 1986, during the Reagan administration, a big batch of new bills were passed as a reform package. This included ‘at risk’ provisions and ‘passive activities’ to kill a burgeoning tax shelter industry. ‘Economic Substance’ and ‘Valid Business Purpose’ arose separately as tax doctrines with the force of law. They were used to attack tax frauds such as ‘Boss’ & ‘Son Of Boss’. People began calling it the 86 code, but the basic 54 Code structure is still the basic structure of the code and remains unchanged. Many unsupervised tax laws remain fully functional although little used. 2017 tax reform will undoubtedly come be called the 2018 tax code.

So, for the entire time since 1863, Congress has been adding to to tax law, known since 1883 as the U.S. tax code. It started at 400 pages in 1913, the size of a decent book. In 26 years it grew only to 504 pages. Today it’s more than 77,000 pages long. (An entire library of 400 page books.)

This creates a bizarre matrix of anomalies, inconsistencies, differences, conflicting individual laws, that are tied together by invisible threads. This is today’s tax code.

The Tax Code Was Brilliant By Design …

… but the brilliant result was unforeseen. As I’ve already said, the 16th amendment created two separate tax systems. One for business & one for wage earners. That’s because wages are considered profits, which excludes wage earners from deducting ordinary, necessary & reasonable expenses. Businesses & their owners have the full benefit of the 16th amendment.

The Way It Works Is Brilliant By Mistake.

Overwhelming Size & Complexity. The tax code is reportedly 77,000 pages long. Add in Regs, Rev Procs and litigated results, and you’re up to 240,000 pages. Add in 50 states and 172 countries and you are dealing with 25 million to 53 million pages.

Somewhere in that conglomeration, the average tax preparer is completely left behind. Our genius intellect, 4+ decades experience and deep domain expertise sets us apart from the average tax preparers who were left behind after a few thousand pages.

Inevitably in anything as complex and enormous as the tax codes, there are hundreds of thousands of unintended discrepancies, differences, anomalies, inconsistencies, etc. that are breeding grounds for legal tax savings. In addition, in some instances, such as international taxation, when you’re determining which countries to run revenues through, your data base includes the 25 to 53 million pages. There are discrepancies, differences, anomalies, inconsistencies between countries as well as within individual tax codes that can play off each other to save tax legally. This is breeding ground for tax strategy.

Facts & Circumstances

Here is the pecking order of the entire body of tax law. From most important to least important. The bottom of the list reflects the language passed into law. Emphasis moves up the list as government decides how to administer and enforce it legislation & litigated results.

    1. Facts & Circumstances. (Most important.)
    2. Litigation
    3. Revenue Procedures
    4. IRS Regulations
    5. Everything else like private letter rulings.
    6. Tax code.
    7. Individual tax acts like the Tax Cut & Jobs Act. (Least important.)
    8. Private Letter Rulings

The tax code is unique in all the world. As soon as it hits the internet, the law begins morphing as the IRS, the courts & taxpayers begin attacking it determining how the act will be administered & enforced. Unique among the worlds’ tax codes, U.S. tax law, not the code, is a living law, constantly growing & changing. No other law in the world is anything like it.

We are unique, and this ubiquity, and all the other iniquities about the U.S., add to to the powerful uniqueness of our country? Especially our economies muscle.

No other country in the world holds a candle to us.

Tax law is available to everyone in the country. It’s identical for everyone. Taxpayers with identical earnings should get identical results. Bit they don’t because Facts & Circumstances change, & also because of widespread incompetence throughout the professions. When facts & circumstances are introduced into that particular mix, the door opens to niche opportunities to save tax legally based on facts & circumstances. That is the brilliance of the U.S. tax system.

That’s why we have a tax industry in the U.S. The distinguishing factor between companies that are successful long term in blending talent with tax law. Most of the Global 500 have people who can blend them together well. See here for a discussion of tax talent. Private companies generally don’t.

The difference in talent is severe. That’s why the GAO reported large companies pay less tax at lower rates than privately owned companies. Both have access to the same tax code, but vastly different talent. Top notch talent is simply not widely available to private companies. Most tax professionals avoid the talent issue altogether by filing tax on the SALY (same as last year) method.

Key Tax Doctrines

The entire tax code rests on two doctrines which, technically, are not in the tax code per se, but which for all intents and purposes provide the foundation the entire tax code was based on – Economic substance & valid business purpose. Every time I think about this I am reminded of the parable about building your house on solid rock instead of shifting sand. The entire tax code was built on shifting sand. It took a Supreme Court decision, Glenshaw Glass, to place the cornerstone. We introduced them above, but these two precepts lurk in the background of every tax controversy. So you need to be aware of them.

Economic Substance.

Economic substance is a doctrine in the tax law of the which a transaction must have both a substantial purpose aside from reduction of tax liability and an economic effect aside from the tax effect in order to be considered valid. It isn’t valid to pursue a course of action if saving taxes is the only reason you do it. Every transaction must have an economic substance aside from avoiding taxes in order to be valid. Just satisfying the technical requirements of the code, isn’t enough. You also have to pass the test of economic substance. If it doesn’t, it’s considered abusive. Economic substance made its way into the tax code for the first and only time in in 2010 in ACA.

Valid Business Purpose.

Valid business purpose raises the issue of motive on federal income tax liability. Tax avoidance “by means which the law permits” traditionally has been viewed as a legal right. Justice Learned Hand of the New York Court of Appeals, made the famous statement, “It is perfectly legal to so arrange your affairs to pay the least income tax.” However, for forty-five years, the Commissioner of Internal Revenue (Commissioner) has been probing taxpayers’ business motives, generally with the blessing of courts. This has led to the development of the business purpose doctrine, which permits the Commissioner to reverse tax benefits for certain transactions motivated by tax avoidance or non-business purposes. Although the doctrine arose in the context of reorganizations, it was extended rapidly to other areas.- Recently, it has been discussed as a “pervasive judicial doctrine” in tax law. When and how the doctrine should be applied, however, is still the subject of controversy … because it has never been codified by adding it to the tax code.

These concepts developed organically in the courts because they were necessary to hold the tax code together. As people with uncommon abilities began working in the tax code on behalf of their clients to avoid income tax, some very bright people discovered ways to work in the seams of the tax code to follow the letter of the law but cut taxes to nothing. (This is what we do at Ellis.) That’s still possible. But today you have to be aware of these two foundational precepts. People have overlooked them & gone to prison for their oversight.

In today’s world, there are three kind of tax professionals. Education based, preparation based & strategy based. The education based suffered severe devaluation when Google put everything on your phone. Today, I personally do a large part of my research on Google.

Preparation based prepare returns by plunking your numbers on tax forms. This is by far the vast majority of American tax professionals.

Tax strategists make the world go around by devising means to save tax that you would otherwise pay.

CRAFTING STRATEGY

In its ultimate simplicity, if you’re doing everything else right, there are only three ways to save tax; move income to lower tax jurisdictions, convert personal, non-deductible expenditures into legitimate tax deductions, or convert taxable income into nontaxable income. The hated fourth way that targets you specifically or as part of a protected group from the maximum tax rates. For instance, Carried Interest that allows specific individuals to pay capital gains rates on ordinary income.

The fifth way which is generally considered folk lore, tax strategy. Tax strategy can’t be learned in college. You can’t learn it from a book or osmosis. Not everyone has a strategic viewpoint. And not everyone is creative. There is only one way to learn tax strategy … by actually doing it over a long period of time. A few years won’t do it. A couple decades may not be enough. Today, I’m now more than four decades into tax strategy. Do the math. As far as I know, I’m the only tax strategist working with private businesses.

Here’s how we do it.

First we listen & learn. Then we mix & match. Tax law with circumstances. The result is tax strategy custom designed specifically for you. Which is exactly what Apple’s tax strategist did for them, and we’ve had similar success. In the last decade, we’ve saved millions of dollars for hundreds of businesses using this process. We are successful 99% of the time. Because these savings repeat themselves year after, it’s nearly impossible to estimate the total tax we saved.

There 28 million privately owned business & their owners, but there’s only one of us. You need us worse than we need you. We’re the prize.

If your tax preparers aren’t saving you tax, what good are they?

Quote from a frustrated physician … “Despite hiring a local CPA, I was paying excessive amounts of taxes. Even worse, every time I suggested a way to reduce my tax burden it was rejected off hand. Taxes were easily my biggest expense and I had a sinking feeling that I was overpaying. When I discussed the topic with my colleagues, they were in the same boat.” Read this to understand why.

Performance

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I am not the first to recognize this phenomena. Others have mentioned it or written about it. Steve Jobs was the first. You will find several Jobs quotes lower on this page. I first learned about this concept in an article on Business Insider.  You will find a link below. Since then I have run  into it in several places, all documented in the last section below. 

Scientific Breakthrough on Performance

Call to Action

This has turned out to be controversial. It is well backed up with quotes supporting the concept from respected sources, but never-the-less, you should know. 

This study explains why you pay more tax at higher rates than the global 500. The results of the definitive study on expertise will startle you. It is so dramatic it’s hard to believe.  

How much difference is there between top tax professionals & an average tax professional? 

QUITE A LOT. The best tax professionals (or experts in any profession) are 100 to 1000 times more expert then average performers. A few outliers outperform the entire population by leaps & bounds. There is so much difference, top performers and average performers can’t even understand each other. It is not unlike IQ in that regard.

Performance Chart

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The left axis represents expertise. It runs from 100% (most expertise) to zero % at the bottom (least expertise). The bottom axis runs from 0 population on the left to 357,825 population on the right.

Shocking Results 

    • The total population of tax professionals is 357,825
    • 357,825 perform worse than 10%.
    • 9175 rank perform better than 10%.
    • Roughly a thousand perform perform below 90%
    • 2,000 above 80%
    • 2000 perform better than 99.5% of the population
    • 3000 above 70%.
    • 3000 perform better than 99.2% of the population
    • 5000 above 50%.
    • 5000 perform better 98.6% of the population
    • 5000 perform above 50% expertise
    • 352,815 perform below 50% expertise
    • 2.3% perform above 10%.
    • Only 10,734 perform better than 10% expertise
    • 347,091 perform  below the 20% expertise
    • Only 53,673 perform better than 50% expertise
    • 304,432 perform worse than 50% expertise

This is a problem Ellis can solve.

According to Rutger Hoekstra, there are 100,000 multinational corporations, all of them hungry for elite tax talent. But, out of a total of 357,825, there are only 53,000 tax professionals that perform better than 50% competence. That means there is a severe shortage of tax talent. There aren’t enough proficient tax prepares for Global corporations. But that’s where all the real talent work. That’s where the money is. remaining 50% are the guys & gals doing your tax work.  

 

We perform at or near the 100 percentile. Following are the performance charts of our founder.  Note they all all rank him in the top percentile.

Intellect Chart

Brilliant intellect is absolutely necessary for superior professional performance. He’s a right brained genius, mensan.

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Experience Chart

The value of experience in a pertinent field improves performance dramatically The value of experience doubles every ten years. It grows geometrically. This plays a very large role in professional performance. Here’s our founder’s chart. 

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What this means

You don’t have access to a top performing tax professional because they are all employed by the Global 5000. 

Ellis

Our founder ranks in the top percentile of intellect, intuition, experienceAt Ellis we provide the best professional performance available to privately owned businesses. 

Our Discovery

Several years ago, I ran across an  article in Business Insider that completely captivated me. Here is what caught my eye. “A new study provides evidence that individual performance doesn’t fit on a bell curve (with its stable average and limited variance), but follows a distribution in which the average is unstable, the variance is infinite and the prevalence of outliers is much higher … There was consistently a sizable number of outliers, ‘elite performers” in each profession that accounted for the lion’s share of output while a majority of workers performed below the mathematical average.” (Business Insider)

That hit like a bolt of lightening.  It summarizes the concept perfectly.

Over time, I found other references to this phenomenon.

Steve Jobs

Also years ago, I was attracted to a quote by Steve Jobs about software developers. It stuck in my mind, so after the Business  insider article, I searched it out and researched the circumstances. I soon found a bevy of similar quotes. Jobs was obviously an extremely bright guy, so I’m not surprised he figured it out through observation. But I am surprised no one took him seriously.

    1. “An outstanding programmer is 25 times better than an average programmer.” (Steve Jobs).
    2. “Now, in software, and it used to be the case in hardware, the difference between the average software developer and the best is 50:1; Maybe even 100:1. (Steve Jobs from the lost interview.)
    3. “The difference between’ a superb programmer and an average programmer is 25:1.” (Steve Jobs)
    4. “I found that there were these incredibly great people at doing certain things, and that you couldn’t replace one of these people with fifty average people.” – (Think Like Steve Jobs, p91)
    5. “I was convinced the best people can achieve exponentially more than the merely competent or capable.” – (Think Like Steve Jobs, p92

Nassim Nicholas Taleb

You can find a decent discussion of this phenomena in Taleb’s book, Black Swan. At location 5280 in Black Swan, Nassim Taleb briefly discusses extreme outliers in a Pareto Chart.

Derek Thompson

Derek Thompson’s book, Hit Makers. “One fifth of the movies took four fifths of the box office. In book publishing, 90 percent of revenues come from about 10 percent of books. In digital markets, it’s even more extreme: 60 percent of all app store revenue comes from just 0.005 percent of companies. For hit makers, the vast majority of bets are failures. The difference between a great year and a terrible year in publishing might come down to a tiny minority of deals.”

Vilfredo Federico Damaso Pareto

Vilfredo Federico Damaso Pareto was an Italian engineer, sociologist, economist, political scientist, and philosopher. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals’ choices. But he missed the big picture.

Perry Marshall

“Top performers are not twice as good as average performers. It’s more like 100 times better. Everything that matters in business isn’t linear, it’s exponential. 80/20 is about Power Laws –powers of 10. You should always think in multiples of 10.” (Perry Marshall, 80:20 Sales & Marketing.)

Peter Thiel

Also, take a look at the Pareto curves on pages 85 & 89 of Peter Thiel’s ‘Zero To One.’ Substitute ‘performance’ on the X axis (or left margin) & ‘total population’ on the Y axis across the bottom. “This Pareto principle has been extended to mean that 80 percent of sales often comes from 20 percent of products.”

After running tests on professions with derailed performance re odds available, professional sports, I turned my attention to the tax profession  here is what I found

    1. Average tax talent performs at 5% of the best talent.
    2. Top tax talent outperforms the average tax practitioner by 20 to 500 times.
    3. The unavoidable conclusion is, there aren’t enough elite tax professional to supply the Global 2000
    4. Less than 0.001% rank in the top percentile on performance.
    5. Only 0.28% of the population rank above 50% on performance.
    6. Less than 7% of the population rank above 10% on performance.

Some people knew a Long time ago

“Four-fifths of everybody’s work must be bad. But the remnant is worth the trouble.”–Rudyard Kipling

“Using the standard that 90% of science fiction is crap, then 90% of film, literature, consumer goods, etc. is crap.” –Theodore Sturgeon

Expertise / Outliers

In every profession or trade, there are very few experts who perform vastly better than the average. The best performers are 100 to 1000 times better than average performers. Pareto charts reveal this previously masked truth. A few outliers, a few experts, outperform the population by crazy, unimaginable degrees.
• Less than 0.001% rank in the top percentile on performance.
• Only 0.28% of the population rank above 50% on performance.
• Less than 7% of the population rank above 10% on performance.

In the tax industry …

• 367,000 population
• Only 367 out of 367,000 perform in the top 1%.
• Only 10,276 out of 367,000 perform better than 50% on performance.
• Only 25,690 our of 367,000 perform better than 10% on performance.

Since the Big 5 and Global 5000 have a bigger appetite for top talent that 25,690, you will have a hard time trying to find someone in the top 90% to be your tax adviser. Basically all the talent performing above 10% (35,709) are employed by Big 5 accounting firms and the Global 5000. The remainder (332,000) fall into the small to medium sized local & regional tax & accounting firms. These are the people available to advise you on tax.

The Ellis Solution

Ellis CPA is a top performing firm with a national reputation and various areas of expertise. Tax strategist • though leader • leading the tax industry into the 21st century • elliscpa.us • qwktax.com • bizztrategy.com

Our founder & CEO ranks in the top percentile on this chart. But more important, or systems make it possible for everyone on our staff to perform at the highest levels. Our CEO also scored at the top of the scale on exponential experience and intellect. He’s a genius level Mensan. That combination of intellect, aptitude & expertise are the primary determinants in proficiency, competence & performance. Our principal was trained in the Big 5 and in Fortune 500 C suites. He has genuine expertise in tax.

Observations

Noticeably intelligent people have observed over the years that extreme performance exists in the long tail on the left margin of Pareto charts of every profession and every measurable phenomena on earth, such as best sellers and hit records. The 80/20 rule, which scratches the surface of this phenomenon, says, “80% of the land in Italy is owned by 20% of the people.” In the course of my reading, I discovered Pareto Charts were showing some startling things about outliers. Outliers represent a tiny portion of the population but they occupy the the top half of the performance scale. In fact, a mere handful occupy the top 80% of the performance scale. They outperform the rest of the population by unimaginable degrees, from 100 to 1000 times.

Statistics.

• There are 1.4 million accountants employed in the United States.
• 735,399 PTINs have been issued to tax practitioners by the IRS.
• 620,000 CPA’s & EA’s. actively prepare tax returns.
• 239 million tax returns are filed every year.
• 30 million business tax returns filed every year.
• We assumed 367,699 (half the PTIN’s) actively prepare tax returns.

This is how tax professionals rank on performance.

• Less than 0.5% (1,835) rank above 50% performance.
• Less than 0.5% (1,835) rank above midway on performance.
• More than 99.5% (365,165) rank below <50% performance.
• More than 99.5% (365,165) rank below midway on performance.
• 95% of the population rank below 5% on performance.
• 5% of the population rank above 5% on performance
• 0.21% rank in the top 1% on performance.
• 76 rank in the top 1% on performance.
• There are 30 million businesses in the USA.
• 45,508 companies are listed on stock exchanges around the world.
• Less than 0.5% (1,835) rank above 50% performance.
• There are not enough top notch tax professionals to go around the Global 2000.
• There are 1.4 million accountants employed in the United States.
• 735,399 PTINs have been issued to tax practitioners by the IRS.
• 620,000 CPA’s & EA’s. actively prepare tax returns.
• 239 million tax returns are filed every year.
• 30 million business tax returns filed every year.
• Attorneys. 29,688.
• Enrolled Retirement Plan Agents‎: ‎738‎
• Enrolled Actuaries‎: ‎357‎
• Enrolled Agents‎: ‎53,077‎
• Actual number of returns filed – 1,152,000
• 60% get professional help – 691,000
• Number of returns prepared by average successful preparer – 100
• Number of Individuals with Current Preparer Tax Identification Numbers (PTINs) 710,553.
• Number of active preparers: 691,000/100=6,912
• Of 6,912 preparers … only 30 rank above 50% performance (top dot)
• Of 6,912 preparers … only 744 rank above 10.8% performance (bottom left dot)
• Of 6,912 preparers … 3,456, 50%, half, rank below 1% performance (bottom right dot)

More About Ellis
• Genius intellect
• 4+ decades high level experience
• Big 5 auditor
• Fortune 500 C suite
• Attempted LBO
• Power politics – ran for Congress
• Private practice, clients in 46 states
• Deep domain expertise tax strategy
• Top percentile tax aptitude
• Graduated #1 every time

I love this quote: “I think the finance (tax?) field is being overrun with dull and repetitive business people, who are doing the minimum possible to get by, with apathy, and complacence, and generally achieving mediocrity.” Oren Klaff

Expert  Expertise  

Expert: a person who has a comprehensive and authoritative knowledge of or skill in a particular area. I.e., “a financial expert” The four components of expertise are: Intellect + intuition + experience + performance. I personally rank in the top 1% in all four areas. My staff bright as well.

Experience

Articles 17

 

Experience is the knowledge or mastery of a subject gained through involvement in or exposure to it. Experience is a significant contributor to performance. Other significant contributors to intellect are intuition, perception & expertise. 

Exponential Experience = Expertise

Intuition is experience distilled

We have decades of the best experience anyone can get; excellent, pertinent experience at all levels of the American Enterprise system.

The more years of pertinent, experience you have, the greater expertise you develop, the greater your intuition, the greater your expertise & the greater your intellect. Experience & expertise are functions of time spent practicing your trade or profession at increasingly higher levels. The more you have at higher levels, the more valuable it is.

Experience grows exponentially

But, it doesn’t grow on trees. Not every experience even qualifies as pertinent experience.  You may think four years of experience plus four more years of experience is eight years of expertise. But that’s wrong. Four years times four more years of experience equals 16 years. 40 years of experience times 40 more years of experience equals 160 years of expertise. In advanced That’s what exponential means. industrial societies, people with the most experience hold the highest positions until they die because they have the most expertise.

In my case, my entire career has been spent in several meaningful, important positions, all related to tax & accounting, and oddly enough, innovation. 

In the accompanying graph, the experience line continually curves upward becoming steeper until you get to the arrow that represents me. That’s exponential in action. As time passes, the line gets steeper until it is nearly vertical. The steeper the line, the more expertise a person has. 

Here’s my graph.

Articles 18

We have decades of the best experience anyone can get; excellent, pertinent experience at all levels of the American Enterprise system.

My experience

• Big 5 accounting firm
• Big 5 consultancy
• C-Suite positions at two Fortune 500 companies
• Attempted to LBO global employer
• Ran for Congress
• Private practice
• Clients in 46 states
• See LinkedIn for career details.

After graduating with highest grades from college, my experience includes a Big 5 accounting firm, C suite positions at two Fortune 500 companies and private practice.

We aren’t your average tax firm. Our founder is not an average tax expert. Our staff isn’t average. We do things other firms don’t do. We aren’t magical, but our founder & our firm rank in the top percentile on each of these key components: performanceintellect, intuition & experience. Like the words to a Sinatra song , they go together like love & marriage.

Intellect

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Intellect

Cognitive Capital in the Knowledge Economy

“Mensan, genius, superior cognitive abilities, Big 4 accounting firm, 2 S&P 500 C Suites, introduced mag stripe cards & digital transactions to the marketplace, ran for Congress, first virtual, cloud based CPA firm.”

Geniuses are noted for superior cognitive ability; creativity & innovation; for making connections between objects that most of us wouldn’t think of connecting; for keeping everything they know, suspect, have seen or read hovering in the back of their brain to call on when appropriate; and combining seemingly disparate facts into remarkable solutions. In the process of doing that, geniuses inevitably think abstractly and apply abstractions—that is, they/we become smarter. The solutions to complex problems sometimes appear instantly in the genius mind before the problem is fully defined.

 

“A genius is a person who displays exceptional intellectual ability, creative productivity and originality, that is associated with the achievement of new advances in a domain of knowledge. Despite the presence of scholars in many subjects throughout history, many geniuses have shown high achievements in only a single kind of activity.” Wikipedia.

 

Genius is being both Intelligent, and being able to tap all one’s intelligence at the right time. Something that is brilliant and temporarily eludes description due to it’s awesomeness. “True genius resides in the capacity for evaluation of uncertain, hazardous, and conflicting information.” –Churchill”.

 

Articles 21

Another the many advantages I had over my similarly intelligent co-workers in C suites was the ability to improvise. I suspect that came from my right brain characteristics

I’m a right brain genius mensan.

Mensans rank in the top 2% of society. Genius rank in the top 1%. IQ’s over 200 have been recorded. Intelligence is a continuum, with the lowest on the left end of the line and the highest on the right end of the line. Genius is considered anything above 140 IQ, but that is just an arbitrary point on the continuum. In my opinion, genius probably begins at 145 IQ. That where the thinking process changes. Below 145 IQ, thinking is linear & fact based. Above 145 IQ, thinking is intuitive, visual & imaginative. That also describes left brained & right brained. So, a right brained genius is genius on steroids.

Ellis

We aren’t your average tax firm. Our founder is not an average tax expert. Our staff isn’t average. We do things other firms don’t do. We aren’t magical, but our founder & our firm rank in the top percentile on each of these key components: performanceintellect, intuition & experience. Like the words to a Sinatra song , they go together like love & marriage.

      • High IQ Intellect
      • High IQ Mensan
      • Genius
      • Top of class every time
      • Top percentile tax & accounting aptitude
      • Three things make a great professional:
      • Intellect
      • Experience
      • Expertise.

The complex strategies we use to cut through the 77,000 page long tax code and nearly 300,000 total pages of tax law requires intelligent staff comfortable working in complex environments, dealing with abstract ideas, systems, patterns, sequences, functions, etc. It sets us & you apart from our peers & competitors. If you can see things other people see, you have the advantage from the beginning. The results we produce are sometimes truly remarkable, adding significant competitive advantage over competitors. I have been startled many times at the relatively simple tax cutting schemes other accountants overlook.

Expert 

Expert: a person who has a comprehensive and authoritative knowledge of or skill in a particular area. I.e., “a financial expert” The four components of expertise are: Intellect + intuition + experience + performance. I personally rank in the top 1% in all four areas. My staff bright as well.

From Sales EQ By Jeb Blount:

“People with an above-average IQ tend to be curious, rapidly assimilate and learn new information, are strategic and can see the bigger picture, hold themselves to high standards, and have superior reasoning skills. They also perceive relationships among seemingly unrelated objects, ideas, or facts and develop unique and original solutions to problems from these relationships—a critical competency in sales for discovery, challenging the status quo, and developing unique solutions and recommendations. These competencies (and more) are why sales professionals with above-average IQs thrive in sales. But there is a dark side. Because high-IQ people tend to think, talk, and connect disparate ideas faster and more rationally than other people, they have the tendency to damage relationships through Impulsiveness, Impatience, Talking down to people, Talking over people, Failure to listen and hear people out, Failure to empathize with others & Overwhelming people with elaborate solutions to basic problems. To effectively navigate relationships and influence the emotions of others, you must learn to temper and complement innate intellectual ability with emotional intelligence.”

      • Miscellaneous information.
      • Salon article.
      • Business Insider article.
      • Genius is probably the rarest of all human characteristics. Quoted from Salon Magazine.
      • Some say there is one genius per million people.
      • Geniuses think differently
      • Geniuses process information differently from most people
      • This process is commonly described as intuitive
      • The solutions to complex problems sometimes appear instantly in the genius mind before the problem is fully defined.
      • Geniuses spend more time looking for the best way to communicate solutions to people than actually solving the problems.
      • Instead of thinking in English, Genius think in visual flows
      • Geniuses gravitate toward problems or issues that others find difficult to solve.
      • Geniuses don’t buy into conventional wisdom or follow what others are doing or thinking
      • Generally, everything a genius does is above expectations.
      • Geniuses think several steps ahead, creating alternative routes to cover all bases.
      • Genius often comes from finding a new perspective that no one else has taken.
      • Geniuses display exceptional intellectual ability, creative productivity, universality in genres or originality
      • Genius is widely associated with creativity and innovation
      • Geniuses combine thoughts, images and ideas in different ways from most people.
      • Geniuses can recognize patterns that occur in the world that most of us don’t see.
      • Geniuses make connections between objects that most of us wouldn’t think of connecting.
      • Geniuses have laser-like ability to concentrate, incredible problem solving skills & open minds.
      • Geniuses are highly adaptable.
      • Geniuses understand how much they don’t know.
      • Geniuses have insatiable curiosity.
      • Geniuses like their own company.
      • Geniuses have high self control, get along well with people and are really funny
      • Geniuses operate at a level where they can figure out complex problems instantly
      • Geniuses retain basically everything.
      • Most geniuses are absent minded. Don’t be surprised if they forget why they called.
      • Geniuses have a massive amount stored in their brain.
      • Geniuses never quit cogitating.
      • Geniuses never pause.
      • Geniuses spit out unique solutions one after the other.
      • Geniuses take everything they know, suspect, have seen or read into consideration and combine seemingly disparate facts into remarkable solutions.
      • Geniuses think in metaphors & opposites. Both considered signs of genius.
      • The real sign of genius is not knowledge, but imagination. Albert Einstein.
      • One drawback is they are so smart they grow tired and restless for everyone to catch up. This is often mistaken for lack of focus. If they seem bored they probably are. Most geniuses hate meetings. Be patient with your genius.
      • Somewhere around an IQ of 145 to 150, high intellect people begin to think differently than normal people. This is where I think the dividing line .between geniuses and other people belongs – at the point where people begin to think radically differently.
      • The way geniuses process information is completely different and basically indescribable. But is most commonly described as intuitive. Conclusions come almost instantly.
      • Geniuses spend more time looking for the best way to communicate the solutions to problems they solve than actually solving the problems. Finding the best ways to compress information into a form that can be communicated to those around them, with their varied levels of intelligence and varied expertise, which inevitably means that something is being lost in translation, but the genius must choose what is lost.
      • Geniuses don’t think in English, but generally favor some variation of visual flowing thought that utilizes every reference they come across as though it functioned as a word or phrase.
      • Geniuses learn in a fundamentally different way than normal people, some of which can be taught, and some of which cannot be taught. A genius might gain an incredibly advanced understanding of how a system functions and be ready to improve upon it before he’s even bothered to learn all the terminology.
      • Geniuses gravitate toward those problems or issues that others find difficult to solve.
      • Geniuses don’t buy into conventional wisdom or follow what others are doing or thinking
      • Generally, everything a genius does is above expectations.
      • Geniuses think several steps ahead, creating alternative routes to cover all bases.
      • Genius often comes from finding a new perspective that no one else has taken.
      • Geniuses display exceptional intellectual ability, creative productivity, universality in genres or originality, typically to a degree that is associated with the achievement of new advances in a domain of knowledge.
      • If Geniuses have any peers, they will probably live their entire life without meeting them.
      • The world isn’t designed in such a way that most profound geniuses are ever recognized for their gifts, and often times their gifts are given to the world only to be rejected. Profound genius is more often than not paired with profound suffering, that is what many who envy greater intelligence often forget.

Geniuses look at problems in a different way than most people do. They combine thoughts, images and ideas in different ways, and they can recognize patterns that occur in the world that most of us don’t see. They can make connections between objects that most of us wouldn’t think of connecting. For example, Leonardo da Vinci connected a bell ringing to a flat stone hitting the water and causing waves. This conclusion led him to think that sound, like water, also traveled in waves.

The average IQ among Oxford Dons was 125. The highest IQ was 139. None of them at genius IQ levels. Same thing for Doctors and winners of the Nobel prize. In. comparison, Einstein’s IQ has been estimated at between 165 & 185.

Geniuses have laser-like ability to concentrate, incredible problem solving skills & open minds. They are highly adaptable, they understand how much they don’t know, they have insatiable curiosity, they like their own company, they have high self control, get along well with people and are really funny. They think differently than most people. They operate at a level where they can figure out complex problems instantly. This gives the impression that they’re working off assumptions. But that isn’t the case at all. One of my favorite sayings is “Assumptions kill.” They retain basically everything, although most geniuses, including me are absent minded. Don’t be surprised if they forget why they called. They have a massive amount stored in their brain and they never quit cogitating. They never pause. And they spit out unique solutions one after the other.

Synthesize All Forms Of Knowledge

Inside geniuses’ heads is an intriguing mix of sensibilities. They love the beauty of simplicity but are prone to depression. Perfectionism is a characteristic of genius, as is working alone in solitude. When they set their mind to something, they generally succeed.

One drawback is they are so smart they grow tired and restless for everyone to catch up. This is often mistaken for lack of focus. One solution Is only hire geniuses who graduated #1 in their class.

Geniuses take everything they know, suspect, have seen or read into consideration and combine seemingly disparate facts into remarkable solutions. None of this seems unusual to me. To me it’s normal. This is me.

A polymath (Greek: πολυμαθής, polymathēs, “having learned much”) is a person whose expertise spans a significant number of different subject areas; such a person is known to draw on complex bodies of knowledge to solve specific problems.

“A really intelligent man feels what others only know.”. — Baron de Montesquieu.

More About What To Expect From A Genius

The genius can also think in opposites that most of us might not think of. For example, in 1928 Danish physicist Niel Bohr told people light should be imagined as both waves and particles, but not simultaneously.

Geniuses can also think in metaphors. This is also considered a sign of genius. The great philosopher Aristotle thought that if a person could compare two disparate areas of existence and find a relationship between them, that person was indeed gifted.

Cognition

      • original, unusual ideas, creativity, connects seemingly unrelated ideas
      • superior abilities to reason, generalize or problem solve, high intelligence
      • vivid and rich imagination
      • extensive vocabulary, verbal ability, fascinated by words
      • learns new things rapidly
      • excellent long term memory
      • grasps mathematical/scientific concepts readily, advanced comprehension, insightful
      • avid reader.
      • complex and deep thoughts, abstract thinker
      • runs mind on multiple tracks at the same time, fast thinker

Perception/emotion

      • highly sensitive
      • excellent/unusual sense of humour
      • very perceptive, good sense of observation
      • passionate, intense feelings
      • sensitive to small changes in environment
      • introverted
      • aware of things that others are not, perceive world differently
      • tolerance for ambiguity & complexity
      • can see many sides, considers problems from a number of viewpoints
      • childlike sense of wonder
      • openness to experience
      • emotional stability, serenity

Motivation/values

      • perfectionistic, sets high standards for self and others
      • very curious, desire to know
      • very independent, autonomous, less motivated by rewards and praise
      • seeker of ultimate truths, looks for patterns, meaning in life ******* enjoys challenge, penchant for risk-taking
      • outrage at injustice or moral breaches, good sense of justice
      • wide range of interests, overwhelmed by many interests and abilities
      • strong moral convictions, integrity, honesty
      • high drive
      • visionary, realizes visions, sense of destiny or mission
      • loves ideas and ardent discussion
      • sincerity
      • acceptance of self and others

Activity

      • great deal of energy
      • long attention span, sustains concentration on topics of interest, persistent
      • cannot stop thinking, work myself to exhaustion
      • needs periods of contemplation, solitude
      • spontaneity

Social relations

      • questions rules or authority, asks embarrassing questions, non-conforming
      • feels different, out of step with others, sense of alienation and loneliness
      • very compassionate
      • empathy: feels along with others, helps them understand themselves

This is a collection of bits and snippets that I collected from the Web. Emphasis in the longer quotes is mine. Search quotes in Google to find its source.

From talentdevelop.com

Exceptional talent in mathematics and science,

From templeton.org

Creativity, Genius often comes from finding a new perspective that no one else has taken, new combinations, immensely productive, the ability to make juxtapositions between dissimilar subjects, they can tolerate the ambivalence of tying two unrelated subjects together, metaphor a sign of genius, insight of the highest order, prepare for chance, metaphor a sign of genius. From-creativitypost.com

DRIVE

Geniuses have a strong desire to work hard and long.

COURAGE

It takes courage to do things others consider impossible.

DEVOTION TO GOALS

Geniuses know what they want and go after it.

KNOWLEDGE

Geniuses continually accumulate information.

HONESTY

Geniuses are frank, forthright and honest. They takeresponsibility for things that go wrong.

OPTIMISM

Geniuses never doubt they will succeed. Deliberately focus your mind on something good coming up.

ABILITY TO JUDGE

Geniuses try to understand the facts of a situation before they judge. They evaluate things on an open minded, unprejudiced basis and are willing to change their mind.

ENTHUSIASM

Geniuses are so excited about what they are doing, it encourages others to cooperate with them. Really believe that things will turn out well. Don’t hold back.

Geniuses are opportunity seekers, willing to take on jobs others won’t touch. They are never afraid to try the unknown.

Geniuses know how to motivate people to help them get ahead.

I’ve found geniuses able to make friends easily and be easy on their friends. Be a ‘booster’ not somebody who puts others down. That attitude will win you many valuable friends.

Geniuses are able to effectively get their ideas across to others.

Geniuses have their mental radar working full time.

Geniuses cannot tolerate mediocrity, particularly in themselves. They are never beasily satisfied with themselves. They always strive to do better.

Being flexible enables you to adapt to changing circumstances readily. You resist doing things the same old way. Willing to consider new options

Your inquisitive, curious mind will help you dig deeper. You’re not afraid to admit you don’t know it all. Geniuses lways ask questions about things they  don’t understand.

IMAGINATIVE, INNOVATIVE, CREATIVE

Geniuses know how to think in new combinations, to see things from a different perspective, better than anyone else. They can unclutter their mental environment to develop this type of imagination. Let them daydream, & fantasize.

Making Business Work

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Ellis CPA‘s specialty is tax avoidance, but we offer an entire holistic service on tax avoidance & making your business work better. See list below or click here.

Most businesses pay more tax than the law requires (GAO). Most businesses pay more tax at higher rates than the Global 500. That’ a life ending tragedy. That is the reason most businesses are not successful. The SBA reported one in 10,000 startups every have more than 100 employees. 

That brings up this question.

How competent are your tax professionals? Most businesses and their CEO’s do no know how to evaluate tax professionals, so they turn to evaluating the relationship. That’s a mistake. But we can Help. Upload your tax returns to our drop-box & within 24 hrs we’ll tell you if you overpaid.

Every big global company began life as a start-up.. Apple started as two guys in a garage. As did Hewlett Packard. General Electric started as a guy & a kite. Hershey bean life as a single chocolate shop that went broke. McDonald’s started as a single restaurant. Ford started as one guy with an idea. The question everyone needs to ask is, Why do some startups go on to become big companies, while most startups hit an impenetrable plateau, linger for a while & eventually go out of business? From my experience over 40 years working with hundreds of small and medium sized businesses in a number of industries, cash flow is always near the top of the list. It may sound inconceivable, but some businesses waste so much money on tax, that is their downfall.

  • Tax Strategy – don’t pay more tax than the law requires
  • Tax Avoidance – we save more than we cost. or we’ll refund the difference
  • Business organization – you’re probably not organized as well as you could be
  • Protect vital assets – and you can weather any storm
  • Interstate Taxation – mix & match states to save tax
  • International Taxation – mix & match countries to save tax
  • Intellectual property – vital assets serve a wide variety of purposes. 
  • Processes for handling large volumes
  • Business strategy. how & why you’re going to get there
  • Innovation. copycat works. Do it better
  • Markets. as soon as you find your market, expand continually
  • Finance. horde cash. Stack cash. Don’t waste it.  Never run out
  • People. great people are better than good people, who are better than average people, who are better than lousy people. Hire the best people you can attract
  • Process – digitize & simplify processes continually
  • Culture – enough said
  • Flat organization – too many bosses spoil the brew
  • Business intelligence – understand competitors

Schedule a call: https://calendly.com/elliscpa
Or call direct. (888) 241-5040.
Robert Ellis.

GDPR

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GDPR Privacy Policy

We are committed to protecting your personal data in accordance with the Data Protection Act 2018 (DPA 2018) and the General Data Protection Regulations (GDPR).

We process personal data for several purposes and the means of collection, lawful basis of processing, use, disclosure, and retention periods for each purpose may differ.

Our policy is to collect only the personal data necessary for agreed purposes and we ask clients to only share personal data where it is strictly needed for those purposes. We collect personal data from our clients or from third parties acting on the instructions of the relevant client.

We process personal data to provide professional services such as tax advice, general or specific business advice as part of the range of services we offer. We also process personal data in the administration and management of our business.

Your business contact details are used to provide you with information about our services and other information which we think will be of interest to you, unless you tell us not to.

We are subject to legal, regulatory and professional obligations. We need to keep certain records to demonstrate that our services are provided in compliance with those obligations and those records may contain personal data.

Personal data processed is kept by us for as long as is considered necessary for the purpose for which it was collected (including as required by applicable law or regulation). In the absence of specific legal, regulatory or contractual requirements, our retention policy period for records and other documentary evidence created in the provision of services is 7 years.

We take the security of your data we hold seriously. We have a policy including procedures and training in place covering data protection, confidentiality and security and regularly review the appropriateness of the measures we have in place to keep the data we hold secure.

We will only share personal data with others when we are legally permitted to do so. When we share data with others, we put contractual arrangements and security mechanisms in place to protect your data. We use third parties located in other countries to help us run our business. As a result, personal data may be transferred outside the countries where we and our clients are located. This includes countries outside the European Union (“EU”).

Under the DPA (2018) and GDPR, Individuals have certain rights over their personal data and data controllers are responsible for fulfilling these rights.

Access to data

You have a right to access your personal data held by us and you can exercise that right by contacting us below. Our aim is to respond to a request promptly and within the legally required limit of 40 days.

Update of personal data

If you wish to update personal data submitted to us, please contact us below. Once we are informed that any personal data held by us is no longer accurate we will make changes based on your updated information.

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Where we hold data based on consent, individuals have a right to withdraw consent at any time. To withdraw consent to our processing of your personal data please contact us below.

Other rights

This statement is intended to provide information about what personal data we collect about you and how it is used. As well as rights of access and amendment referred to above, individuals may have other rights in relation to the personal data we hold, such as a right to erasure/deletion, to restrict or object to our processing of personal data and the right to data portability. For further information on these rights please contact us below.

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If you do want to complain about our use of your personal data, please contact us below with the details of your complaint. You also have the right to register a complaint with the Information Commissioner’s Office (“ICO”). For further information on your rights and how to complain to the ICO, please refer to their website.

Contacting us about your data

If you have any questions about this privacy statement or how and why we process personal data, please contact us at:

Name: Ellis CPA Firm PC
Address: 605 25 Road, Suite 200
Grand Junction, CO 81505
Email: cc@elliscpafirm.com
Telephone: (970) 241-5040