Managing Director Education Background


Masters of Science in Tax Law (MST) – Golden Gate University

A comprehensive graduate degree program designed to train professionals in the tax field. Each master’s in tax law course takes approximately four months to complete. These advanced tax courses require a significant amount of time and effort to master as the material is highly complex requiring detailed study and analysis. Many of the tax courses are very similar to the tax law courses taken by attorney’s in their Masters of Tax Law program. This MST program, similar to an LL.M. (Taxation) program, takes three to five years to complete if done as a part-time arrangement, which is commonly the case as most tax professionals are working full time when completing this program.


Completed Courses

(20) TA 352 Taxation In Electronic Commerce – Completed in August of 2017, this course provides comprehensive examination of the tax issues confronted by companies engaged in electronic commerce, with special attention to remote sellers. Areas of taxation studied include state sales tax, state income tax, cross-border (international) transactions, tax accounting for web site development costs, acquisitions and dispositions of web-based businesses, valuation issues and tax compliance associated with e-commerce. The course emphasizes six unique aspects of e-commerce taxation, including: worldwide reach of web sites, anonymous transactions, digital products, remote operation of a web server, intangible assets in web sites, and fast-changing rules.

(19) TA 350D Transfer Pricing – Structuring transactions among related parties operating in an international context provides opportunities for tax planning through the shifting of income to lower-taxed jurisdictions. Section 482 of the Code and its regulations are the primary means through which the federal government limits tax avoidance by requiring that the pricing of such transactions for tax purposes reflect the prices that would result if the parties were operating at arm’s length. This course examines the principal aspects of transfer pricing, focusing on relevant statutory, regulatory, treaty, case law, including non-U.S. approaches such as OECD guidance, and considers the historical and conceptual basis of the current system. Economic and tax accounting aspects of transfer pricing are discussed along with the practical application of different transfer pricing methodologies. The course also considers the administrative aspects of transfer pricing, including IRS examinations, APA procedures, and competent authority procedures. Class material includes: Transfer Pricing: Rules, Compliance and Controversy – (CCH, Latest Edition), Marc M. Levey & Steven C. Wrappe, the latest Treasury Regulations, and various transfer pricing articles.

(18) TA 350A Taxation of Foreign Persons with US Activities – Examines business and investment transactions by nonresident alien individuals and foreign corporations earning income in the US (inbound transaction) including residence for income taxation, sources of income, sources and allocation of deductions, US taxation of passive income by nonresident aliens and foreign corporations, the branch profit tax and gains of foreign taxpayers from the sale of US Real Property.


(17) TA 321 Principles of International Taxation – Presents a broad survey of the rules of US income taxation regarding international transactions. Covers both “in-bound” transactions the treatment of non-resident aliens and foreign corporations investing and/or doing business in the united States, as well as “out-bound” transactions the treatment of US citizens and residents investing and/or doing business outside the US.

(16) TA 350B Taxation of US Persons with Foreign Activities – Covers US taxation of foreign operations by US individuals and corporations including an in-depth analysis of the foreign tax credit, controlled foreign corporations, passive foreign investment companies, foreign sales corporations, and foreign currency transactions.

(15) TA 333 Consolidated Income Tax Returns – Analyzes consolidated tax return law, including concepts and history; eligibility to file: computation of consolidated and separate taxable income; intercompany transactions; SRLY rules; and consolidated basis adjustment procedures.

(14) TA 338 Tax Timing – Examines issues related to the allocation of items of income and deduction to the proper taxable year, including adoption of tax year end; definition of method of accounting; the annual accounting concept; cash, accrual and installment methods of accounting; time value of money; and the Uniform Capitalization Rule.

(13) TA 396B International Tax Planning – Examines structuring of overseas operations, including special tax features in leading jurisdictions, hybrid instruments and entities, anti-avoidance and intellectual property rules, repatriating profits, foreign acquisitions and international holding companies.

(12) TA 322B Federal Income Taxation of Corporations and Shareholders Part 2 – Continues analysis of tax treatment, tax problems and tax planning techniques involving transactions between corporations and their shareholders. Covers specific issues of operating in corporate form: corporate organizations and divisions, carryovers of tax attributes. and limitations on carryovers.

(11) TA 326 Real Estate Taxation – Analyzes tax advantages of ownership of real property; how to acquire real property; choice of entity; ownership and operation of real property; sales, exchanges, conversions and abandonment; postponing taxation on sale; tax aspects of mortgage financing; foreclosures and cancellations; leasing real property; hybrid financing through sales and lease backs; partnerships. subdivisions, syndicates, real estate investment trusts; ownership by homeowners associations, co-ops, tax exempt and foreign investors and real estate holding companies.

(10) TA 328 Federal Income Taxation of Partners and Partnerships – Analyzes tax problems of the organization and operation of partnerships including the treatment of partnership distributions, withdrawal of a partner during his/her lifetime, dissolution of the partnership, sales or exchanges of partnership interests.

(9) TA 322A Federal Income Taxation of Corporations and Shareholders Part 1 – Analyzes tax treatment, tax problems and tax planning techniques involving transactions between corporations and their shareholders: transfers to corporation; capital structure; dividends and other distributions; stock redemptions and liquidations; stock dividends and preferred stock bailouts; and introduction to S corporations.

(8) TA 330 Property Transactions – Analyzes federal income taxation of property transactions, including definition and mechanics of property transactions, definition of capital assets, nonrecognition property transactions, including I.R.C. Sections 121, 1031 and 1033; examination of the “at risk” and “passive loss” rules. TA 338 Tax Timing – Examines issues related to the allocation of items of income and deduction to the proper taxable year, including adoption of tax year end; definition of method of accounting; the annual accounting concept; cash, accrual and installment methods of accounting; time value of money; and the Uniform Capitalization Rules.

(7) TA 319 Federal Tax Procedure – Procedural aspects of dealings between taxpayers and their representatives on the one hand and the Internal Revenue Service, IRS Office of Professional Responsibility, the Office of the Chief Counsel for the Internal Revenue Service, and the Tax Division of the Department of Justice on the other hand.

(6) TA 320 Multistate Corporate Taxation – Analyses the tax treatment, tax problems and tax planning techniques of corporations engaged in multistate activities. Emphasis is on California law with substantive discussion of other state laws. Topics include Constitutional limitations on states ability to tax multistate corporations, general vs, financial corporations, state treatment of S corporations, FCSs, holding companies and partnerships, computation of income, business versus non business, formula apportionment, unitary taxation and water’s edge elections. Court case studies are used to illustrate concepts.

(5) TA 346M Passive Loss Activity Rules – Examines the complex and ever-changing passive activity loss (PAL) rules that apply to certain investments in trade/businesses and rental properties with an in-depth coverage of tax law and regulations applicable to passive activities. Objectives include gaining a thorough understanding of the passive activity loss rules, understanding how to optimize tax benefits with respect to PALs, learning how to identify what activities are subject to the PAL rules and applicable special exceptions and understanding the tax ramifications of losses and dispositions of PALs.

(4) TA 318 Advanced Federal Income Tax Law – Examines federal income taxation with emphasis on statutory materials; special attention to problems of individual taxpayers and specific rules regarding gross income, adjusted gross income, taxable income, deductions, exemptions and credits.

(3) TA 329 Tax Research and Decision Making – Examines the primary sources of income tax law, the IRC, and administrative and judicial interpretations. Teaches skills required to locate, understand and interpret primary source law materials.

(2) ACCTG 301B (Equivalent) “Principles of Accounting” – Provides insight into current, relevant accounting topics, and the underlying accounting standards (FASB Codification). Topics include long-term debt, complex debt/equity instruments, stockholders’ equity, share-based payments, leasing, income taxes, consolidation (VIEs), income taxes, and partnerships/joint venture accounting. Imparts an understanding of the practical issues in the appropriate accounting for transactions that are covered under these topics.

(1) TA 362 (Equivalent) “Accounting for Income Taxes” – Examines the financial accounting and reporting of income taxes under Statement of Financial Accounting Standards Codification Topic 740 (FASB ASC 740) formerly known as FAS 109 and related accounting literature. Topics include the calculation of current and deferred income taxes, an overview of book-tax differences, the calculation of interim period tax provisions and the presentation and disclosure of income taxes in financial statements. Students will learn the basics of accounting for income taxes related to advanced topics such as stock compensation expense, foreign operations, state income taxes and accounting for uncertain tax positions (formerly known as FIN 48). The difference between US and international accounting standards will be identified and discussed.


Graduate Certificate Degree in International Tax Law – Golden Gate University

 

In-addition to completing a Masters in Taxation I have also just recently (August of 2017) completed all of the courses required to obtain my graduate certificate degree in international taxation.

Bachelor of Economics, Accounting – University of California, Santa Barbara

Mona Sheung


“James is a very hard working and diligent, someone I respect and trust!"

ControllerClient Service Manager at FIOH Global Asset Management and Strategies, LLC

2014-05-14T12:21:25+00:00
“James is a very hard working and diligent, someone I respect and trust!" ControllerClient Service Manager at FIOH Global Asset Management and Strategies, LLC

Mike Ford


“I’ve known James Duffy for over thirty years and rely on him for rock solid tax and accounting advice and the very latest in clever AND LEGITIMATE solutions to complex situations. I am very comfortable referring him to my associates and friends and know they will receive the same high standard of care he delivers to his national clients, and to me. He never fails to go the extra mile and has always been a proactive part of every situation I have dragged him into. While many consultants see clients as mere engagements his style is much more comprehensive and it’s not unusual at all to get an email from him at an odd hour treating the topic we’ve been kicking around. I am confident that he is the best of the best.”

Real Estate Professional

2014-05-16T05:01:37+00:00
“I’ve known James Duffy for over thirty years and rely on him for rock solid tax and accounting advice and the very latest in clever AND LEGITIMATE solutions to complex situations. I am very comfortable referring him to my associates and friends and know they will receive the same high standard of care he delivers to his national clients, and to me. He never fails to go the extra mile and has always been a proactive part of every situation I have dragged him into. While many consultants see clients as mere engagements his style is much more comprehensive and it’s not unusual at all to get an email from him at an odd hour treating the topic we’ve been kicking around. I am confident that he is the best of the best.” Real Estate Professional

Wesley Wakeford


“James Duffy has advised me on several tax matters. I give him my highest recommendation for his knowledge of tax law, for having the highest integrity and also for being a true gentleman. James is a very sharp intellectual and is also a very creative professional. If you need tax help, you will not go wrong with James Duffy.”

Attorney

2014-05-14T12:07:08+00:00
“James Duffy has advised me on several tax matters. I give him my highest recommendation for his knowledge of tax law, for having the highest integrity and also for being a true gentleman. James is a very sharp intellectual and is also a very creative professional. If you need tax help, you will not go wrong with James Duffy.” Attorney

Juan Carlos Villalobos


“I contacted James Duffy at Tax Client Services to have him prepare the financial statements and tax returns for Aapex Financial Solutions, LLC. He did a great job preparing my friend’s tax return, significantly reducing their tax liability. They were impressed on how detailed he was as he looked at all of the tax planning techniques allowed under the tax law. My friends liked that he looks at your prior year tax returns to determine if there are any missed tax deductions without any up-front charge. He then found a lot of tax savings! With that background I had no issues asking for his assistance on this project. He helped me on issues with the California Residential Mortgage division, the US department of HUD, reviewed my prior year financial statements and tax returns, etc. He identified important issues in the prior and current year tax returns. It is a given that I will continue with his services. He is a very accomplished professional and a pleasure to work with. I highly recommend Tax Client Services!”

President at Aapex Financial Solutions, LLC

2014-05-14T12:10:46+00:00
“I contacted James Duffy at Tax Client Services to have him prepare the financial statements and tax returns for Aapex Financial Solutions, LLC. He did a great job preparing my friend’s tax return, significantly reducing their tax liability. They were impressed on how detailed he was as he looked at all of the tax planning techniques allowed under the tax law. My friends liked that he looks at your prior year tax returns to determine if there are any missed tax deductions without any up-front charge. He then found a lot of tax savings! With that background I had no issues asking for his assistance on this project. He helped me on issues with the California Residential Mortgage division, the US department of HUD, reviewed my prior year financial statements and tax returns, etc. He identified important issues in the prior and current year tax returns. It is a given that I will continue with his services. He is a very accomplished professional and a pleasure to work with. I highly recommend Tax Client Services!” President at Aapex Financial Solutions, LLC

Blake Christian


“James hired our firm to evaluate UCB’s California Enterprise Zone Credits. James proved to be a highly technical, high quality, tax executive and was very helpful in managing a complex, multi-year, project. With James assistance, we were able to jointly identify over $6M of supplemental tax savings for his bank.”
Tax Partner, HCVT LLP

2014-05-14T11:57:59+00:00
“James hired our firm to evaluate UCB’s California Enterprise Zone Credits. James proved to be a highly technical, high quality, tax executive and was very helpful in managing a complex, multi-year, project. With James assistance, we were able to jointly identify over $6M of supplemental tax savings for his bank.” Tax Partner, HCVT LLP

Irina Butorina



“James has been helping me with my taxes since 2010 and I am happy about how effective his solutions are and most important – I am very happy with the money he saves for me. His ability to focus on taxes like nobody I have ever seen is actually amazing. He asks a lot of questions always looking for ways to lower my taxes. Don’t be surprised to get detailed emails discussing your issues without any charge on his part at odd hours of the day or night. He cares about his work and I have been always amazed at how he comes up with tax ideas that really work and are legal which is a very important thing for me. He is friendly and fast thinking and returns your phone call promptly, is easy to reach, and will make sure you pay the least amount of taxes possible. He is a God sent tax geek and I would highly recommend James to anyone of my friends.”
Doctor of Medicine

2014-05-14T12:16:15+00:00
“James has been helping me with my taxes since 2010 and I am happy about how effective his solutions are and most important – I am very happy with the money he saves for me. His ability to focus on taxes like nobody I have ever seen is actually amazing. He asks a lot of questions always looking for ways to lower my taxes. Don’t be surprised to get detailed emails discussing your issues without any charge on his part at odd hours of the day or night. He cares about his work and I have been always amazed at how he comes up with tax ideas that really work and are legal which is a very important thing for me. He is friendly and fast thinking and returns your phone call promptly, is easy to reach, and will make sure you pay the least amount of taxes possible. He is a God sent tax geek and I would highly recommend James to anyone of my friends.” Doctor of Medicine

Howard Chen


“Jim has strong technical skills in the tax field. He is very independent and hard working. Jim gets the job done!”

VP, Corporate Development and Strategy at Bank of the West

2014-05-14T12:14:08+00:00
“Jim has strong technical skills in the tax field. He is very independent and hard working. Jim gets the job done!” VP, Corporate Development and Strategy at Bank of the West

George Baker


“James was hired because of his outstanding tax expertise. He worked on tax issues related to financial statement documents backing the bank’s submission of its 10-K, 10-Q and other SEC submissions. He was responsible for tax compliance and filings for a $6 Billion market cap company. His knowledge of the tax law led to substantial savings for the bank. One example was the bank’s foreign earnings repatriation strategy–$8 million in federal taxes were saved as well as some $2 million in state taxes. James is a master at sorting through details on tax issues and used this to reach correct tax applications to the benefit of the bank.”

Senior Vice President at Zions Bank

2014-05-14T12:04:36+00:00
“James was hired because of his outstanding tax expertise. He worked on tax issues related to financial statement documents backing the bank’s submission of its 10-K, 10-Q and other SEC submissions. He was responsible for tax compliance and filings for a $6 Billion market cap company. His knowledge of the tax law led to substantial savings for the bank. One example was the bank’s foreign earnings repatriation strategy–$8 million in federal taxes were saved as well as some $2 million in state taxes. James is a master at sorting through details on tax issues and used this to reach correct tax applications to the benefit of the bank.” Senior Vice President at Zions Bank

Dirk Wierema


“As the Corporate Controller at Ampro Computers, I hired James to prepare and update four years of amended corporate Federal and State tax returns. While on this project James expertise in Federal and State taxes helped to defer a significant tax liability for our company. James was very easy to work with and took the time to explain complex tax regulations in a way that was easy to understand. I would highly recommend James.”

Controller – Zetta, Inc.

2014-05-14T12:15:06+00:00
“As the Corporate Controller at Ampro Computers, I hired James to prepare and update four years of amended corporate Federal and State tax returns. While on this project James expertise in Federal and State taxes helped to defer a significant tax liability for our company. James was very easy to work with and took the time to explain complex tax regulations in a way that was easy to understand. I would highly recommend James.” Controller – Zetta, Inc.

Raffaele Mari


“James is a seasoned tax professional who has excellent technical and communication skills. He is a quick study and focuses on providing value-added services. He is a team player who is willing to do whatever it takes to deliver results in a cost-effective manner. I have enjoyed the opportunity to work with James and am confident that anyone would be very satisfied with his work.”

Managing Director, Global Wealth Management

2014-05-14T12:12:00+00:00
“James is a seasoned tax professional who has excellent technical and communication skills. He is a quick study and focuses on providing value-added services. He is a team player who is willing to do whatever it takes to deliver results in a cost-effective manner. I have enjoyed the opportunity to work with James and am confident that anyone would be very satisfied with his work.” Managing Director, Global Wealth Management

Benny Lee


“A person’s expertise can be differentiated in terms of the following classes: Novice, Beginner, Intermediate, Expert, and World-Class Guru.
My observation of Jim’s practice and understanding of all tax intricacies both from corporate and individual would place him in the class of a World-Class Guru.”

Vice President, Information Technology – East West Bank

2014-05-14T12:01:56+00:00
“A person’s expertise can be differentiated in terms of the following classes: Novice, Beginner, Intermediate, Expert, and World-Class Guru. My observation of Jim’s practice and understanding of all tax intricacies both from corporate and individual would place him in the class of a World-Class Guru.” Vice President, Information Technology – East West Bank

Pat Powers


“James identified a difficult and complex tax issue that required resolution. This particular issue was unusual and potentially quite troublesome. James supervised analysis and resolution of this issue in a very professional manner. His handling of the issue demonstrated a very good grasp of highly complex legal issues balanced by sound and mature judgment.”

Tax Partner at Baker & McKenzie

2014-05-14T12:05:55+00:00
“James identified a difficult and complex tax issue that required resolution. This particular issue was unusual and potentially quite troublesome. James supervised analysis and resolution of this issue in a very professional manner. His handling of the issue demonstrated a very good grasp of highly complex legal issues balanced by sound and mature judgment.” Tax Partner at Baker & McKenzie

Silina Dudkina

I have great respect for James and his firm Tax Client Services. He is personable, trustworthy and frankly brilliant in his field. His tax and accounting experience, knowledge and ethical character are of the highest standards. He has the ability to focus on key tax issues that make a difference that is rarely seen these days. Its hard to find a CPA who is highly competent, who you can trust, and one that will not over-charge you! His many strengths include how determined and focused he is in taking care of his clients tax and accounting problems. James is a polished and experienced tax professional, one whom you can count on to go the extra mile and who will do everything possible to ensure his clients pay the absolute minimal amount of taxes possible. I highly recommend this tax professional!

Studying to be a Nurse

2014-05-14T12:09:40+00:00
I have great respect for James and his firm Tax Client Services. He is personable, trustworthy and frankly brilliant in his field. His tax and accounting experience, knowledge and ethical character are of the highest standards. He has the ability to focus on key tax issues that make a difference that is rarely seen these days. Its hard to find a CPA who is highly competent, who you can trust, and one that will not over-charge you! His many strengths include how determined and focused he is in taking care of his clients tax and accounting problems. James is a polished and experienced tax professional, one whom you can count on to go the extra mile and who will do everything possible to ensure his clients pay the absolute minimal amount of taxes possible. I highly recommend this tax professional! Studying to be a Nurse

Why TCS?

Tax Client Services (TCS) is dedicated to helping you with all of your tax and accounting needs, including maximizing your after-tax cash flow by minimizing your tax liability.

Experience

James was born in Seattle, Washington though he spent the greater portion of his early years in Hawaii. Completing his Bachelor of Economics from the University of Santa Barabar, James was hired by PricewaterhouseCoopers.

Selecting a Tax Professional

When you’re looking for a talented and skillful tax professional, the one thing you absolutely need is to select someone who is well versed in tax law. Not requiring this could cost you greatly in both lost cash flow and additional stress...