Spotlight on International Tax Services Partner Shannon Smith

Our Spotlight series highlights the careers and lives of tax professionals around the world. This week’s Spotlight is on Shannon Smith, who is partner in charge of international tax services at Eide Bailly in Boulder, Colo.

Smith previously was a senior manager in international tax for EY before joining Eide Bailly 10 years ago. She is co-chair of Eide Bailly’s diversity, equity, and inclusion council and serves on the board of directors for the Young Americans Center for Financial Education.

Outside of work, Shannon is a running, foodie, and fitness junkie who enjoys camping in the mountains with her two kids and two dogs. Through her work and personal travel, she has been to 26 different countries.

What’s your official title and what does it mean? My official title is partner, international tax services leader. This means I’m responsible for building an international tax team that’s high performing, cares about one another, is passionate about serving our clients, and is eager to grow and learn.

Free time: book, audiobook, or podcast? Podcast. I’m currently binging “Armchair Expert” on Spotify. I was introduced to Dax Shepard’s story on the Brene Brown podcast “Unlocking Us.” I’m inspired by his perseverance of overcoming dyslexia and addiction to be a very successful entrepreneur and entertainer. On top of that, he’s hilarious and real. He interviews people from scientists to personal friends, and there’s always a lesson or a question to ponder.

Tax is a huge subject. What’s your area of special interest? My area of interest is helping entrepreneurs expand their businesses efficiently to the world.

What’s the last movie or show that you watched and loved (DVD, Netflix, or in the theater)? “Firefly Lane” on Netflix.

What college did you attend and what did you study? I graduated from the University of Michigan Stephen M. Ross School of Business, where I studied business administration with an emphasis in accounting.

Go-to pick-me-up: Coffee or tea? Coffee! Almond milk latte with two pumps of hazelnut syrup.

What’s the best tax or financial advice that anyone ever gave you? Use your health savings account (if available) as a retirement savings account. Contributions to an HSA are tax-deductible. If invested, the future earnings grow tax-free. If you can afford to pay your out-of-pocket health-care costs currently, then you can use the funds to pay for health-care costs in retirement, including to pay Medicare premiums, all tax-free. It’s a triple play!

If you weren’t working in the tax profession, what would your dream job be? I’m torn between nature photographer and professional chef. I inherited some artistic qualities from my dad, who was a musician and artist. I would love to use my eye for capturing images in photos as another way to see the world and document its beauty. One of my photographs, of Union Station in Denver, was selected for display in Eide Bailly’s Denver office. Also, both of my parents were amazing cooks, and I find cooking to be another creative process. I have a hard time following a recipe, as I like to give them my own flavor.

If you had the opportunity to make one change in the tax world—an extra credit, a disallowed deduction, whatever—what would it be? The IRS should provide safe harbor ranges by industry for transfer pricing purposes. The government has all this data—why can’t we use it to save taxpayers time and money?

Favorite food, snack, or candy during tax season or other busy time? Dark chocolate!

What tax news or move made the most impact on your practice or clients this past year? K-2/K-3 reporting. When the K-2/K-3 rules came out, they were so far-reaching that there was a panic among all practitioners about how they could satisfy them, especially those with insignificant foreign activity. The international tax team spent the spring fielding calls and coaching others in international tax terms they previously didn’t need to know.

If you received a big tax refund check right now, what would you do with it? Save it for my kids’ college fund.

You can find out more about Smith on Linkedin.

You can learn more about Smith’s firm, Eide Bailly, on its website.

If you’d like to recommend a tax pro to be featured, send your suggestion to rbaker@bloombergindustry.com with the subject: Spotlight. Please include the following information: tax professional’s name, title, email address, and geographic area (city/state/country).