Week in Insights: Getting the Little Things Right

I am tired. I’ll bet you are, too.

An article published in the Journal of Sleep Research earlier this year found that roughly 60% of us have reported an increase in problems sleeping since the start of the pandemic.

But lack of sleep was a problem even before the pandemic—a 2020 survey found that almost half of all Americans reported feeling sleepy during the day between three and seven days per week.

While some strategies, like working on reducing stress and improving your health, can take time, there are some steps that you can take immediately. One of those steps is practicing something called good sleep hygiene. That means practicing good habits like going to bed and waiting up at consistent times—even on the weekends—and avoiding large meals, caffeine, and alcohol right before bedtime.

It’s also important to make sure your bedroom is conducive to a good night’s sleep—generally, that means keeping it quiet, dark, and at a comfortable temperature. Keeping it clean and decluttered also helps—in one survey, 78% of people reported they are more excited to go to bed if they have fresh-smelling sheets.

Your behavior in the morning can also make a difference in your sleep. A National Sleep Foundation poll found that those who regularly made their bed reported having a better night’s sleep more often. And each year, on Sept. 11, there’s even a National Make Your Bed Day to remind us all of the benefit of a well-made bed.

While an entire day dedicated to remind you to make your bed may be a bit much, the underlying idea is a good one. It’s a simple way to change your quality of sleep—and perhaps your quality of life. That may sound dramatic, but it’s true.

In 2014, Naval Admiral William H. McRaven, ninth commander of US Special Operations Command, delivered a commencement speech at the University of Texas-Austin. In the speech, McRaven described 10 lessons he learned from basic SEAL training that he said, hopefully, would be of value. The very first lesson? Make your bed.

He explained that they were required to make their bed every morning “to perfection.” At first, he thought it seemed a little ridiculous. But eventually, he realized that if you make your bed every morning, you will have accomplished the day’s first task.

It will, he said, “give you a small sense of pride, and it will encourage you to do another task and another and another.” He explained that making your bed reinforces that little things in life matter. “If you can’t do the little things right,” he noted, “you will never do the big things right.”

And if you have a miserable day anyway, McRaven said, at least you’ll “come home to a bed that is made—that you made—and a made bed gives you encouragement that tomorrow will be better.”

The lesson? If you want to change the world, start off by making your bed.

His speech went viral—the original version has over 16 million views on YouTube. If you haven’t watched it, I encourage you to take 20 minutes to do so.

McRaven has since written a book or two and been kind enough to let folks like me interview him. As the sister of two former Navy submariners, I couldn’t help being enthralled. But I was struck mainly by his message of how simple actions can make big change.

That’s true with many things, including your work life. It can be daunting to tackle a new day, a new project, or a new job. But breaking it down into more manageable pieces—tasks you can accomplish and then move on—is key.

At Bloomberg Tax , we want you to get the little things—and the big things—right. Our experts offer great commentary and insightful analysis on federal, state, and international tax issues, making it easier to get the job done. And hopefully, that means you can sleep a little better at night.

The Exchange … It’s where great ideas intersect.

— Kelly Phillips Erb

Subscribe

You're reading our newsletter formatted for LinkedIn, but you can sign up to have your own free copy of our complete version—with additional tax news, events, and links—delivered to your inbox a little earlier each week. Head over to the newsletter sign up page .

Quick Trivia

What we call “mattress tags” are really “law tags.” To keep unscrupulous retailers from removing them, the words “DO NOT REMOVE THIS TAG Under Penalty of Law” were eventually added. Sometime later, revenue stamps were added to prove that the tags were legitimate and raise money for enforcement. What was the purpose of the tags in the first place?

Answer at the bottom.

State Insights

As Congress punts on changing the $10,000 state and local tax deduction cap, states have taken matters into their own hands by enacting pass-through entity taxes. Until Congress is forced to act, business owners must decide whether a partnership structure will benefit their bottom line, say Baker McKenzie’s Mike Shaikh , David Pope , and David Simon-Fajardo.

Federal Insights

Disputes about business succession can have a commensurate impact on a business’s creditworthiness. Chamberlain Hrdlicka’s C. Christine Borrett and Ross Holley look at the necessity of estate and succession planning for businesses ahead of time.

A brand-new industry of specialists is helping business owners and CPAs obtain benefits from the Employee Retention Credit, says ERC Provider’s Sunshine Joy Chapman .

Using internal audits and controls is critical to protecting your organization from scandal or fraud, says Neil Taurins of MIP Fund Accounting. Make sure to be proactive and transparent, and use clear communication policies.

A new IRS notice offers a brief window of time—less than a month—to get a complete exemption from draconian late filing penalties associated with not reporting foreign pension interest, says Fox Rothschild’s Christopher Callahan, Esq. .

Understanding the rules for qualified education expenses and special rules for 529 plans can help minimize tax consequences and maximize benefits, say FORVIS’ Kristin Balding Gutting and Caitlyn Meehan.

Global Insights

Aleksandra Bal of Stripe clarifies some of the confusion concerning the VAT treatment of services provided by crypto exchange platforms.

Yvonne Beh , Shih Hui Lee , Thanh Vinh Nguyen, Ria Muhariastuti, and Jason Wen, of Baker McKenzie member firms and joint operation, take a look at crucial tax rules impacting the digital economy in China, Indonesia, Malaysia, Singapore, and Vietnam, as regional governments seek to expand their tax base and reduce tax leakage.

Dr. Mohamed Haj-Taieb of CMS France considers recent high-profile court decisions and guidance issued by the French tax authority, which have clarified the legal framework around the issue of deductibility of interest on intragroup financial transactions.

A Closer Look

Practitioners who know the differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles will be better equipped to help with preparing or reviewing the income tax provision, says Crowe’s Chris Kobylewski, CPA in this edition of “A Closer Look.”

Reader Responses

At The Exchange, we welcome responses from our readers and encourage diversity and civil discussion. We are especially interested in responses that add to the conversation, or introduce a different point of view. If you have a response to one of our published Insights, we’d love to hear from you .

Columnists

A recent lawsuit offers a good reminder to tax professionals about the importance of education and communication. Specifically, it asks how much are you expected to know about tax laws and related changes—and do you have a duty to advise clients of any potential impact? This week, I took a look at those questions and offered some answers.

Taxpayers often have questions about how to pay off their tax debts. But with inflation and interest rates creeping higher, those questions are becoming more frequent, and the standard answers don’t always apply. Here are my general recommendations for when to just say no, reevaluate and consider payment options.

Google may be ubiquitous, but the company has been accused of unsavory practices and has garnered privacy concerns. There are some good—albeit more expensive—privacy-focused alternatives out there for tax professionals, writes Andrew Leahey .

Spotlight

Our Spotlight series highlights the careers and lives of tax professionals across the globe. This week’s Spotlight is on Greg Engel , the vice chair of tax at KPMG LLP.

Career Moves

Michael Joy has been named the partner-in-charge of the Long Island practice of EisnerAmper, the firm said.

Manjit Singh has joined Aird & Berlis as a partner and member of the law firm’s tax and estates and trusts groups in Toronto, according to the firm Tuesday.

Stephen Jordan has joined Debevoise & Plimpton LLP as a partner in the tax group in New York, the firm said in a statement Tuesday.

E. Miller Williams, Jr. has joined Eversheds Sutherland as senior counsel for the firm’s tax practice group , according to the firm.

Kristina Popova has joined Grant Thornton as a partner on the specialist tax team and will lead the firm’s national stamp duty and land tax practice in the Melbourne office.

Sarah Lindley has joined Simpson Thacher & Bartlett LLP as a partner in its global tax practice in London, the firm said.

If you are changing jobs or being promoted, let us know. You can email your submission to [email protected] for consideration.

Events

Tax Foundation, which bills itself as the nation’s leading independent tax policy nonprofit, will host its annual “Tax Prom” starting at 6 p.m. on Nov. 17 at the National Building Museum in Washington, D.C.

The National Association of Tax Professionals will be hosting workshops to help tax preparers get ready for a busy tax season in more than 70 locations throughout the country for in-person attendance. Virtual options are also available.

The National Association of Tax Professionals also will be offering a series of tax forums throughout the country. The three in-person locations include Orlando (Sept. 19-20), Atlantic City (Sept. 29–30), and Las Vegas (Oct. 19–20).

If you’re hosting an industry-wide event, let us know. You can email your submission to [email protected] for consideration.

Don’t Miss

Bloomberg Tax Insights is hosting its monthly virtual Lunch & Learn series with “What Tax Pros Need to Know About Retirement” on Sept. 21 from noon to 1 p.m. EDT.

We’ve recruited a top financial adviser who can help you prepare for your post-professional life. Matthew A. Grieb, CFP?, CEPA? Financial Advisor is a certified financial planner with Raymond James in the Washington, D.C., area. His practice focuses on sophisticated wealth management planning for business owners creating generational wealth, as well as for high-income specialty professions.

Tell Us

What’s so great about being a tax professional? We want to hear your story. We’re soliciting short essays of no more than 200 words about the best parts of being a tax professional. The deadline for submissions is Sept. 30.

Quick Trivia Answer

According to the American Philatelic Society, law tags were used to verify what was inside a mattress, including filler materials and whether they were new or reused.

Some manufacturers were selling mattresses stuffed with animal hair, old rags, corn husks, newspapers, and forms of food waste, as well as recycled and unwashed bedding from hospitals. The tags and accompanying inspections were intended to ensure that consumers knew what they were buying.

What Did You Think?

Your feedback and suggestions are important to us, so don’t hesitate to reach out on social or email me directly at [email protected] .