As we’ve previously discussed, there’s an important distinction between tax avoidance and tax fraud or tax evasion. Tax avoidance is the use of lawful means to lower one’s tax liability. Tax evasion is the willful falsification of information for the purpose of reducing one’s tax burden. Failing to pay one’s tax burden may also constitute evasion. Tax evasion is illegal […]
Investing in a pooled fund can provide a convenient way to co-own valuable resources. Investors can select a pooled fund which specializes in the resource of their preference: stocks, bonds, commodities, currencies, etc. Co-owning resources in a pooled fund can have various advantages over owning the same resources individually. Pooled funds offer the benefit of […]
In the past, we’ve touched on the numerous variations of Section 1031 like kind exchange transactions. We’ve discussed the standard, delayed 1031 exchange. We’ve also covered the other, less common variations, such as the improvement exchange and reverse exchange. As it turns out, there is another variation which we have yet to explore. The so-called […]
In essence, a deferred or “delayed” 1031 exchange is simply the insulating of a given taxpayer from receipt of funds. Though a lot of other things may occur, this is the key thing which underlies everything else. This is the essential function of qualified intermediaries and third-party facilitators. Of course, an intermediary may offer counsel or provide […]
Hedge funds are some of the most well known, yet misunderstood, entities in the U.S. Nearly everyone has heard about them. Few, though, actually know how these funds operate. When most people hear the term “hedge fund,” they think of high risk, high stakes investing for the purpose of making the wealthy even wealthier. This may hold some […]
Finance attracts a wide assortment of people. Given the stakes involved, it’s not too surprising that there are many highly talented, highly capable people in the financial world. Money has a unique way of attracting even the most prosaic people to its side. Not only is money attractive, it can also be something which causes […]
As we’ve seen by examining Sections 1031 and 368, and other topics, the tax world is full of rules. Sec 1033 involuntary conversions are no exception. If someone wants to pursue a career related to tax, he or she should definitely be comfortable following rules. In essence, the U.S. tax code is a vast web of rules. They […]
Recently, we discussed the conditions under which it may be possible to discharge student loan debt in bankruptcy. As we saw, discharging student debt in bankruptcy is very difficult. The vast majority of student loan debtors should not consider bankruptcy as a viable option to resolving their debt. A few people who meet the strict “undue hardship” standard […]
I had a wonderful experience with Mr. Callahan during my initial phone call. He fully understood my issues and provided me with helpful information on how to proceed with my tax issue. I am very appreciative of his time and expertise!
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Mackay, you are a godsend. Thank you dearly for taking the time to go through in great detail options for our situation. You were patient, thorough and extremely helpful even after you knew we were unable at this time to pay for services. I wish other companies would follow your level of customer service.
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