In general, investors purchase when they want to take part in the financial performance of a company. This type of stock purchase is a type of investment property and receives special tax treatment. This tax treatment is “capital gains tax treatment”. The capital gains tax rate depends on whether the property is held on a short-term or […]
Wage garnishment refers to the process of forcibly taking a portion of someone’s regular earnings. Garnishment is one way that the IRS or New York State satisfies a tax debt. Garnishment can be used to satisfy all kinds of debts, though. It can be used by creditors to collect credit card debt, medical debt, student […]
As we’ve seen first-hand, there are many tax issues which come up when contemplating a Section 1031 exchange. In the past, we’ve discussed state taxation vs. federal taxation, leasehold improvement exchanges, reverse exchanges and the identification rules. All of these issues are important and should be studied carefully in order to ensure strict compliance with 1031 guidelines. […]
In earlier posts, we’ve devoted considerable time and energy to discussing common debt related terminology. We’ve discussed terminology associated with debt consolidation, for instance. This terminology is critical to grasping this important topic. Accordingly, our readers should definitely take time to master it. We’ve also covered concepts related to tax debt resolution, concepts such as offer-in-compromise, installment agreements and […]
The old saying, about death and taxes being the two certainties in life, is outdated. These days, student loan debts are the third certainty. No matter how much Americans plan and structure their finances, many seem destined to be saddled with debt. We’ve discussed this plenty of times on our blog before. We’ve even published […]
The U.S. Tax Code is a very curious thing. It contains more words than the Bible, a lot more. In fact, it has enough rules to make even the sharpest mind a bit puzzled from time to time. When we think of Tax Code violations, we often picture an ambitious employee seeking to maximize a […]
Section 1031 offers multiple benefits. It’s not merely a means to allow real estate investors to switch between different properties in a tax-deferred manner. It can also be used to help investors grow their wealth over the course of time. That’s why a clear understanding of the Sec. 1031 ID rules is so important. An […]
In an ideal situation, a Sec. 1031 like kind exchange involves a total of two parties and both parties defer substantial gain. This is an ideal scenario for several reasons. First, there’s no need to procure the services of a 1031 facilitator or “qualified intermediary”. No facilitator is required in a two party direct swap […]
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!
Erin
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.
I was in despair for years and now finally I have hope.
God bless,
Tiffanie
“I had a BIG problem with the IRS and wasn’t making any progress with them, even with my accountant’s help. Then I heard about Mackay, Caswell & Callahan. I’m here to tell you that ALL the good things about those tax attorneys are true. Joe Callahan got a $30,000 tax bill reduced to $200! Thanks Joe, I still can’t believe you pulled that off! Christmas came early this year!”
William Poole on Google
“Joe was very professional and put my mind at ease! Up to date information and easy to understand! I highly recommend this firm and will have them do all of my tax work! A+ attorney!”
Sheila Abrahams on Google
“Joe Callahan has been exactly what my growing business has needed for far too long. Joe has been invaluable in helping me navigate and sort through issues past and present to keep my dream of owning my own business alive. Thanks Joe looking forward to many years of having you in my corner.”
Bryan Edwards on Google
“Joe Callahan helped me out of a big mess. I also went to several other “tax specialists” and got no good answers. Very professional and efficient. I would highly recommend him for complex tax issues. I could have saved a lot of time and money had I used his office earlier on.”
JC on Yahoo
“Mr. Callahan was able to resolve my tax issue quickly. He was up to speed on all recent tax code changes and successfully resolved my issue based on this information. His retainer was very reasonable and I am highly satisfied with the outcome of his hard work.”
A Lawyers.com Consumer
You can contact us using this form day or night, 24 hours a day, 7 days a week, 365 days a year. You will hear back from one of our attorneys the same day or next day.
If you would like to speak with a team member immediately, we are available 24/7 via this form — or via phone toll-free from 6am – 8pm EST M-F at: 844 - MCC - 4TAX