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NYS sales tax audits

How to Prevent NYS Sales Tax Audits

Sales taxes are one of the most common forms of transactional taxes. Almost all the states in these United States impose statewide sales taxes on business transactions. There are some notable exceptions, however. Oregon, for instance, famously does not impose a statewide sales tax. If you walk into a hardware store in Portland, Oregon, and […]

advanced Sec. 1031

Advanced Sec. 1031 Terminology

We’ve devoted several posts to debt terminology (i.e. debt resolution, debt consolidation, etc.). In this post, we’d like to follow this same style and discuss a few terms which you’ll find in advanced Sec. 1031 research. These are terms which you won’t usually find in the most straightforward 1031 exchanges. As we know, 1031 exchanges […]

Depreciation

Quirky Depreciation Methods

Depreciation (and amortization for intangible property) is a central concept in accounting. Sometimes, depreciation is straightforward and makes intuitive sense. Other times, however, you really have to wonder who in the world came up with the particulat methodology. In this blog post, we’re going to look at some of the more quirky depreciation methods and […]

IRS Tax Debt

Is IRS Tax Debt Relief Even Possible?

We’ve all seen the TV commercials: “If you owe Uncle Same more than $10,000, we can settle your debt for pennies on the dollar.” Me? I’m personally amazed at how those folks can make those statements when they know absolutely nothing about me or my finances. Zero, in fact. Sounds too good to be true. […]

debt related terms

Common Debt Related Terms

At MCC, we focus on IRS tax resolution. We help our clients resolve their IRS tax debt using one of a variety of different avenues. This means we assist with settlements, installments, and other resolution options. Because we focus our practice on tax debt resolution, it makes sense for us to devote many of our […]

Recent Sales Tax Scandals

In our blog, we’ve spent a fair amount of time discussing tax and financial scandals which have made major headlines. For instance, we’ve discussed the bankruptcies and tax problems faced by prominent celebrities. We’ve also examined insider trading cases. These kinds of stories are very useful for many reasons. For one, these stories show how […]

State Law & 1031 Facilitators

In the past, we’ve touched on various issues related to state taxation of 1031 exchanges. For instance, in our post on New York State, we mentioned the requirements which pertain to state tax withholding, tax forms, and the layers of tax which can apply. We’ve also discussed the unique case of Pennsylvania. As you may recall, […]

1031 refinancing

Can You Refinance in 1031 Transactions?

As we’ve seen, the basic concept of a 1031 exchange is simple, but certain exchanges can present many complex issues. We’ve covered complex topics such as the partnership installment note method, leasehold exchanges and others. Part of the reason for the complexity is the lack of clear authority. The IRS has issued documents of their […]

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