When a 1031 exchange occurs, one point to keep in mind is that it may generate state level tax issues. Though it’s part of the federal tax code, Internal Revenue Code (IRC) Section 1031 can trigger state taxation depending on the precise facts and circumstances of the individual transaction. A few states in our nation […]
For many citizens, receiving an IRS audit ranks among the most terrifying possibilities they can imagine. An IRS audit is undeniably a very stressful ordeal. They require a great deal of energy and effort to navigate successfully. Consequently, one common audit questions from taxpayers is, given my facts and circumstances, what is the probability of an audit? Every […]
As we’ve discussed before, when the IRS considers an offer-in-compromise (or OIC) it will view the amount offered with reference to the taxpayer’s reasonable collection potential (or RCP). In other words, the IRS will measure your offer against the amount which it can reasonably expect to collect. This is true both for individual taxpayers and business entities. When reviewing an OIC, […]
Along with Section 121, the tax deferral provision of Section 1031 is among the most valuable. Both provide unique opportunities to taxpayers under the tax code. As we’ve covered previously, Section 1031 allows taxpayers to defer recognition of capital gains. It does so when real property held for investment or business purposes is exchanged for other like-kind property. […]
While difficult to believe, many sections of our tax code make things more equitable for American taxpayers. Given its intimidating size and unfamiliar terminology, many assume that it exists solely to create headaches and fund public projects. But crack open the code and engage long enough. You’ll find that authors of the code include quite a few […]
Section 1031 of the Internal Revenue Code (IRC) is one of the more useful tools available to U.S. taxpayers. Section 1031 allows taxpayers to defer recognition of capital gains when they “exchange” their property for other property of a like-kind. Hence, the name for a transaction under that section of the tax code is “1031 […]
If you owe back taxes to New York, always remember is that ignoring the problem won’t make it disappear. It’s false comfort to think that pretending a State tax deficiency isn’t there. That won’t be enough to avoid any negative consequences. Such thinking isn’t consistent with reality. If you owe taxes to New York and […]
There is a long history in the United States of using legal means to deter certain behaviors. In some cases, we’ve tried to reduce certain behaviors we regard as “sinful” by banning them altogether; this was done during the so-called “Prohibition Era” when alcohol consumption was rendered illegal by a constitutional amendment. More commonly, we’ve used taxation as a […]
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