Last year, we discussed the creation of the state budget here in New York. This was useful because it highlighted the current issues facing our state. This year, the state government settled on a budget of roughly $175.5 billion. This year’s budget responded to a variety of causes and concerns. After its passage, the government continued to hash […]
Learning about tax terminology and basic tax concepts is important. That’s why we devote so much effort toward this task. But it’s equally important to know how to respond when the IRS attempts to enforce your back tax debt. Tax knowledge is supremely important, but this is partly because knowledge enables you to act properly when the time arises. […]
We’ve discussed IRS wage garnishments on our blog in the not-too-distant past. As you may recall, garnishments are legal orders which allow a creditor to forcibly seize assets from a debtor. Or, in legal terminology, they allow a plaintiff to forcibly seize from a defendant. In the vast majority of cases, garnishments involve seizing wages directly from the employer of […]
Most people are aware that failing to pay federal taxes will lead to some serious negative consequences. However, few people, aside from experts, know precisely what can happen to those who fall behind. For those who willfully evade taxes, most people know that doing so will carry potential criminal prosecution. But what about those who […]
Although the 1031 industry is relatively new, going back just several decades, Section 1031 is nearly 100 years old. The 1031 industry has come about only because the Treasury Regulations have codified delayed exchanges and established the role of facilitators. Before these regulations, the contours of 1031 exchanges were still quite fuzzy. Repeatedly, courts stressed that the […]
One of the best ways to avoid falling into tax debt is to minimize one’s tax burden. At MCC, one of our principal areas of specialization is the resolution of back tax debt. Given that this is the case, tax minimization is something we’re quite familiar with. On our blog, we’ve discussed quite a few […]
Providing counsel on Sec. 1031 exchanges can be challenging for many reasons. One reason why this can be challenging is because there’s a lot of uncertainty regarding the contours of Sec. 1031 requirements. The parking arrangements in a reverse 1031 like kind exchange, for instance, gave rise to a veritable bevy of litigation. The Sec. […]
Tax debt can occur for any number of reasons. Certain types of workers are more likely to slip into tax debt than others. Those who work as independent contractors, for instance, commonly fall into tax debt because they calculate their tax liability incorrectly. Independent contractors are those who receive Form 1099 at the close of […]
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
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