The income tax is one of the most significant sources of revenue for the federal government. It is also one of the biggest revenue sources for state governments. Here in the State of New York, for instance, income taxes contribute a sizeable percentage to the public coffers. Because we focus so heavily on tax debt […]
On the whole, the chance of an audit of a person’s personal income tax return in any given year is low. This is true regardless of whether a person’s income is high or low. To be sure, this statement is a generality. But any discussion of IRS audit statistics necessarily starts with generalities and drills […]
In one of our recent posts, we discussed the taxation of stock received as compensation by employees. In that post, we briefly discussed the difference between restricted stock and unrestricted stock. The general public doesn’t generally know about this distinction. The average person just assumes that “stock compensation” is the same across the board. But […]
In recent years, the U.S. has seen increasing numbers of foreign persons investing in U.S. real estate. This investment is concentrated in certain areas of the country. Some areas, such as Seattle, have contemplated additional taxes specifically for foreign real estate buyers. The purpose of such a tax would be to stabilize the real estate market […]
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 […]
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 […]
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 […]
Falling behind on personal income taxes can happen to anyone, but it’s not inevitable. With just a little advance planning, taxpayers can reduce the likelihood of falling behind with the the Internal Revenue Service. Obviously, no one wants to end up with IRS tax debt problems, but some people simply end up facing insurmountable problems […]
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
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