The U.S. Treasury has just released a study highlighting the popularity and effectiveness of like-kind exchanges under Tax Code Section 1031. In tax year 2007 (the last year for which detailed numbers are available) taxpayers achieved slightly more than $82 billion of...
No one likes owing money, and we all have different ways of dealing with it (or avoiding dealing with it). While certain debts can be ignored (whether or not they should be), tax debts cannot. The Internal Revenue Service has a number of serious enforcement options,...
Following a number of recent negative press stories, culminating in a front page article in the New York Times, the IRS's Chief of Criminal Investigation just announced that the IRS will no longer pursue the seizure and forfeiture associated with legal source...
Many Americans enjoy a steady paycheck directly deposited into their bank account every two weeks or so. If you work for a company as an employee, the company’s payroll department has likely already deducted all necessary payroll taxes, including taxes for Medicare...
An old business adage that’s still popular today tells us that “it takes money to make money.” This most often refers to the costs businesses incur in overhead, advertising and other expenses before they can bring in revenue. But does the adage apply to the U.S....
Under the federal Bank Secrecy Act (BSA) financial institutions must report each deposit, withdrawal, exchange of currency or other payment or transfer which involves a transaction in currency of more than $10,000. The common belief, advanced by bank tellers and other...
Now that we’re well into the final quarter of the calendar year, the new tax season is just around the corner. Of course, there are plenty of special occasions to celebrate between now and January, so you probably won’t have taxes on your mind just yet.That being...