Whether you’re a W-2 employee, a 1099 worker, or a business owner, you will need to pay taxes. Working with a tax professional can help ensure your taxes are prepared correctly — and you minimize your tax. However, you must still actively participate in the process...
A divisive Type D reorganization is a type of tax-free or tax-advantaged corporate reorganization allowed under the United States Internal Revenue Code that lets companies change their structure without incurring immediate tax consequences. With a Type D...
https://player.vimeo.com/video/910854165?badge=0&autopause=0&player_id=0&app_id=58479 How Long Do I Have to Hold My Tax Returns? Well, like any good tax lawyer, I will answer you with, it depends. The normal statute of limitations to hold a tax return is...
The Internal Revenue Service (IRS) has several collection mechanisms it uses to collect unpaid taxes. Among these are tax liens and tax levies — both of which can hurt a taxpayer. However, understand that liens and levies are fundamentally different. While a lien is a...
Supreme Court Justice Oliver Wendell Holmes, Jr. is credited with saying, “taxes are the price we pay for civilized society.” No one must pay more in taxes than necessary under the U.S. Tax Code. You can structure your financial affairs to be tax efficient — but you...
If you had debt that was reduced or canceled not through bankruptcy or insolvency, that reduction may be taxable. Even though there are no actual cash proceeds, cancellation or discharge of debt is counted toward your income. Under Internal Revenue Code Section 61...
