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In the meantime, you can also read a few of our articles:
- When Providing Information to the IRS Discloses Additional Tax DueThe IRS consumes information about taxpayers. By and large, that is what the IRS is–a vacuum for information. It then processes the information and applies statutorily mandated processes to evaluate the information. The processes are geared toward evaluating whether additional tax is owed and then recording that balance on the IRS’s books, so that the…… Continue reading When Providing Information to the IRS Discloses Additional Tax Due
- Missed Opportunity When a Partner Dies: the Section 754 ElectionThere are tax opportunities that come up when someone dies. Many of these relate to those who own real estate in LLCs or partnerships. One such a opportunity the Section 754 election for partnerships. This is a valuable election–one of the most commonly missed–thatallows the partnership to adjust its inside basis in assets to match…… Continue reading Missed Opportunity When a Partner Dies: the Section 754 Election
- Can a Tax Attorney Recover Attorney’s Fees from the IRS for their Own Case?The IRS administrative process is intended to catch incorrect tax returns and make adjustments to fix the returns. This includes false and fraudulent tax returns as well as those with honest errors. This includes an IRS audit function, and IRS appeals function, and IRS counsel function. And each step has a management oversight function and…… Continue reading Can a Tax Attorney Recover Attorney’s Fees from the IRS for their Own Case?
- When Can the IRS Pursue a Deceased Spouse’s Estate Without Probate?Our income tax laws can be complex when applied to unique or varying fact patterns. This can result in tax liabilities. Tax liabilities can also arise when someone legitimately owest tax and simply does not pay it. There are various collection remedies available for tax liabilities. These remedies often have the best outcome when there…… Continue reading When Can the IRS Pursue a Deceased Spouse’s Estate Without Probate?
- Short-Term Vacation Rentals and Material ParticipationReal estate can offer significant tax benefits. This is largely due to depreciation deductions which allow taxpayers to deduct their cost of investment in the property. Given the tax benefits, Congress has put in place some nuanced rules that allow some real estate owners to get immediate benefits and that deny or defer benefits to…… Continue reading Short-Term Vacation Rentals and Material Participation
- Settling Debts in an Asset Purchase: Immediate Deduction or Capitalized Cost?You own two businesses. They work in similar spaces, but are distinct businesses. One of them has financial troubles and gets behind on its bills. You decide to have the other business acquire the assets of the failing business. You start thinking about taxes. You think ahead when you go to do the tax returns…… Continue reading Settling Debts in an Asset Purchase: Immediate Deduction or Capitalized Cost?
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