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IRS explains how DC’s Emancipation Day can affect filing and payment deadlines
The IRS had earlier announced that because of the Emancipation Day holiday in the District of Columbia (DC), the due date of Form 1040 for 2010 is April 18, 2011, instead of April 15, 2011. Now, in...
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Failure to use qualified escrow account in attempted 1031 exchange resulted...
The Tax Court has recently determined that taxpayers’ failure to use a qualified escrow account in an attempted like-kind exchange rendered them ineligible for nonrecognition of gain under Code Sec....
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Top 10 Tax Developments of 2011
As 2011 draws to a close, many tax developments will likely continue to make headlines and influence tax planning in 2012. In the usual tradition, we present a “Top 10 ” list of tax developments that...
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2012 American Taxpayer Relief Act — Overview
After weeks, indeed months of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire drama, Congress has passed legislation to avert the tax side of the so-called “fiscal...
View ArticleTop 10 Ways to Get Help from IRS.gov
When you’re looking for tax information, you want to find it as quickly and easily as possible. That’s why the IRS redesigned its website. It’s now even more user friendly. Here are the top 10 reasons...
View ArticleSafeguard Your Refund – Choose Direct Deposit
Direct deposit is the fast, easy and safe way to receive your tax refund. Whether you file electronically or on paper, direct deposit gives you access to your refund faster than a paper check. Here are...
View ArticleBeware of Bogus IRS Emails
The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so...
View ArticleTen Facts about Capital Gains and Losses
The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset. Here are 10...
View ArticleImportant Facts about Mortgage Debt Forgiveness
If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012....
View ArticleIRS Offers Top 10 Tax Time Tips
The end of the tax filing season is almost here. Even though your tax return is not due until April 15, you can make tax time easier on yourself by starting now. Here are 10 important tips to ensure a...
View ArticleIRS Tax Tip – Renting Your Vacation Home
A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax...
View ArticleExchanging Mineral Easements in 1031 Exchanges
In 2014, the United States will import only 30 percent of the oil it consumes, down from 60 percent in 2005. High oil prices and new technology have made it economically viable to exploit...
View Article1031 Exchange Misunderstandings
One of the most common reasons why taxpayers do not take the opportunity to reduce their taxes with 1031 exchanges is because they frequently do not understand the rules. Let’s review Four...
View ArticleWhy Strategic Pre-planning and Ongoing Monitoring is Essential to a Good 1031...
When I get ready for a big trip, I research all the possible options because I realize the risks if I don’t. When I go to the grocery store, I may do very little pre-planning, just get the same items I...
View Article1031 Exchanges and Foreclosure Properties
The sale of real estate through foreclosure is treated as a taxable gain or loss. The foreclosure is taxable when the adjusted tax basis of the property is less than the fair market value of the...
View ArticleEliminate Taxes with 1031 Like-Kind Exchanges
Since 1921, well-advised Americans have not paid taxes on the sale of their property, here and overseas, using like kind exchanges. More than 80% of sales of commercial real estate are not subject to...
View ArticleIRS Audits and 1031 Like-Kind Exchanges
IRS Audits and 1031 Exchanges When the IRS requests to examine your income tax return in a year in which you performed a Section 1031 Exchange, here are a few items you should be prepared to provide to...
View Article1031 Exchange Qualified Intermediary
Qualified Intermediary A Qualified Intermediary (QI) facilitates a tax-deferred exchange. The IRS requires the use of a QI for a Section 1031 Exchange. The purchase and sale contracts are assigned to...
View Article5 Steps to Maximize your 1031 Like-Kind Exchanges
How can 1031 Exchange Management help your Company achieve its operational goals? In spite of the technical nature of tax deferred exchanges, these transactions can be handled with a minimum of...
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McLaughlin & Quinn Announce Two New Tax Attorneys to Their Firm
McLaughlin & Quinn Announce Two New Tax Attorneys to Their Firm (Press Release, Providence, 11/05/2013) – McLaughlin & Quinn, LLC partners, F. Moore McLaughlin, IV, Esq., CPA and Thomas P....
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