Real estate investors are more familiar with the 1031 exchange, a like-kind exchange. This is where the owner exchanges their rental property for a new property at equal or greater value and can … [Read more...] about Real Estate 721 Exchange
Keystone Financial Solutions
Corporate Transparency Act
In the aftermath of the released Panama Papers, US lawmakers enacted the Corporate Transparency Act. The law's stated purpose is to combat money laundering through shell companies in the United … [Read more...] about Corporate Transparency Act
$175 Billion of Unreported Income Targeted by IRS Wealth Squad
Top 1% of wealthy taxpayers failed to report 20% of their income IRS Creates Wealth Squad IRS Commissioner Charles Rettig has requested that Congress increase the IRS's budget. Rettig has … [Read more...] about $175 Billion of Unreported Income Targeted by IRS Wealth Squad
Steps to Take Upon Receipt of an IRS Notice
If you receive a notice from the IRS, do NOT ignore it. Far too many taxpayers do not open IRS mailings thinking the worse Reasons IRS Sends Notices to Taxpayers The IRS mails letters or … [Read more...] about Steps to Take Upon Receipt of an IRS Notice
Do You Have a Business or a Hobby?
The IRS operates with a different set of rules when auditing a return to determine if the losses claimed on Schedule C are those of a business or a hobby. Intentions Matter A hobby is any … [Read more...] about Do You Have a Business or a Hobby?
Self-Employed Who Need Not Remit Estimated Taxes
Why a few self-employed or gig economy individuals need not pay estimated income taxes. General Rule Independent contractors, typically referred to as self-employed individuals or gig … [Read more...] about Self-Employed Who Need Not Remit Estimated Taxes
