1. What are the Simplified Rules for a Tax-Free, Like-Kind Exchange?

    If you could sell your property for a gain, the Internal Revenue Code Section 1031 allows you to postpone paying tax on that gain. The requirement: you have to be willing to reinvest the proceeds into a similar property. If you meet all the rules under §1031, this transaction would qualify as a like-kind exchange. Even though the requirements under IRC §1031 (actually, 26 United States Code §10…Read More

  2. Sell Your Property, Pay Zero Tax

    This is a real thing. See, we defend against IRS challenges to all sorts of transactions. Maybe here, by our explaining some of the IRS rules, we might just help someone avoid an IRS audit. This particular article is about tax-free exchanges. Again, this is a real thing outlined in the Tax Code. What is Meaning of “Tax-Free Exchange” of Property? The easiest way to explain is by a real example…Read More

  3. Closing a Business with Tax Liability

    Closing a Business with Tax Liability If your business has tax problems, can you simply close the company? Yes, of course you can shut down the business. However, the tax problems do not necessarily end with the closing. Here is one item that you and your IRS tax attorney should discuss when considering terminating a business with tax debt. Can I Just Start Fresh with a New Company? This is an exa…Read More

  4. Is April 15 the Tax Filing Deadline this Year?

    A friendly reminder from your Downers Grove tax attorney... April 15 Deadline is Adjusted to April 18 !! This year's individual tax returns are due April 18, as Saturday, April 16, 2016, is Emancipation Day in the District of Columbia, and the holiday is observed on Friday, April 15. However, because Patriot's Day will be observed on April 18 in Maine and Massachusetts, residents of those states …Read More