By trevorstreng December 10, 2018
Edward was very professional and reasonably priced compared to others that I had compared & has done my past two years of returns. He is very thorough and knows what he is doing. Ed gets an extra star for patience, politeness, and perseverance to make it all work; I ended up with my largest tax refund ever, so I was extremely happy! I highly recommend Stevens Realty & Tax Services and will be a returning customer next year. Thank you !! ...read more
By RichardSchickel August 10, 2017
RMS Tax Consulting LLC, is an association of retired IRS employees who are not Enrolled Agents working for you. They serve clients in and around Tucson, AZ, is here to help with all your tax matters. Are you backed into a legal corner right now and feel like there is no way out? You see legal ads in the paper and on the television everyday, but they all say and do the same thing, and it's not helping you with your IRS problems. Richard Schickel specializes in all aspects of tax law. He understands that the legal jargon of the IRS can be confusing and he is here to guide you through the process step-by-step. Whether you're looking to pay in back taxes, filing taxes for the first time, or need help understanding the documents served to you, Richard can help. Call him at 520-448-3243 to get started. Other services include: Back taxes owed Penalty abatement Asset protection Installment agreements Tax liens Wage garnishment release ...read more
By 8207chloe May 29, 2015
avoid this company, service very bad, ...read more
<img href"https://goo.gl/maps/zvKup7iyUB32" src="http://www.youtube.com/embed/xUfXvEHuC3s" frameborder="0" allowfullscreen></iframe> ...read more
By Legal Shield June 10, 2016
The terms of a normal1031 ExchangeAgreement call for the exchange period to end on or before the end of the expiration of midnight on the earlier of (i) the 180th day after the date upon which the Exchangor has transferred the Relinquished Property or (ii) the due date (including extensions actually obtained) for Exchangor'staxreturn for the taxable year in which the transfer of the Relinquished Property occurs. This time of year brings questions from many Exchangor's wishing to defertaxbut also wondering if they have funds left that have not been used to purchase replacement property when will thetaxbe due on those funds. Lets say that yourexchangeRelinquished Property closed any time after July 5, 2011 this date means that you have the potential of straddling ataxyear with yourexchange. In the case of closing on July 5, 2011 your 180th day would be January 1, 2011. If you made a valid identification of replacement property during your 45 day identification period but you did not utilize all of yourexchangeproceeds to purchase replacement property or yourexchangefailed then you would receive the balance of your proceeds on January 2, 2012. Ask yourtaxconsultant if you can report the proceeds under the IRC Section 453 (Installment Sales Basis). If you do decide to report on an Installment Sales Basis then you could potentially pay the taxes in 2013. Qualifications for a 453 Installment Sale are numerous. Considerations for the1031 Exchangeare: Did you have a bona-fide intent to participate in a1031 Exchangeat the outset of the sale of your relinquished property? Of course, as with anytaxplanning, there are certain caveats: you must pass the "bona fide" intent requirements of the Code. A taxpayer is treated as having a bona fide intent only if it is reasonable to believe, based on the facts and circumstances present, that like kind property will be acquired before the end of the exchange period (the 180th day). Partnerships may be required to report the gain in the year the property was sold (due to Revenue Procedure 2003- 56) and quarterlytaxpayersneed to coordinate this approach with their CPA. Estimated Payment Rules may dilute or completely eliminate thetaxstraddling benefit for certaintaxpayers. Section 453A further provides that (1) where an obligation is outstanding as of the close of a taxable year and (2) the face amount of all such obligations held by the taxpayer that rose during, and are outstanding as of the close of, such taxable year, exceeds $5 million, interest must be paid on the deferredtaxliability with respect to such obligations. As with anytaxstrategy. one size fits all approach does not work for everyone. Eachtaxpayershould strategize with their independent CPA ortaxadvisor to determine what their best approach would be. Consider the following scenarios: Mr. and Mrs. Jones sell a residential rental property for $350,000 on December 1, 2011 and enter into a1031 exchangewhereby their proceeds are transferred to the QI and placed into a qualified escrow account. The Jones' then set out to find replacement property. They contact their broker and view several properties and write offers on two properties. Both offers are rejected, subsequently no identification is made and their funds are disbursed to them on January 16, 2012 (day 46). The property which was sold to generate the $350,000 will be reportable on the 2010 tax return but the recognized gain will be reported on the 2012 return using the installment sale provisions of the IRS. Mr. and Mrs. Jones sell a residential rental property for $350,000 on December 1, 2011 and enter into a1031 exchangewhereby their proceeds are transferred to the QI and placed into a qualified escrow account. The Jones' then set out to find replacement property. They contact their broker and view several properties and write offers on two properties. Both offers are accepted and they identify the properties to their QI before midnight of January 15, 2012. On February 12, 2012, one of the two properties closes escrow and on March 15, 2012 the second property falls out of escrow due to reasons beyond the Jones' control. On May 31, 2012 (the 181st day) the balance of the exchange funds are disbursed to the Jones'. On their 2011taxreturn (which they had filed after April 15th-an extension of theirtaxyear had been filed) they report the sale of their rental property and the purchase of one replacement property as a deferred capital gain. The recognized gain will be reported on the 2012taxreturn using the treasury regulations of IRC Section1031Exchangewhich includes a provision permitting a taxpayer to utilize the installment sale method provided under IRC Section 453. ...read more
By Leverage Exchange Group, LLC December 01, 2011
Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline IR-2011-14, Feb. 8, 2011 WASHINGTON — The Internal Revenue Service announced today a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The new voluntary disclosure initiative will be available through Aug. 31, 2011. "As we continue to amass more information and pursue more people internationally, the risk to individuals hiding assets offshore is increasing," said IRS Commissioner Doug Shulman. "This new effort gives those hiding money in foreign accounts a tough, fair way to resolve their tax problems once and for all. And it gives people a chance to come in before we find them." The IRS decision to open a second special disclosure initiative follows continuing interest from taxpayers with foreign accounts. The first special voluntary disclosure program closed with 15,000 voluntary disclosures on Oct. 15, 2009. Since that time, more than 3,000 taxpayers have come forward to the IRS with bank accounts from around the world. These taxpayers will also be eligible to take advantage of the special provisions of the new initiative. "As I've said all along, the goal is to get people back into the U.S. tax system," Shulman said. "Combating international tax evasion is a top priority for the IRS. We have additional cases and banks under review. The situation will just get worse in the months ahead for those hiding assets and income offshore. This new disclosure initiative is the last, best chance for people to get back into the system." The new initiative announced today – called the 2011 Offshore Voluntary Disclosure Initiative (OVDI) -- includes several changes from the 2009 Offshore Voluntary Disclosure Program (OVDP). The overall penalty structure for 2011 is higher, meaning that people who did not come in through the 2009 voluntary disclosure program will not be rewarded for waiting. However, the 2011 initiative does add new features. For the 2011 initiative, there is a new penalty framework that requires individuals to pay a penalty of 25 percent of the amount in the foreign bank accounts in the year with the highest aggregate account balance covering the 2003 to 2010 time period. Some taxpayers will be eligible for 5 or 12.5 percent penalties. Participants also must pay back-taxes and interest for up to eight years as well as paying accuracy-related and/or delinquency penalties. Taxpayers participating in the new initiative must file all original and amended tax returns and include payment for taxes, interest and accuracy-related penalties by the Aug. 31 deadline. The IRS is also making other modifications to the 2011 disclosure initiative. Participants face a 25 percent penalty, but taxpayers in limited situations can qualify for a 5 percent penalty. The IRS also created a new penalty category of 12.5 percent for treating smaller offshore accounts. People whose offshore accounts or assets did not surpass $75,000 in any calendar year covered by the 2011 initiative will qualify for this lower rate. The 2011 initiative offers clear benefits to encourage taxpayers to come in now rather than risk IRS detection. Taxpayers hiding assets offshore who do not come forward will face far higher penalty scenarios as well as the possibility of criminal prosecution. "This is a fair offer for people with offshore accounts who want to get right with the nation's taxpayers," Shulman said. "This initiative offers them the chance to get certainty about how their case will be handled. Just as importantly, those who truly come in voluntarily can avoid criminal prosecution as well." The IRS is handling processing of the voluntary disclosures in centralized units to more efficiently process the applications. The IRS has launcheda new sectiononwww.IRS.govthat includes the full terms and conditions on the 2011 Offshore Voluntary Disclosure Initiative, including an extensive set of questions and answers to help taxpayers and tax professionals. The web site also includes details on how people can make a voluntary disclosure. In the first voluntary disclosure program in 2009, taxpayers faced up to a 20 percent penalty covering up to a six-year period. Taxpayers came forward with about 15,000 voluntary disclosures in that effort covering banks in more than 60 countries. Shulman said IRS efforts in the international arena will only increase as time goes on. "Tax secrecy continues to erode," Shulman said. "We are not letting up on international tax issues, and more is in the works. For those hiding cash or assets offshore, the time to come in is now. The risk of being caught will only increase." ...read more
By Fast Tax March 14, 2011
Many people give money to family members as a gift in their time of need or if they come into a substantial amount of money. Giving money to a family member can sometimes be taxed; however, there are ways to avoid this this and give money to family members free of tax. ...read more
Many people have opted to learn to file their taxes themselves. This is a great way to save money, and it puts people in control of their own tax return. The process can be confusing, but there are enough resources to learn the correct method. ...read more
