Your Son The Lawyer Should Not Be Your Exchange Facilitator
Taxes are complicated and I do my best to simplify things when I can. The important concept about the “qualified intermediary” was that it not be someone who was your agent, since your agent touching the money was as bad as you touching the money. “Qualified intermediary” was to some extent defined negatively. I distilled it to a fairly simple rule. Anybody that a reasonable business person would trust to hold his money and follow his instructions to acquire the replacement property was disqualified. The QI could not be his lawyer, his accountant, his brother or his partner.
Confidence Games – How The Most Prestigious Accounting Firms Raided The Treasury
The greatest hazard that most CPAs face is envy. The hard reality of professional practice is that you either have to do some actual work yourself or pay somebody, probably pretty well, to do some work. Tax practices try to get around this by having a “leverage model” that “pushes work down” to the lowest paid person possible. Then there is that vast pool of highly educated South Asians that the internet makes available for compliance work. Neither of those courses is the road to great profitability.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.