1. Introduction

2. What’s New: Shutdown Aftermath and Tax Gap 00:01:13

3. Like-Kind Property 00:14:23

4. Like-Kind Exchanges and IRC Code Section 1031 00:21:15

5. Who Qualifies/Exchanges 00:27:21

6. What Property Qualifies for a Like-Kind Exchange? 00:38:04

7. Reporting Like-Kind Exchanges 00:49:18

8. The Tax Cuts and Jobs Act 00:57:24

9. 1031Reminders 01:10:51

10. IRC Code Section 1035 Exchanges 01:18:13

11. 1099 Reporting Exceptions/Non-Resident Aliens 01:24:40

12. Annuities and 1035 Exchanges 01:30:28

13. Transfers and the 1035 Exchange 01:32:49

14. Protect Yourself - Closing 01:34:26

• 1031 Exchanges 00:02:49
• 1035 Exchanges 00:02:49
• 1099-MISC 01:10:11
• B-Notice 00:08:54
• Deferred Exchange 00:29:42
• Exchange Cooperation Clause 01:05:39
• Form 1042-S 01:27:20
• Form 1099 00:02:41
• Form 1099-R 01:22:40, 01:29:05
• Form 8824 00:10:13, 00:49:25
• Form W2 00:10:12
• Form W-8 01::27:20
• Form W-9  01:29:05
• Limited liability company (LLC) 00:27:48
• Reverse Exchange 00:32:17
• Tax Cuts and Jobs Act 00:02:32
• Tax Gap 00:01:13

1031 Exchanges: Under Section 1031 of the United States Internal Revenue Code, a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange.

1035 Exchanges: A 1035 exchange is a provision in the tax code which allows you, as a policyholder, to transfer funds from a life insurance, endowment or annuity to a new policy, without having to pay taxes.

Form 1099 MISC: The Form 1099-MISC is an Internal Revenue Service (IRS) tax return document used to report miscellaneous payment​s made to nonemployee individuals, such as independent contractors, during the calendar year. (www.shrm.org)

B-Notice: A notice from the IRS stating that one or more tax ID numbers were missing from a 1099 or do not match the IRS records.

Deferred Exchange: The deferred 1031 exchange gives you time by allowing you to “sell” your first property to an intermediary, who then “buys” the property on the other end of the exchange at a later date. This keeps the entire series of actions as one transaction, which makes it eligible for a 1031 exchange, albeit a “deferred” one.

Exchange Cooperation Clause: The 1031 exchange cooperation clause is satisfactory in establishing the taxpayer’s intent to perform a 1031 exchange; releasing the other party from costs or liabilities as a result of the 1031 exchange; and, agreeing to an assignment of the purchase and sale agreement.

Form 1042-S: Form 1042, also "Annual Withholding Tax Return for U.S. Source Income of Foreign Persons", is used to report tax withheld on certain income of foreign persons.

Form 1099-R: Form 1099-R is a tax form from the Internal Revenue Service (IRS) for reporting distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions.

Form W-2: Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. - Wikipedia (https://en.wikipedia.org/)

Form W-8: Form W-8 is filled out by foreign entities (citizens and corporations) in order to claim exempt status from certain tax withholdings. The form is used to declare an entity's status as non-resident alien or foreign national who works outside of the United States.

Form W-9: Form W-9 (officially, the "Request for Taxpayer Identification Number and Certification") is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service (IRS). It requests the name, address, and taxpayer identification information of a taxpayer (in the form of a Social Security Number or Employer Identification Number). - Wikipedia (https://en.m.wikipedia.org/)

Limited liability company (LLC): An LLC is a corporate structure where members cannot be held accountable for the company’s debts or liabilities. This can shield business owners from losing their entire life savings if, for example, someone were to sue the company. Can be a single member (much like a sole proprietor) or a multi-member. It shares certain traits of both corporations as well as partnerships or sole proprietorships. It is not a corporation.

Reverse Exchange: The Reverse Exchange is the opposite of the Delayed Exchange. Where the Delayed Exchange requires the Exchangor to relinquish property before he acquires property, the Reverse Exchange allows the Exchangor to acquire property first and relinquish property second.

Tax Cuts and Jobs Act: The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub.L. 115–97, is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act, that amended the Internal Revenue Code of 1986.

Tax Gap: The gross tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment (or remittance) gap.