What Act Allows For The FBAR

There are certain requirements for the reporting of Foreign Bank and Financial Accounts, also referred to as FBAR.  Recently, I was asked, where did the Department of Treasury obtain authority to require such reporting and obtain information on certain accounts those holding signature authority or an interest in such account. The Bank Secrecy Act (BSA) is the act that gives authority to the Department of Treasury to require reporting and the compilation of information.  The video below has been prepared by John McGuire, a tax attorney in Denver, Colorado at The McGuire Law Firm.

If you have questions regarding your requirements to report foreign accounts or assets, contact The McGuire Law Firm to schedule a free consultation with a tax attorney in Denver, Colorado.

Filing a Tax Extension With The IRS

How do I extend the filing of my tax return?  What form do I file with the Internal Revenue Service to file for an extension on my tax return?  As a tax attorney, these are common questions I hear from individuals, especially as the April 15th tax deadline gets closer and closer.  The article below discusses the filing of an extension with the Internal Revenue Service

Ok, so perhaps you procrastinated, or perhaps you are waiting on a K-1 from a partnership, S Corporation or trust, but the bottom line is, you are not ready to file your 1040 individual income tax return with the IRS, and you need to file an extension.  An extension is filed with the IRS by filing Form 4868, which must be filed on or before April 15th.  The filing of Form 4868 will give you another six months, until October 15th to file your 1040 individual income tax return.  That being said, what information do you need to complete Form 4868?  To complete Form 4868 you will need your name, address, social security number and if married, your spouse’s name and social security number.  In addition, the form will ask for information related to what you estimate on your tax return.  For example, the form will ask what your estimated tax liability or amount of tax due will be, and if you are enclosing payment with the form.  If you think you will owe tax for the year, you should include payment with the form so as to prevent the accrual of failure to pay penalty, which brings up another important point.

Many people think that filing for an extension to file the tax return is an extension to pay the tax due.  This is incorrect.  The filing of an extension is only extension to file the actual 1040 individual income tax return, and is not an extension to pay the taxes that are due.  Yes, that taxes are due on April 15th regardless of whether you file an extension or not.  Thus, if you file for an extension, and then later file your return on or before October 15th and you owed tax per the tax return, the IRS can assess you the failure to pay penalty on the amount of tax due from April 15th moving forward.  Therefore, making a payment with your tax return extension will either prevent the failure to pay penalty from accruing, or lessen the penalty as the failure to pay penalty is based upon the amount of income tax that was due on April 15th and not paid.

Thus, if you cannot file your individual tax return by the April 15th deadline, it is best to file Form 4868 with the IRS, and make a payment with the filing of the Form based upon an estimated amount of tax due.

You can contact a Denver tax attorney at The McGuire Law Firm if you have additional tax related questions. 

Schedule a free consultation with a tax attorney in Denver Colorado or Golden Colorado by contacting The McGuire Law Firm.

How To Stop An IRS Levy

Receiving a levy from the IRS, whether it is an IRS bank levy or IRS wage levy is frightening, upsetting and can create a financial disaster.  If you owe taxes to the IRS, there are ways to stop an IRS levy.  The video below has been prepared by a Denver tax attorney to provide additional information related to stopping the IRS from levying your bank account or levying your wages.  If the IRS has levied you, contact The McGuire Law Firm to discuss your options and rights as a taxpayer.

Contact The McGuire Law Firm to speak with a Denver tax attorney.  Free consultation!

IRS Tax Help Denver Denver Tax Attorney

Can a Tax Lien Be Released

Can a IRS tax lien be released?   This is a common question asked of a tax attorney when an individual or business owes taxes to the IRS and the IRS has filed a tax lien.  The answer is, yes, a tax lien can be released under certain situations and circumstances.  The video below has been prepared by a Denver tax attorney at The McGuire Law Firm to provide information regarding the release of a federal tax lien.

If you are experiencing tax problems or tax debts with the IRS, you can discuss these matters with a tax attorney by contacting The McGuire Law.  The McGuire Law Firm has offices in Denver, Colorado and Golden, Colorado for your convenience.

 

Call The McGuire Law Firm and schedule your free consultation with a Denver tax attorney!

IRS Innocent Spouse Relief

If you filed a tax return with the IRS married filing joint and you were unaware of the issues or matters that eventually lead to a tax debt with the IRS, you may be able to obtain relief from the IRS through innocent spouse relief.

The video below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding innocent spouse relief with the IRS.  You can contact The McGuire Law Firm to discuss your tax matters and IRS issues with a Denver tax attorney.

Denver Tax Attorney Denver Tax Lawyer IRS Tax AttorneyContact The McGuire Law Firm to schedule a free consultation with a tax attorney in Denver, Colorado or Golden, Colorado.

 

United States Tax Court

Under certain circumstances a taxpayer may find themselves in United States Tax Court or have the ability to petition the United States Tax Court regarding a tax matter with the Internal Revenue Service.  The US Tax Court is a “travelling” court in the sense that it is not always in session in all of the areas/jurisdictions the court sits.  A judge will sit before the taxpayer and the IRS and hear the cases presented by both parties.  Taxpayers do have appeal rights to other courts after the tax court has made a decision or determination.

Typically, a taxpayer will find themselves in tax court after the IRS has issued a Notice of Deficiency.  When the IRS issues a Notice of Deficiency to a taxpayer, the taxpayer has 90 days to petition the tax court.  Generally, a Notice of Deficiency is issued to a taxpayer when a taxpayer is audited and the IRS is assessing additional tax.  A taxpayer may be able to make a “small claims” case or claim if the liability that is being disputed is below a certain threshold.

The video below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information related to US Tax Court.  If you have questions relating to the US Tax Court, please feel free to contact The McGuire Law Firm to discuss these matters with a tax attorney.  The McGuire Law Firm has offices in Denver, Colorado and Golden, Colorado for your convenience and offers a free consultation.

Tax Attorney Denver Tax Lawyer DenverContact The McGuire Law Firm to schedule a free consultation with a Denver Tax Attorney.

Denver Tax Attorney Free Consultation

The McGuire Law Firm provides a free consultation with a tax attorney so you can discuss your tax matters, facts and circumstances with an attorney.  John McGuire, the founder of The McGuire Law Firm has always felt it necessary to provide a free consultation to clients to determine the client’s needs and issues, and determine if the law firm can assist the client with their tax matters.

If you are experiencing any tax problem or issue with the Internal Revenue Service, or need tax assistance regarding an individual or business tax matter, contact The McGuire Law Firm to schedule your free consultation with a tax attorney in Denver.  A tax attorney at The McGuire Law Firm can assist you with the following matters:

IRS Tax Debts and Audits

Individual Tax Planning

Business Tax Planning

Tax Analysis Regarding the Sale or Transfer of Business Interests or Assets

Tax Matters Related to Estate Planning

Gifting

The video below has been prepared by a tax attorney at The McGuire Law Firm to provide further information related to the free consultation provided.

 

Please contact The McGuire Law Firm to schedule your free consultation with a Denver tax attorney.

Denver IRS Tax Debt Help

If you owe taxes to the IRS or are going through an IRS tax audit, a Denver tax attorney at The McGuire Law Firm can help you with your IRS issues.  A tax attorney can assist you with the following issues related to an IRS tax debt:

– Offer in compromise (IRS tax settlement)

– Installment Agreement (IRS payment plan)

–  Bank Levy Release

– Wage Garnishment Release

– IRS Tax Lien Issues

– Certificate of Discharge of Federal Tax Lien

– Subordination of Federal Tax Lien

– United States Tax Court Issues

Contact The McGuire Law Firm to speak with a tax attorney in Denver or Golden, Colorado.

What Property Does an IRS Tax Lien Attach To?

What property does an IRS tax lien attach to?  As a tax attorney, I am asked many questions regarding tax liens, and one such question is, what property does the tax lien attach to?  The article below has been prepared to provide additional information regarding the above question.  As always, you should discuss your particular tax matter with a tax attorney.  If you would like to speak with a tax attorney in Denver, Colorado, please feel free to contact The McGuire Law Firm to schedule a free consultation.

 

In many respects, the answer to the above question is easy because a tax lien issued by the Internal Revenue Service attaches to all property and rights to the property of the taxpayer.  Thus, this is a very broad and far reaching lien because it not only includes tangible property, but a tax lien also attaches to intangible property and rights to intangible property.  One exception exists as a tax lien does not attach an interest of an Indian in restricted land that is held by the United States.  Please see treasury regulation 301.6321-1 for information regarding this exception.

 

One important question or issue to consider is, how have courts interpreted the broad reach of a federal tax lien?  In general, courts have interpreted the broad language relating to tax liens to include many different types of property that vary greatly when compared against one another, and this includes contingent interests, future interests and contracts, which are all discussed below.

 

–          Future Interests: A future interest in property does not prevent a federal tax lien from attaching to such property.  Thus, if a taxpayer’s enjoyment to property is in the future, the tax lien can still attach to the property.  For example, if a taxpayer has a right under a contract or trust to receive payments or distributions of property, the tax lien will attach to the taxpayer’s entire right regardless of when the payments or distributions will be made.  See Rev. Rule 55-210 for more information regarding this issues.

–          Contingent Interests: A contingent interest would be an interest that a party will receive only if certain conditions occur.  For example, an individual may be a contingent beneficiary of a trust if the receipt of property requires them to perform certain tasks, live longer than another individual etc.  Courts have found that an IRS tax lien can attach to a contingent interest.

–          Executory Contracts: Courts have held that a tax lien can attach before performance within a contract agreement.  In Seaboard Surety Co. v. United States, 306 F.2d 855, 859 (9th Cir. 1962) the tax lien attached to taxpayer’s contract rights that taxpayer had assigned.  When the contract was performed, the government had a lien on the contract proceeds.  Other courts have held that contract rights under a partially executed contract had a realizable value and therefore, were a right to property that a tax lien could attach to.

In addition to the above issues, it is important to note that a tax lien attaches to property acquired by the taxpayer during the existence (or after the filing) of the tax lien.  Thus, a federal tax lien issued by the Internal Revenue Service attaches to after acquired property, meaning property the taxpayer acquires after the tax lien has actually been filed.  This is likely different from other liens such as a mortgage.

If the IRS has filed a tax lien against you or your business, it is recommend you speak with a tax attorney or other tax professional.  You can schedule a free consultation with a Denver tax attorney by contacting The McGuire Law Firm.

Denver IRS Tax Lien

Denver IRS Tax Representation

If you are experiencing problems with the Internal Revenue Service, you may want to consider hiring a tax attorney to represent you before the IRS.  The IRS procedure and current tax code can be confusing and scary to individuals and businesses that are not familiar with it.  Thus, hiring a tax attorney may save you time and stress in addition to money depending upon the circumstances. When a tax attorney represents you, they will file a Power of Attorney (Form 2848) and can receive the same notices you receive.  Furthermore, when the Power of Attorney is filed, the IRS will contact your Power of Attorney first.  John McGuire is a tax attorney at The McGuire Law Firm with offices in Denver and Golden Colorado.  As a tax attorney, John has represented clients before the IRS regarding the following issues & matters:

–          1040 Individual Income Tax Debts

–          941 Employment Tax Liabilities

–          941 Trust Fund Liabilities Assessed to Individuals

–          1120 Corporate Income Tax Debts

–          Individual Income Tax Audits

–          Corporate Income Tax Audits

–          Partnership Income Tax Audits

–          Substitute Filed Returns

–          Missing Tax Returns

–          IRS Installment Agreements & Payment Plans

–          IRS Offer in Compromise (Tax Settlement)

–          Federal Tax Lien Issues

–          Tax Lien- Certificate of Discharge

–          Tax Lien- Subordination Issues

–          Notices of Deficiency

–          US Tax Court Proceeding

In addition to his law degree, John obtained a specialized degree in taxation called an LL.M.  John applies his tax law knowledge on the above issues and when assisting clients with other tax and business matters.  You can contact The McGuire Law Firm to schedule a free consultation.