Videos by our Denver tax attorneys that assist clients in resolving IRS debts, audits and other matters, as well as applying the tax laws to our client’s individual and business issues.

Is a Tax Lien Public Knowledge?

Are tax liens a matter of public record?  If so, why?  The answer is, yes, a tax lien, such as a notice of federal tax lien filed by the Internal Revenue Service is made public.  The reasoning is the same as to why certain debts are made a matter of public record as it provides notice to other creditors that a lien exists, as well as notice to the buyer.  A creditor or buyer must be able to access such information to determine whether to lend money to a debtor or take the proper steps to ensure clean title to an asset is received.  The video below has been prepared by John McGuire, a tax attorney at The McGuire Law Firm.  The McGuire Law Firm has law offices in Golden, Colorado and Denver, Colorado.  Please contact the firm to speak with a tax attorney.

Offshore Voluntary Disclosure Program

What is the Offshore Voluntary Disclosure Program?  Often referred to as the OVDP, this program was created to allow taxpayers with foreign financial accounts and interests to voluntarily disclose their interests for a reduced penalty.  Currently the foreign bank reporting requirements require that taxpayers with foreign financial accounts or interests report these interests when the aggregate amount in the accounts exceeds a certain threshold, which is currently $10,000.  This is often referred to as the FBAR.  When taxpayers fail to report such interests, penalties can be assessed by the Internal Revenue Service.  Thus the OVDP provides a means for taxpayers to be in compliance with the FBAR requirements, and reduce penalties that would apply if they do not voluntarily disclose and are eventually caught by the Internal Revenue Service.  John McGuire is a tax attorney in Denver, Colorado with The McGuire Law Firm and has prepared the video below to provide additional information regarding the Offshore Voluntary Disclosure Program.  You can speak with a tax attorney by contacting The McGuire Law Firm and schedule a consultation.

Form 8829

IRS Form 8829 is used to calculate business use of the home expenses that can be claimed on your tax return.  The form looks at direct and indirect expenses and most expenses are taken on a pro-rata basis.  The video below has been prepared by tax attorney John McGuire to provide additional information regarding IRS Form 8829.  If you have tax related questions or issues, you can contact The McGuire Law Firm to speak with a tax attorney in Denver, Colorado or Golden, Colorado.

IRS Form 12257

The IRS may issue Form 12257 after an appeals hearing.  Form 12257 provides a summary of the determination made by the IRS Appeals Office.  Further, by executing the form, you may be waiving certain rights regarding the issue and matter at hand and thus it is important that you agree with the determination made by the appeals office, and understand what you are signing.  The video below has been prepared by John McGuire, a tax attorney in Denver, Colorado with The McGuire Law Firm to provide additional information regarding Form 12257.  You can speak with a tax attorney by contacting The McGuire Law Firm.

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IRS Form 872

If you are being audited by the IRS, the IRS may request that you sign Form 872, which extends the amount of time the IRS has to assess you additional tax.  In essence, you are agreeing to extend the statute of limitations the IRS has to assess you additional tax.  Whether or not you agree to extend the statute may depend upon the facts and circumstances of the audit and tax period at audit.  If you are being audited by the IRS, it may be best to contact a tax attorney or tax professional to discuss the matter.  You can speak with a tax attorney in Denver, Colorado by contacting The McGuire Law Firm.  The video below has been prepared by a tax attorney to provide additional information regarding Form 872.

Schedule a free consultation with a Denver tax attorney- 720-833-7705 or https://jmtaxlaw.com/contact-us/

The McGuire Law Firm has successfully resolved IRS audits for many individual and business clients.

What is Collateral?

What is collateral?  Typically, collateral would be property pledged as security for a loan or note.  For example, if a bank loaned me $25,000 I may use a car or house as collateral to secure the loan.  The video below discusses collateral.

You can contact The McGuire Law Firm to speak with a tax attorney and business attorney in Denver, Colorado or Golden, Colorado.

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.

Asset Purchase Video by Denver Business Attorney

When a business is purchased or sold, the acquisition could be through an asset purchase agreement.  Under an asset purchase agreement, the actual assets of the business are purchased.  This could include the inventory, accounts receivable, furniture, equipment, fixtures and intangible assets such as copyright or trademark rights, or patent rights & licenses.  An asset purchase also has tax implications to both the seller and purchaser, which you may want to discuss with your business attorney and/or tax attorney.

The video below has been prepared by a business attorney and tax attorney from The McGuire Law Firm.  If you are considering selling your business or buying  a business, consult with a business attorney or tax attorney regarding your specific issues.

The McGuire Law Firm provides a free consultation for all potential clients.

Financial Power of Attorney and Estate Planning

A financial power of attorney can be a very useful document for many reasons and under different circumstances.  Many people will have their financial power of attorney prepared ad executed when they undergo their estate planning.  If you have questions relating to a financial power of attorney, other estate planning documents or estate planning questions in general, contact The McGuire Law Firm.  A Denver estate planning attorney at The McGuire Law Firm can assist you with the drafting of a will, powers of attorney and other estate planning documents.