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June 2014
In previous articles, the collapsible partnership rule has been discussed.  The article below has been prepared by a tax attorney to further our discussion of this rule and provide an example of the rule when partner’s allocation of profits and losses are different.  Many partnership agreements call for special allocations whereby one partner (or multiple...
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How much can I settle my IRS tax debt for? ¬†I have heard, and answered this question many many times. ¬†Of course, this is a common question for an individual or a business owner that owes taxes to the IRS. ¬†My answer is always, “it depends.” ¬†This is because the amount that the IRS will...
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What is IRS tax relief?  You may have heard this statement on the radio, tv or elsewhere but what do you think it means?  A tax attorney from the McGuire Law Firm has prepared the video below to provide what they feel constitutes IRS tax relief.  In short, such relief is likely to involve the...
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When you file your 1040 Individual Income Tax return, if you itemize your deductions, you file a Schedule A with your income tax return.  Generally, you will itemize your deductions if these deductions are greater than the standard deduction allowed.  Examples of itemized deductions would include: mortgage interest, real estate taxes, medical expenses (subject to...
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The vast majority of individuals know that they can settle a tax debt with the IRS through an offer in compromise.  As a tax attorney, almost every individual and business that has owed taxes to the IRS has asked me questions related to an offer in compromise.  The article and video below should provide comprehensive...
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Quite often a client will be in my office and they will state that their business has a 941 tax debt (employment tax debt).  This generally occurs because the business is tight on cash flow and thus the employees will be paid their net checks, but the taxes withheld will not be paid to the...
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As an employer you are required to withhold income tax and self employment taxes and remit these taxes to the Internal Revenue Service via federal tax deposits.  The frequency of the deposits is dictated by your tax liability.  Typically, a deposit will be required to be made with every payroll, every month on or before...
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To become an S Corporation (or to be taxed as an S Corporation) an election is made with the Internal Revenue Service. ¬†In addition to such election, an S Corporation must meet certain requirements related to: it’s shareholders, types of shares and numbers of shares. ¬†The video below has been prepared by a Denver business...
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What is an IRS tax problem?  You may have seen or heard commercials regarding IRS tax problems, but what would constitute such a problem?  As a tax attorney I have witnessed many tax problems and the article and video below outlines and discusses these situations. IRS Tax Audits An IRS tax audit would certainly be...
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A tax attorney at The McGuire Law Firm can assist you with your IRS issues and questions. ¬†Below is a list of some, but not all of the matters a tax attorney can help you with, and a video that discusses and/or provides one attorney’s idea as to what would constitute IRS tax help. IRS...
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