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What is Form W-3?  A W-3 is a form (a transmittal) submitted to the Social Security Administration stating total numbers of W-2s all wages paid and social security and Medicare taxes and federal income taxes withheld.  The video below has been prepared by a tax attorney at The McGuire Law Firm regarding a W-3.  For...
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What happens if I sell property and have an IRS tax lien?  Can I transfer property if the IRS has filed a tax lien against me?  These are common questions that individuals or businesses who have had a tax lien filed against them may ask a tax attorney.  John McGuire is a tax attorney in...
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The general accounting equation: Assets = Liabilities + Equity is an important equation for a small business owner, or any business owner to understand.  It is relatively simple and makes sense when you think about an asset, or assets and their related liabilities and thus your equity.  The equation can thus be stated in terms...
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Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor. Aenean massa. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Donec quam felis, ultricies nec, pellentesque eu, pretium quis, sem. Nulla consequat massa quis enim. Donec pede justo, fringilla vel, aliquet nec, vulputate eget, arcu. In enim justo,...
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What is a sole proprietorship?  By definition a sole proprietorship is a business with a single owner.  Thus, there are not multiple partners, shareholders or individuals working together for a profit such as with a partnership or corporation.  I am surprised at how often I see individuals operating as sole proprietorship and I have seen...
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What is an IRS installment agreement?  How much will the IRS want each month to pay back my taxes?  As a tax attorney, these are common questions I am asked when an individual or business owes back taxes to the IRS and is looking at paying such taxes through an installment agreement or payment plan. ...
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By business had a large 941 tax liability mainly due to a family member's death. I had worked with other tax attorneys trying to resolve the issue with the IRS but felt like I was not getting anywhere. I was referred to John McGuire, and hired John as my tax attorney to represent me before...
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How does a tax lien arise?  How long does the tax lien exist?  As a tax attorney these are common questions that I hear.  The article below will continue our discussion on tax liens and attempt to answer the questions above. How is a tax lien created or how does a tax lien arise? As...
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As a pass through entity, a partnership will pass gain, loss, deduction, credits and other items through to the partners.  These items are reported on Schedule K1.  Each partner will receive a K1 and these K1s are forwarded to the Internal Revenue Service and thus the IRS is aware of the pass through items the partner(s)...
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