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October 2014
A limited liability company (LLC) can be managed by a manger or managers, or the LLC can be managed by the members of the LLC.  There are advantages to both depending upon the circumstances of the business, the knowledge of the members, the involvement of the members and other issues.  For example, the members of...
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The simple truth is, I can sleep at night again thanks to John McGuire. Thanks to some poor decisions and a great deal of procrastination, I found myself in a huge hole and the IRS was starting to throw shovelfuls of dirt on me. Thanks to fees and penalties, the relatively small amount I owed to the...
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I have used John McGuire as my business attorney and tax attorney for over four years.  John has assisted me with the sale of a partnership and the related tax issues, business contracts, tax planning and other business issues.  I can always get a hold of John for his advice and counsel, and I value...
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I hired John McGuire as my tax attorney to help me with my IRS tax debts.  I had been paid as a 1099 independent contractor and did not know about self employment taxes and estimated payments.  John helped me understand my tax requirements and got me back on track.  Thereafter, John was able to settle...
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In previous articles a business attorney from The McGuire Law Firm has discussed certain acquisitions between corporations.  The article below will discuss an acquisition known as a cash for assets acquisition. The first step of a cash for assets acquisition, Corporation 1 would pay Corporation 2 cash consideration of the assets of Corporation 2.  Corporation...
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Receiving a notice from your bank or the Internal Revenue Service that your bank account has been levied can be scary, confusing and frustrating.  Moreover, in addition to the money levied by the IRS from your bank account, the bank levy can cost you considerable money in bank fees and/or overdraft fees if the bank...
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What is a Schedule E?  A Schedule E is where a taxpayer will state supplemental income from rental properties and income from pass through entities such as a Limited Liability Company (LLC), S Corporation or other partnership. In terms of income from a rental property, a taxpayer will use Schedule E to report each property...
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Can an IRS tax lien be re-filed?  Can the IRS re-file the Notice of Federal Tax Lien?  How does the IRS renew a tax lien?  As a tax attorney I have been asked the above questions and therefore have prepared the article below to provide general information regarding such issue.  Please remember, that the article...
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When a partner in a partnership is having their interest terminated, often such termination may be through a series of distributions.  The series of distributions may be needed due to the cash flow of the buyer or purchaser. Thus, the question arises, are these liquidating distributions?  The article below has been drafted by a Denver...
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Many people know that an offer in compromise is a tax settlement with the Internal Revenue Service.  But, why does the Internal Revenue Service and our government allow for such a tax settlement?  In many respects, you could compare an offer in compromise to a bankruptcy.  Of course, in a bankruptcy you are likely discharging...
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