What is a capital asset?  What is not a capital asset?  These are important questions, especially when selling, transferring or exchanging assets because the sale of a capital asset creates capital gain.  The article below discusses capital assets and non-capital assets. It is likely that the majority of your personal possessions and investments are capital...Read More

A 941 tax debt (or employment tax debt) to the Internal Revenue Service is a very serious tax liability.  Form 941 is the quarterly tax return whereby an employer will report wages paid, social security, Medicare and federal income tax withheld.  Often when a business is in a cash crunch, the net payroll will be...Read More

How can I release an IRS wage garnishment?  Can you release an IRS wage garnishment?  As a tax attorney, these are common questions I am asked and therefore, I have prepared the article and video below to provide information regarding IRS wage garnishments, and how such garnishments may be able to be released. In my...Read More

How do I resolve my IRS tax problem?  As a tax attorney this is a common question I hear.  The article and video below have been prepared to provide additional information regarding how to resolve an IRS matter or problem. The resolution of your tax problem will depend upon the type of problem that you...Read More

An 1120S is a corporate income tax return and the Schedule L is a balance sheet for the corporation.  The balance sheet will state the corporation’s assets such as cash, land, depreciable assets, loans to shareholders etc.  Furthermore, the balance sheet will state the corporation’s liabilities such as mortgages, accounts payable, loans from shareholders and...Read More

As a tax attorney I have been contacted by many individuals who have accrued a tax liability with the Internal Revenue Service and are hoping to obtain some form of spousal relief.  In my opinion, the most common form of spousal relief, at least that known by the general public is innocent spouse relief.  The...Read More

Often I find that clients misunderstand a tax lien, and often a tax lien is confused with a tax levy.  A levy is an actual taking of property and tax lien, like other liens can be viewed as a claim against property or an encumbrance on property.  I’ve decided to draft a series of articles...Read More

What is an IRS tax attorney?  I have heard the term before and as a tax attorney I thought I would draft the article and prepare the video below to provide my opinion or definition of an IRS tax attorney. First, in my opinion, an IRS tax attorney could be an attorney working for the...Read More

In prior articles, a tax attorney from The McGuire Law Firm has discussed Federal Tax Liens.  Such articles have been more general in nature and the law firm has received requests to provide articles on more specific issues in relation to a tax lien.  Please remember, these articles are always for informational purposes only.  The...Read More

As a business attorney, John McGuire counsels small to medium sized businesses on a variety of issues and transactions.  Below is a short outline of some of the matters in which your business may be able to use the services of a business attorney. Business Formation & Structure The formation and structure of your business...Read More