Summary: Tax-exempt and/or nonprofit organizations may be required to file form 5471. There are several instances where form 5471 would be required. Often, detailed analysis and thorough understanding of the tax rules are required to determine if there is a filing obligation. Failing to file (including late filing) for form is subject to a $10,000...Read More

Assessment of FBAR Penalty to be Determined by the United States Supreme Court   While there is no doubt that foreign or international tax obligations and reporting requirements are complex, recent cases and the US Supreme Court’s review of an FBAR ruling show that even US Federal Circuit Courts, the Internal Revenue Service and taxpayers...Read More

Hiring a Tax Attorney in Denver Before Tax Season Tax season is upon us again, and you may ask yourself if there are benefits of hiring a tax attorney in Denver. This means filing returns, paying taxes, and dealing with any issues that arise along the way. While many try to handle things themselves, doing...Read More

The McGuire Law Firm Business Attorney Denver Our Denver business attorneys are highly skilled and practice various transaction matters. They know how to guide businesses through the complexities of the law effectively. We can assist you with drafting contracts, negotiating deals, and resolving disputes. We advise on employment agreements, intellectual property issues, commercial leases, real...Read More

The IRS Streamlined Procedures Q&A’s There are many legitimate reasons United States persons may maintain foreign bank accounts or foreign assets. Perhaps an individual owns real estate in a foreign country, making payments via a foreign bank account easier. Alternatively, an individual has come to the United States for education and remained or married a...Read More

What Is Form 5471?  The title of Form 5471 lays it out succinctly, “Information Return of U.S. Persons Concerning Certain Foreign Corporations.”  It is the form used to report information about a foreign corporation where a US person owns an interest in the said foreign corporation. It sounds simple enough…. A taxpayer or tax practitioner...Read More

Small Businesses and Tax Deductions As small business owners, we know that you do your best to keep costs to a minimum. One way to save money that many business owners overlook is tax deductions. Tax deductions that sole proprietors, partnerships, and LLCs may be able to take add up to a significant amount of...Read More

Throughout the stages of life, many significant events can cause major financial tax changes. In addition to affecting your bank accounts, some life events can significantly impact your taxes. Knowing this impact before, during, and after the event can help minimize confusion around filing your taxes in Denver.  Marriage Several factors may impact your tax...Read More

Individual Taxation Income taxes are a significant source of revenue for states. Most states impose an income tax on residents and non-residents alike. Individual taxation is usually progressive, meaning that the amount of tax owed increases with each additional dollar earned. States also levy other taxes, including sales, property, excise, and corporate taxes. The Internal...Read More