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Individual Taxation

The Internal Revenue Code and Treasury Regulations are long and complex.  Many of these laws apply to and impact your 1040 individual income tax return and must be taken into account when planning for future individual decisions.  In addition to assisting clients with their IRS matters, a tax attorney at The McGuire Law Firm can […]

Required Minimum Distributions and Charitable Contributions

For those who are required to take a minimum required distribution (“RMD”) from an IRA, charitable donations may be the answer. An individual can offset the tax liability from an RMD by making a qualified charitable donation if he does not need the cash at the time of the distribution. If an individual takes the […]

When Identity Theft Impacts Your Taxes

Identity theft can result in tax related issues as well as financial problems, so it is important to respond immediately so that the IRS can correct any fraudulent issues. Depending on whether the taxpayer or IRS discovers the fraudulent activity determines how the case is handled. Typically, the IRS is the first to notice if […]

CARES Act Q&A

President Trump signed the Coronavirus Aid, Relief, and Economic Security Act “CARES Act” into law which provides relief funds to help stimulate the economy from the impact of the COVID-19 pandemic. Small businesses that would like to apply for a loan with reduced interest and potential forgiveness should apply through the Economic Injury Disaster Loan […]

IRS Form 8283 and Charitable Contributions

The IRS lays out specific requirements and qualifications in order to properly take the charitable contribution deduction. For taxpayers, including individuals, partnerships, and corporations who want to take a deduction for noncash charitable contributions over $500, they must file Form 8283. Form 8283 should accompany the taxpayer’s return for the year they contributed the property […]

Stock Purchase Treated as Asset Purchase

When businesses, whether as a seller or a purchaser are going through the acquisition process there is likely to be discussion as to whether the acquisition will be structured as an asset purchase or a stock purchase.  There are advantages and disadvantages to a an asset purchase and a stock purchase to both the seller […]

FIRPTA Common Tax Issues

Many people have questions relating to FIRPTA and the relating withholding tax requirements.  Below are common questions and answers related to FIRPTA, but please remember to consult directly with your tax attorney and other tax advisors.  What is FIRPTA? FIRPTA is a withholding tax requirement for the disposition of a U.S. real property interest by […]

Taxation of Investors Versus Traders & Dealers

Many individuals (and businesses) buy stock and securities with the hopes and intent of the securities appreciating and perhaps paying interest or dividends.  What determines when an individual is treated as an investor, dealer or trader?  Furthermore, what is the tax treatment and proper way to report income and expenses when one is classified as […]