If you are being audited by the IRS, the IRS may request that you sign Form 872, which extends the amount of time the IRS has to assess you additional tax. In essence, you are agreeing to extend the statute of limitations the IRS has to assess you additional tax. Whether or not you agree to […]

Jasmin E., Denver, CO

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•Business Law, Denver Tax Attorney, Denver Tax Lawyer, Tax Law

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John has provided outstanding legal counsel and guidance in helping me work through a number of IRS tax issues and implications. Over the past 5 years, John has provided sound advice, guidance and tangible business options that helped my company dig through the paperwork, and language which helped me to create a viable and reasonable […]

Brent C., Boulder, CO

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•Boulder Tax Attorney, IRS Debt Resolution, IRS Tax Problems

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As a long time business owner of two real estate businesses, I found myself owing a large amount of money to the IRS. Through research on reputable firms, I found John. With John’s help, I was able to move past poor decision making between myself and my previous accountant and work toward a resolution that […]

What is Collateral?

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What is collateral? Typically, collateral would be property pledged as security for a loan or note. For example, if a bank loaned me $25,000 I may use a car or house as collateral to secure the loan. The video below discusses collateral. You can contact The McGuire Law Firm to speak with a tax attorney […]

Passive Activity Losses

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What is a passive activity loss? This can be a common question when individuals invest as a passive investor or perhaps for individuals that own and rent real estate. Your passive activity loss is would generally be to the extent your passive activity deduction exceed passive activity gross income. Moreover, this passive activity loss will […]

Subpart F and Controlled Foreign Corporations

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Subpart F of the Internal Revenue Code deals with controlled foreign corporations (sometimes referred to as a CFC), and does not necessarily apply to every United States person or business entity that owns stock in a foreign corporation. Subpart F applies to United States shareholders of controlled foreign corporations. See Internal Revenue Code Section 951(a). […]

What Act Allows For The FBAR

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There are certain requirements for the reporting of Foreign Bank and Financial Accounts, also referred to as FBAR. Recently, I was asked, where did the Department of Treasury obtain authority to require such reporting and obtain information on certain accounts those holding signature authority or an interest in such account. The Bank Secrecy Act (BSA) […]

Gifting Property to a Trust With Reserved Powers

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Many individuals will transfer property into a trust and think they have made a gift. These individuals may be right, or they may be wrong under certain circumstances. It is not uncommon for the donor, or person placing property into the trust to want to have and hold certain powers over the trust property. These […]

Filing a Tax Extension With The IRS

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How do I extend the filing of my tax return? What form do I file with the Internal Revenue Service to file for an extension on my tax return? As a tax attorney, these are common questions I hear from individuals, especially as the April 15th tax deadline gets closer and closer. The article below […]

Asset Purchase Video by Denver Business Attorney

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When a business is purchased or sold, the acquisition could be through an asset purchase agreement. Under an asset purchase agreement, the actual assets of the business are purchased. This could include the inventory, accounts receivable, furniture, equipment, fixtures and intangible assets such as copyright or trademark rights, or patent rights & licenses. An asset […]

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