Many businesses in Denver are required to collect and pay sales tax, but many business owners have questions regarding sales tax matters. The article below has been prepared to provide additional information regarding sales tax matters in Denver County. First and foremost, when is sales tax imposed in Denver? In Denver, sales tax will be […]
FinCEN (Financial Crimes Enforcement Network) has recently been investigating and examining businesses involved with virtual currencies such as Bitcoin. In fact, on May 5, 2015, FinCEN announced the first civil enforcement action stemming from a virtual currency provider. FinCEN and the United States Attorney General Office for the Northern District of California assessed a $700,000 […]
The filing of a federal tax lien by the Internal Revenue Service creates many issues and questions when property is held jointly. Related issues can arise when the Internal Revenue Service files a tax lien against a party, and the party holds an interest in property but the other owners of the property have no […]
Form 114 is the form used to report financial interests or signatory authority over foreign financial interests as required under the Report of Foreign Bank and Financial Accounts. The form is filed yearly, and electronically with the Financial Crimes Enforcement Network (FinCen). It is important to note that Form 114 is filed separately from your […]
Who files Form 709, and why is Form 709 required to be filed? Form 709 is used to report transfers that are subject to federal gift tax and types of Generation Skipping Transfer Taxes (GST Taxes), as well as calculate the tax due, if in fact any tax would be due under the facts and […]
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 […]
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 […]
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? 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 […]
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 […]