John McGuire is a tax lawyer at The McGuire Law Firm. As a tax lawyer, John assists clients with many tax issues, matters and questions. Below is a list of some of the tax issues that John assist client with. – Individual & Business Tax Planning – IRS Tax Debts, IRS Tax Audits and other […]

Shareholder Issues in an S Corporation

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•Denver Business Attorney, Denver Tax Attorney, S Corporation

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An S Corporation is a corporation that has made an election with the Internal Revenue Service to be taxed as an S Corporation. As such, an S Corporation is a pass through entity whereby the shareholders claim the corporate items of income, gain, loss etc on their 1040 Individual Income Tax Returns. To be eligible […]

What is Fair Market Value?

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•Denver Business Attorney, Denver Tax Attorney, Fair Market Value

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In terms of a business transaction, such as an asset sale, stock sale or otherwise, how would you define fair market value and why do we care? One could define fair market value as what a knowledgeable and willing buyer under no compulsion to buy would pay and what a knowledgeable and willing seller under […]

What is a W-2?

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A W-2 is the document you receive that reports your gross wages and the federal, state and local wages that have been withheld. You use this document to prepare your 1040 individual income tax return. You receive a copy of the W-2 and a copy is forwarded to the Internal Revenue Service. You may have […]

Limited Liability Partnership (LLP)

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What is a limited liability partnership? Limited liability partnerships (LLP) were initially developed in Texas as a response to the liability faced by partners of legal and accounting firms for failures of the savings and loan associations. An LLP could be considered a form of a general partnership. Under the legislation creating the LLP, an […]

What is a 941 Tax Return?

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If you pay yourself wages or an employee wages, you are required to complete and file Form 941 with the Internal Revenue Service. So, what is Form 941? The article and video below have been prepared by a tax attorney at The McGuire Law Firm to provide information regarding this form. Form 941 is an […]

UPREIT Considerations

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In a previous article Real Estate Investment Trusts (REIT) and Umbrella Partnership Real Estate Investment Trusts (UPREIT) were discussed in the “realm” of a 1031 like kind exchange. As a follow up to such article, the article below will discuss some potential benefits regarding an UPREIT as well as potential disadvantages or items for consideration […]

Denver IRS Wage Garnishment

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So your employer received a notice from the IRS to garnish your wages. That being said, what is an IRS wage garnishment? The article and video below have been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding an IRS wage garnishment. If you owe individual income taxes, or […]

Section 1250 Property and 1031 Like Kind Exchanges by Denver Tax Attorney

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When Section 1250 property is transferred in a 1031 like kind exchange, is there Section 1250 gain from the transaction? This was a recent research issue I came across, and thought it would make a nice informational article for those considering a 1031 like kind exchange. Thus, the article below discusses issues related to Section […]

S Corporation Schedule K-1 Discussed by Denver Tax Attorney

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A K-1 is an informational return, and a shareholder in an S Corporation would receive a K-1 stating that shareholder’s share of gain, loss, credits etc. from the S Corporation. Because an S corporation is a pass through entity, the S corporation does not pay income tax, but rather the shareholders claim the items on […]

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