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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 […]

What is a Sole Proprietorship?

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What is a sole proprietorship?  By definition a sole proprietorship is a business with a single owner.  Thus, there are not multiple partners, shareholders or individuals working together for a profit such as with a partnership or corporation.  I am surprised at how often I see individuals operating as sole proprietorship and I have seen […]

Darlene K., Midland MI

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By business had a large 941 tax liability mainly due to a family member’s death. I had worked with other tax attorneys trying to resolve the issue with the IRS but felt like I was not getting anywhere. I was referred to John McGuire, and hired John as my tax attorney to represent me before the IRS. John dealt with the IRS while my business was sold and then represented me personally because I was held responsible for a portion of the taxes. I was so scared of the IRS, but the IRS never touched my business or me personally. John was able to settle my personal tax debt with the IRS using an offer in compromise and the tax liens were removed. I continue to consult John regarding my federal tax questions and he always takes the time to speak and work with me. I have recommended John to family and friends and he has helped them with their personal and business taxes. I would highly recommend John as a tax attorney to any individual or business.