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 […]
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 […]
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 […]
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 […]
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 […]
Where is a tax lien filed? The place of filing of a lien is important for multiple reasons and will be discussed in the article below. Please understand the information provided below and within this email is for informational purposes. You should always contact a tax attorney or tax professional to discuss current law and/or […]
What is Form W-3? A W-3 is a form (a transmittal) submitted to the Social Security Administration stating total numbers of W-2s all wages paid and social security and Medicare taxes and federal income taxes withheld. The video below has been prepared by a tax attorney at The McGuire Law Firm regarding a W-3. For […]
What happens if I sell property and have an IRS tax lien? Can I transfer property if the IRS has filed a tax lien against me? These are common questions that individuals or businesses who have had a tax lien filed against them may ask a tax attorney. John McGuire is a tax attorney in […]
The general accounting equation: Assets = Liabilities + Equity is an important equation for a small business owner, or any business owner to understand. It is relatively simple and makes sense when you think about an asset, or assets and their related liabilities and thus your equity. The equation can thus be stated in terms […]
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 […]