As a pass through entity, a partnership will pass gain, loss, deduction, credits and other items through to the partners. These items are reported on Schedule K1. Each partner will receive a K1 and these K1s are forwarded to the Internal Revenue Service and thus the IRS is aware of the pass through items the partner(s) […]

What is an UPREIT?

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•1031 Exchange, Denver Tax Attorney, UPREIT

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The article below has been drafted by a tax attorney at The McGuire Law Firm to provide information regarding Real Estate Investment Trusts and 1031 Exchanges. Please note the article below is for informational purposes and you should always consult a tax attorney, business attorney or another attorney experienced with your issues before entering into […]

IRS Statute of Limitations by Denver Tax Attorney

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•Denver Tax Attorney, IRS Statute of Limitations

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How long does the IRS have to collect a tax debt? What is the IRS statute of limitation for collecting a tax debt? These are common questions an individual or business may ask if they owe taxes to the IRS, or especially if they have owed taxes to the IRS for quite some time and […]

What is a General Partnership by Denver Business Attorney

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•Denver Business Attorney, Partnership Formation

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There are many types of partnerships such as limited liability companies, limited liability limited partnerships, limited partnerships, general partnerships etc. The article below has been drafted by a business attorney at The McGuire Law Firm to discuss a general partnership. If you have questions related to your business, please contact The McGuire Law Firm. A […]

Denver Tax Attorney on: What is a Capital Asset?

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•Capital Asset, Denver Business Attorney, Denver Tax Attorney

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What is a capital asset? What is not a capital asset? These are important questions, especially when selling, transferring or exchanging assets because the sale of a capital asset creates capital gain. The article below discusses capital assets and non-capital assets. It is likely that the majority of your personal possessions and investments are capital […]

IRS 941 Tax Debt

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•941 Tax Debt, Denver Tax Attorney

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A 941 tax debt (or employment tax debt) to the Internal Revenue Service is a very serious tax liability. Form 941 is the quarterly tax return whereby an employer will report wages paid, social security, Medicare and federal income tax withheld. Often when a business is in a cash crunch, the net payroll will be […]

How Do I Release an IRS Wage Garnishment?

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•Denver Tax Attorney, IRS Wage Garnishment

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How can I release an IRS wage garnishment? Can you release an IRS wage garnishment? As a tax attorney, these are common questions I am asked and therefore, I have prepared the article and video below to provide information regarding IRS wage garnishments, and how such garnishments may be able to be released. In my […]

How Do I Resolve an IRS Tax Problem?

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•Denver Tax Attorney, IRS Tax Problem

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How do I resolve my IRS tax problem? As a tax attorney this is a common question I hear. The article and video below have been prepared to provide additional information regarding how to resolve an IRS matter or problem. The resolution of your tax problem will depend upon the type of problem that you […]

1120S Schedule L Discussed by Denver Tax Attorney

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•1120S, Corporate Tax, Denver Tax Attorney

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An 1120S is a corporate income tax return and the Schedule L is a balance sheet for the corporation. The balance sheet will state the corporation’s assets such as cash, land, depreciable assets, loans to shareholders etc. Furthermore, the balance sheet will state the corporation’s liabilities such as mortgages, accounts payable, loans from shareholders and […]

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