What is an IRS installment agreement? How much will the IRS want each month to pay back my taxes? As a tax attorney, these are common questions I am asked when an individual or business owes back taxes to the IRS and is looking at paying such taxes through an installment agreement or payment plan. […]
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.
How does a tax lien arise? How long does the tax lien exist? As a tax attorney these are common questions that I hear. The article below will continue our discussion on tax liens and attempt to answer the questions above. How is a tax lien created or how does a tax lien arise? As […]
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) […]
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 […]
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 […]
A previous article discussed how a sale or exchange between related parties may be treated differently under the Internal Revenue Code. As a tax attorney, when I see a transaction or series of transactions between related parties, it always raises a red flag. Hopefully, the article below can provide additional information regarding such sale or […]
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 […]
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 […]
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 […]