If you owe taxes to the IRS and do not formalize or propose an agreement to resolve the back taxes, the IRS can levy your bank account. You may have heard of an IRS bank levy when someone states, “the IRS has frozen my bank account!” The article below has been drafted by a Denver […]
In previous articles the issue surrounding a variance in inside and outside basis has been discussed and examples provided. Now the question arises, can the issue be fixed? The article below has been prepared by a Denver tax attorney at The McGuire Law Firm to further this discussion and to discuss the 754 election. In […]
An IRS Notice CP 2000 is a Notice of Deficiency. The notice is issued by the IRS when the IRS is proposing an additional assessment of tax. The notice will state the items that the IRS is disagreeing with and how such change will impact (increase) your tax liability. For example, the IRS could state […]
In a previous article a tax attorney at The McGuire Law Firm drafted an article regarding inside and outside basis in a partnership to later further a discussion on IRC Section 754. The article below will continue to discuss inside and outside basis and the problems or issues that can occur as we move forward […]
In a previous article we discussed the characteristics (issues to consider) of a business in general. The article below has been drafted by a Denver business attorney at The McGuire Law Firm as an overview to the characteristics of a corporation that were mentioned in a previous article. Corporate Formation: a corporation can only be […]
John R. McGuire is a tax attorney in Denver, Colorado and the founder of The McGuire Law firm. The McGuire Law Firm focuses primarily on tax law, IRS matters and business transactions for small to medium sized businesses. As a tax attorney, Mr. McGuire assists clients with the following matters and issues: – […]
As a tax attorney, I have worked with many individuals and businesses that owe taxes to the IRS and they always ask, how much can I settle my tax debt for? A tax settlement, which is also called an offer in compromise with the IRS is an agreement whereby a taxpayer pays an amount to […]
Recently an issue came about regarding IRC Section 754 and it’s application to partnership matters. The article below has been drafted by a Denver tax attorney at The McGuire Law Firm to initially discuss inside and outside basis, which will help to understand IRC Section 754. When you hear the term “outside basis” in reference […]
If your business has a 941 employment tax debt (employment taxes) the IRS will likely conduct the 4180 Interview with individuals within the business. The article and video below have been prepared by a Denver tax attorney at The McGuire Law Firm to provide additional information regarding the 4180 Interview. You can speak with a […]
As you may or may not know, a partnership is a pass through entity whereby items of income, gain, loss, deduction or credit are passed through to the individual partners and reported on their 1040 individual income tax returns. The article below has been drafted by a Denver tax attorney at The McGuire Law firm […]