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What is Section 1231 Property?

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What is Section 1231 property?  What is Section 1231 gains or losses?  Recently I was asked these questions as I mentioned 1231 property to a client who was preparing to dispose of certain assets.  A tax attorney at The McGuire Law Firm has prepared the article below to discuss 1231 property and hopefully the article […]

Denver Tax Attorney Discusses Collapsible Partnership Rule With Differing Interests

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In previous articles, the collapsible partnership rule has been discussed.  The article below has been prepared by a tax attorney to further our discussion of this rule and provide an example of the rule when partner’s allocation of profits and losses are different.  Many partnership agreements call for special allocations whereby one partner (or multiple […]

Denver Tax Lawyer Video on Schedule A and Itemized Deductions

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When you file your 1040 Individual Income Tax return, if you itemize your deductions, you file a Schedule A with your income tax return.  Generally, you will itemize your deductions if these deductions are greater than the standard deduction allowed.  Examples of itemized deductions would include: mortgage interest, real estate taxes, medical expenses (subject to […]

Denver IRS Offer in Compromise

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The vast majority of individuals know that they can settle a tax debt with the IRS through an offer in compromise.  As a tax attorney, almost every individual and business that has owed taxes to the IRS has asked me questions related to an offer in compromise.  The article and video below should provide comprehensive […]

Video on IRS Trust Fund Recovery Penalty by Denver Tax Attorney

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Quite often a client will be in my office and they will state that their business has a 941 tax debt (employment tax debt).  This generally occurs because the business is tight on cash flow and thus the employees will be paid their net checks, but the taxes withheld will not be paid to the […]

941 Federal Tax Deposits Discussed by Denver Tax Attorney

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As an employer you are required to withhold income tax and self employment taxes and remit these taxes to the Internal Revenue Service via federal tax deposits.  The frequency of the deposits is dictated by your tax liability.  Typically, a deposit will be required to be made with every payroll, every month on or before […]