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Blog

Denver Business Attorney Discusses Gain on Debt Relief

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Issues regarding gain or loss upon the sale of stock are common issues faced by a Denver tax attorney or business attorney at The McGuire Law Firm.  A recent United States Tax Court case dealt with gain recognition when a taxpayer was relieved of debt through court proceedings.  The Tax Court agreed with the IRS […]

Step Transaction Doctrine Described by Denver Tax Attorney

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“So, we’ll take step one, and then step two and then step three and then pay no tax!?  Wow, that’s great, we should have been doing this for years!”  Maybe you have heard these words, or even said these words.  With all the current tax law, tax attorneys, CPAs, accountants and others have found loopholes […]

Denver Business Attorney Discusses a Profits Only Interest in a Business

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Many clients consult their tax attorney or business attorney about establishing an agreement with third parties or employees whereby the individual would receive a profits only interest in the business.  In a typical profits only interest, the employee or a third party service provider receives a grant of a certain percentage of the business profits.  […]

Tax Attorney on Non Collectible Status

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One option to “resolve” an IRS tax debt is to have the debt placed in a “Currently Non-Collectible” status.  As a Denver tax attorney, John McGuire  has placed many IRS tax debts in a currently non-collectible status.  The reason “resolve” is placed in parenthesis above will be better explained by the article below drafted by […]

Offer in Compromise Calculation Explained by Denver Tax Attorney

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How much will the IRS accept to settle my tax debt through an offer in compromise?  How much will my offer in compromise be?  These are common questions a Denver Tax Attorney at The McGuire Law Firm may be asked.  In some respects, we answer each question the same initially, but our final and true […]

Corporate Liquidation and Assumption of Debt Discussed by Denver Tax Attorney

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When a corporation liquidates, what happens to the corporate debt?  This is a common question many of our clients will ask a tax attorney or business attorney at The McGuire Law Firm.  Our answer is usually, “it depends.”  While this is a typical (and maybe expected) answer from an attorney, it is correct.  The article […]

Form Over Substance by Denver Tax Attorney

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The Form Over Substance Doctrine is a doctrine finding its foundation on equity principals.  Tax attorneys have seen the Internal Revenue Service (and courts) use the Form Over Substance Doctrine as a means by which to “attack” certain transactions.  Tax attorneys may have represented taxpayers in matters before the IRS when the IRS was attempting […]

Keeping Real Estate out of a C Corporation by Denver Tax Attorney

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For many reasons tax attorneys and business attorneys may think it desirable to keep real estate out of a corporation.  The transfer or sale of assets, such as appreciated assets from a C Corporation leads to double taxation issues that are not found when the real estate is owned by individuals or a partnership.  Even […]

FTS Program Discussed by Denver Tax Attorney

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A Denver tax lawyer at The McGuire Law Firm recently learned that the IRS Fast Track Settlement (FTS) program will be expanded nationwide.  As a  tax attorney John McGuire works extremely hard to stay up to date with all IRS notices and publications that may impact our clients.  Information regarding the FTS program is stated […]