How Tax Debt Can Put Your Passport At Risk

Is Your Passport At Risk From Tax Debt?

•Denver Tax Attorneys, IRS Matters & Disputes, McGuire Law Firm

•Denver Tax Attorney, IRS Attorney, IRS Matters

Table of Contents1 Can the IRS Take Your Passport?1.1 Actions From The IRS2 What Is A Seriously Delinquent Tax Debt?2.1 Take Action2.1.1 A taxpayer in the following situations should not be at risk of impacting their passport rights.3 Settling Your Debt3.1 Prevent Future Passport Issues Can the IRS Take Your Passport? Congress passed legislation in […]

What is an Abusive or Illegal Tax Scheme

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•Colorado Business Law, Denver Tax Attorneys, IRS Matters & Disputes, McGuire Law Firm

•Criminal Tax Issues, Denver Tax Attorney, Tax Scams

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Table of Contents1 What Is An Abusive Tax Scheme?2 Basic Trust Law3 Abusive Tax Avoidance Transaction (ATAT)4 Tax Schemes4.1 Common Tax Scheme Variations5 Abusive Tax Shelter What Is An Abusive Tax Scheme? You may have heard of a program or tax scheme that promises to eliminate or substantially lessen your tax burden and taxes due […]

Who Owns an LLC in Colorado and Do They Expire?

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•Blog, Colorado Business Law

•Colorado Partnerships, Denver Business Attorney, LLC

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Table of Contents1 What Is an LLC?2 Who Owns An LLC In Colorado?3 Colorado LLC Act4 Personal Liability5 Non-Economic Members In An LLC What Is an LLC? An LLC is a business organization called a “limited liability company.” It’s a separate legal person from its owners. This means you are not personally liable for the […]

FBAR Penalty Statutes of Limitations

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•Colorado Business Law, Denver Tax Attorneys, McGuire Law Firm

•FBAR, FBAR Penalties, FinCEN

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Table of Contents1 FBAR Statute of Limitations2 FBAR penalty assessment statute3 The “Limits” of the FBAR Statute of Limitations3.1 FBAR Statute Limitations Example 13.2 Failure To Maintain Required Records3.3 Statute Of Limitations To File Suit3.4 For More Information What is the FBAR statute of limitations for penalty assessments? What other FBAR statutes should I be […]

Forming A Limited Liability Company in Colorado?

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•Colorado Business Law

•Denver Business Attorney, LLC, Partnership

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Table of Contents1 Limited Liability Company And Colorado’s Requirements1.1 Starting an LLC in Colorado1.2 Forming An LLC 2 Colorado LLC or Colorado LLP?2.1 Other Partnerships3 Foreign State Recognition4 Need Further Assistance? Limited Liability Company And Colorado’s Requirements A limited liability company (LLC) is a popular choice of entity for many business owners in Colorado. Further, many […]

Understanding Stock Distributions and Options

Master Corporate Stock Distributions and Stock Options

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•Colorado Business Law

•Corporate Distributions, Denver Business Attorney, Denver Tax Attorney

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Table of Contents1 Employee Stock Rights1.1 Taxation of Corporate Stock Distributions2 2.1 5 Taxable Stock Distributions Situations3 Constructive Stock Distributions3.1 Need Professional Assistance?3.2 Employee Stock Rights Many corporations may provide corporate stock distributions or stock rights to employees. When a corporation distributes its stock, this would be referred to as a stock dividend, and when […]

Property Transactions and Realization Events on Gains and Losses

Understanding Property Transactions and Realization Events on Gain or Loss

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•Colorado Business Law

•Capital Gains and Losses, Denver Business Attorney, Denver Tax Attorney

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Table of Contents1 When Must I Realize Gain?2 Asset Sale Realization Events3 4 Property Transaction and Value5 Contact Us When Must I Realize Gain? Generally, it is easy to understand when gain or loss has been realized, but sometimes it may be hard to ascertain. The article below has been prepared by a Denver tax […]

Original Issue Discount and Debt Instruments

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•Blog, Colorado Business Law, McGuire Law Firm

•Denver Business Attorney, Denver Tax Attorney, Interest Income, Original Issue Discount

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Table of Contents1 What Is Original Issue Discount? 2 Discounted Debt Instruments3 How an Original Issue Discount Works3.1 Original Issue Discount Example4 Exceptions to Reporting an Original Issue Discount4.1 Is 1099-Original Issue Discount issued? 5 Questions About an Original Issue Discount? Contact Us! What Is Original Issue Discount? An original issue discount (OIDs) is the discount in […]

Cost Basis: Definition, Calculations, and Reporting

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•Colorado Business Law

•Cost Basis, Denver Tax Attorneys, Denver Tax Lawyer

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Table of Contents1 Cost Basis Calculations1.0.1 To calculate the cost basis of your stock options, follow these steps:1.1 Example Of Calculating Cost Basis2 What is Cost Basis?2.1 Understanding Cost Basis3 Tracking Cost Basis4 Questions About Cost Basis? Contact The McGuire Law Firm Cost Basis Calculations The IRS requires you to report cost basis on certain […]

Limited Liability Companies May Conflict With S Corporation Elections

Is Your Operating Agreement Invalidating S Corporation Elections?

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•Colorado Business Law, Denver Tax Attorneys

•Choice of Entity, Denver Business Attorney, Denver Tax Attorney, LLC Operating Agreement, S Corporation Election

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Table of Contents1 Limited Liability Companies Conflict With An S Corporation Operating Agreement2 Invalidating the S Corporation Election2.1 The qualify as an S corporation, the corporation must:3 One Class of Stock Requirement4 Not Sure Which Entity to Choose? Limited Liability Companies Conflict With An S Corporation Operating Agreement Abiding by the LLC operating agreement may […]