IRS Tax Lien Release With Offer in Compromise Acceptance

•Denver Tax Attorney, IRS Tax Lien, Offer in Compromise

A Notice of Federal Tax Lien can provide several problems for a taxpayer. Recently, the IRS released the Notice of Federal Tax Lien when a taxpayer successfully has an offer in compromise accepted by the IRS and pays the offer amount. This is a beautiful benefit to the taxpayer as the IRS did not always […]

Funding a Buy Sell Agreement

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•Colorado Business Law

•Buy Sell Agreement, Denver Business Attorney

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When business partners enter into a buy sell agreement, one of the pertinent issues or items for the partners to discuss is how the buy-out will be funded. The purchasing business entity or purchasing party can obtain the funds to purchase business interests from a variety of sources, which are discussed below. The purchaser always […]

Valuing Real Estate for an Offer in Compromise

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•Colorado Business Law

•Denver Tax Attorney, Offer in Compromise

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When calculating an offer in compromise amount, one of the biggest issues is a taxpayer’s equity in assets. If a taxpayer owns a home the equity in the home will need to be accounted for calculating the offer amount. This brings about the pivotal question, how is real property or a home valued for the […]

IRS Form 14654

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•Colorado Business Law

•Denver Tax Attorney, FATCA, OVDP, Streamlined Offshore Voluntary Disclosure Program

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IRS Form 14654 is used when submitting documents for the Streamlined Offshore Voluntary Disclosure Program. The video below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding the Form. You can contact The McGuire Law Firm to speak with a tax attorney regarding your tax matters, including […]

Forms Filed With the Streamlined Offshore Voluntary Disclosure Program

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

•Denver Tax Attorney, FATCA, FBAR, OVDP, Streamlined Offshore Voluntary Disclosure Program

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For many individuals, the Streamlined Offshore Voluntary Disclosure Program provided welcome relief in comparison to the “initial” Offshore Voluntary Disclosure Program. Many taxpayers with foreign accounts and assets contact wonder what forms and documents must be filed to apply for the Streamlined Offshore Voluntary Disclosure Program. In general, taxpayer’s must file the necessary FBARs, amend […]

Amending an Offer in Compromise

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

•Denver Tax Attorney, Offer in Compromise

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When an offer in compromise is submitted to the IRS, the IRS may agree that the taxpayer is an offer candidate, but not agree with the original offer in compromise amount. Thus, can the initial offer in compromise be amended? Yes, the offer can be amended to reflect a different amount and terms. This issue […]

Non-Willful Conduct Under Streamlined Offshore Voluntary Disclosure Program

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

•Denver Tax Attorney, FATCA, FBAR, Offshore Voluntary Disclosure Program

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Non-willful conduct is required under the Streamlined Offshore Voluntary Disclosure Program (Streamlined OVDP). If the failure to report foreign bank accounts and/or foreign financial assets was non-willful, you may be subject to a lower penalty base. The key question is, what constitutes non-willful actions by a taxpayer? Generally, the IRS would consider non-willful to mean […]

Your Right To Notice and a Hearing Before the IRS

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

•Collection Due Process Hearing, Taxpayer Bill of Rights

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As taxpayer you have the right to notice and a hearing prior to the IRS enforcing collection of any tax due. After the IRS has issued a series a notices, the IRS must issue a Final Notice of Intent to Levy and allow you 30 days to request a hearing, which is generally referred to […]

Depreciation and Impact on Basis

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

•Asset Basis, Depreciation

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When an asset is placed into service and depreciation is taken as a deduction, the adjusted basis of the asset will be impacted. The video below has been prepared by a tax attorney at The McGuire Law Firm to discuss this issue. Please remember to always consult your tax attorney, business attorney, CPA and/or other […]

What is a 401(k) Deferral?

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•Denver Business Attorneys, Denver Tax Attorneys

•401(k) Contributions, 401(k) Deferral

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Contributions to a 401(k) are qualified deferrals. This means that the amount should not be included in your income when calculating income tax. You can check your W-2 and the amount of taxable wage should not include the 401(k) contributions. The video below has been prepared by a tax attorney at The McGuire Law Firm […]

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