Table of Contents1 Determining Eligibility Resolve Federal Tax Liability1.1 IRS Requirement #11.2 IRS Requirement #22 Estimated Deposit Requirements For Individuals2.1 Determining Quarterly Payments2.2 Determining Each Estimated Quarterly Payment 3 IRS Deposit Requirements for Businesses3.1 940 Unemployment Deposits Determining Eligibility Resolve Federal Tax Liability To be eligible to resolve an outstanding federal tax liability voluntarily (i.e., installment […]
Table of Contents1 Preventing Identity Theft2 Be Aware When Identity Theft Is Happening2.1 Taxes and Identity Theft2.2 Identity Theft Of Personal Data3 3.1 Employment-Related Identity Theft4 Common Signs Of Identity Theft5 Preventing Identity Theft There’s a good chance you already know how to protect yourself against identity theft. But what about protecting yourself against tax-related […]
Table of Contents1 Defining Profits Interests1.1 Profits Interests Taxes for LLCs1.2 Profits Interests In LLCs2 3 Understanding the Background of Profits Interests3.1 The Hypothetical Liquidation Analysis Defining Profits Interests An LLC’s profits interests are very similar to those of a corporation. They allow shareholders to participate in the company’s growth immediately upon formation. When the company […]
Table of Contents1 Business as a Hobby2 Earning a profit2.1 Time Spent2.2 Profit motive2.3 Knowledge Needed3 Determining If An Activity Is A Hobby Or A Business4 Hobby Classification5 Avoiding The Hobby Classification5.1 Have More Questions? Contact Us! Business as a Hobby If your business claims a net income loss for too many years or fails […]
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 […]
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 […]
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 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 […]
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 […]
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 […]