Can I deduct my meals as a business expense? Can I deduct this flight as a business expense? Can I deduct the cost of my clothes or uniform as a business expense? As a tax attorney, these are common questions I am asked, and rightfully so as everyone wants to take advantage of all potential […]

Attempting to Avoid Shareholder Loan Reclassification

•admin

•Denver Business Attorneys, Denver Tax Attorneys

•Denver Business Attorney, Denver Tax Attorney, Loans to Shareholder

•no comments

Many corporate shareholders may have taken a loan from their corporation. In a prior article, we discussed issues related to corporate loans and issues considered regarding the reclassification of a loan. The article below discusses issues and actions a shareholder may consider taking to prevent the reclassification of a loan. Please remember that this article […]

Rental Losses

•admin

•Denver Tax Attorneys, McGuire Law Firm

•Denver Tax Attorney, Rental Income, Rental Losses

•no comments

Individuals holding property for rent. Rental properties can make good investment options as they diversify an individual’s overall portfolio, the mortgage can often be satisfied by the rental payments as equity grows in the property, and with the allowable deductions, including depreciation, a loss may exist that allows the individual to lower their total income […]

Loans to S Corporation Shareholder

•admin

•Denver Business Attorneys, Denver Tax Attorneys

•Denver Tax Attorney, Loans to Sharehold, S Corporation

•no comments

Often times a payment or payments to S corporation shareholders will be booked or accounted for as a loan to shareholders. Sometimes this is purposeful, other times, it may be due to a lack of options. These loans can be advantageous with the proper planning and/or under certain circumstances, but they can also create and […]

Embezzlement or Fraud Involved With 941 Taxes

•admin

•Denver Tax Attorneys, IRS Matters & Disputes

•941 Tax Debt, Denver Tax Attorney, Embezzlement and Tax Debt

•no comments

Embezzlement or theft may be a more frequent issue faced by small and medium sized businesses than many people think. Often office managers or employees will improperly take money or assets from a business. Although, perhaps not as common as an employee misappropriating monies or assets, I have seen professionals, such as the businesses CPA […]

Residency and Estate Taxes

•admin

•Denver Tax Attorneys, McGuire Law Firm

•Denver Tax Attorney, Estate Tax, Residency and Estate Tax

•no comments

What is the effect of an individual’s residency and the application of estate taxes? This may be an issue that does not apply to you or your clients because you or your client is a citizen of the United States and thus the law is relatively clear that tax on the individual’s estate is subject […]

Passive Activities Discussed by Denver Tax Attorney

•admin

•Denver Tax Attorneys, McGuire Law Firm

•Denver Tax Attorney, Passive Activities, Passive Activity Loss

•no comments

Many individuals do not understand passive activities & passive losses and the Internal Revenue Code Sections and Treasury Regulations that provide the tax law surrounding passive activities. Further, you may not be aware that losses from passive activities may be disallowed or “suspended” so to speak. John McGuire, is a tax attorney at The McGuire […]

IRS Audit Tip On Mileage Deduction

•admin

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

•Denver Tax Attorney, IRS Tax Audit, IRS Tax Audits

•no comments

If you take mileage as a deduction on your income tax return, the IRS audit tip below may help you. Many individuals will claim mileage as a non-reimbursed employee expense on Form 2106, or if self-employed, on a Schedule C, or the deduction may even be stated on another business income tax return. Most individuals […]

How is my Settlement Taxed?

•admin

•Denver Tax Attorneys, McGuire Law Firm

•Denver Tax Attorney, Taxation of Settlement

•no comments

If you are involved in a lawsuit and are anticipating compensation for damages, this is a question you may be asking yourself and it is important to understand the tax implications related to your settlement. The article below has been prepared by John McGuire, a tax attorney and business attorney at The McGuire Law Firm […]

Minimum Gain Chargeback Provisions

•admin

•Denver Small Business Attorney, Denver Tax Attorneys, McGuire Law Firm

•LLC Operating Agreement, Minimum Gain Chargeback

•no comments

If you have reviewed partnership agreements or operating agreements for an LLC you have probably read provisions relating to Minimum Gain Chargeback. That being said, the Minimum Gain Chargeback provisions may have put you to sleep, and may not even be practical based on the facts and circumstances of the partnership. However, Minimum Gain Chargeback […]

Blog