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 […]
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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
When a property is transferred because of a divorce, is the transfer of property taxable, and what tax issues should be considered? This is a common question when an individual is going through a divorce and begins to look at and consider the settlement agreement and terms the parties are discussing. The article and information […]
Can the Internal Revenue Service refile a Notice of Federal Tax Lien? This is a very important question if, in fact, the IRS has filed a tax lien on you or your business. The answer, of which, greater detail is provided below, is yes, the IRS can refile a tax lien. The article below has […]