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...Read More

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...Read More

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...Read More

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...Read More

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...Read More

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...Read More

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...Read More

Can I plead the 5th during the course of my communications with the Internal Revenue Service?  This is a common question I am asked by clients and taxpayers who may be under an IRS audit, IRS debt matter, or other related tax issues.  The article below has been prepared to provide general information regarding this...Read More

The article below has been prepared to act as an IRS Offer in Compromise resource page whereby individuals can obtain necessary information regarding an IRS Offer in Compromise.  Please note, this information is not legal advice and should not supplement the advice of a tax attorney or tax professional. What is an IRS Offer in...Read More

In any corporate acquisition, there are tax and non-tax issues, multiple business considerations, and the goals of the parties involved with the transaction.  The tax planning that is involved before, during, and after the acquisition process may include many options and alternatives to achieve the tax and non-tax wishes and goals of the parties.  Thus,...Read More