The United States Tax Court is a federal trial court and hears cases relating to federal tax matters prior to the additional assessment of tax by the Internal Revenue Service.  It is important to note, that a taxpayer does not need to pay the tax prior to bringing their case before the US Tax Court,...Read More

Who qualifies for the Earned Income Tax Credit?  Does my child qualify for the Earned Income Tax Credit?  As a tax attorney, these are common questions I am asked.  Furthermore, as a tax attorney, it is quite often I see a taxpayer improperly claim a child for purposes of the Earned Income Tax Credit. To qualify...Read More

If you have an issue or matter with the IRS, you may wonder what your options are to resolve such issue.  Thus, what is an IRS tax resolution and what resolution options are available?  The article and video below have been prepared by a tax attorney to provide their opinion regarding what is an IRS...Read More

How is the purchase price or monies paid for a business allocated?  When a business owner sells their business for a lump sum amount, the sale is considered a sale of each individual business asset as opposed to one single asset.  Of course, this would not necessarily apply if the exchange or transfer was considered...Read More

A limited liability company (LLC) can be managed by a manger or managers, or the LLC can be managed by the members of the LLC.  There are advantages to both depending upon the circumstances of the business, the knowledge of the members, the involvement of the members and other issues.  For example, the members of...Read More

In previous articles a business attorney from The McGuire Law Firm has discussed certain acquisitions between corporations.  The article below will discuss an acquisition known as a cash for assets acquisition. The first step of a cash for assets acquisition, Corporation 1 would pay Corporation 2 cash consideration of the assets of Corporation 2.  Corporation...Read More

Receiving a notice from your bank or the Internal Revenue Service that your bank account has been levied can be scary, confusing and frustrating.  Moreover, in addition to the money levied by the IRS from your bank account, the bank levy can cost you considerable money in bank fees and/or overdraft fees if the bank...Read More

What is a Schedule E?  A Schedule E is where a taxpayer will state supplemental income from rental properties and income from pass through entities such as a Limited Liability Company (LLC), S Corporation or other partnership. In terms of income from a rental property, a taxpayer will use Schedule E to report each property...Read More

Can an IRS tax lien be re-filed?  Can the IRS re-file the Notice of Federal Tax Lien?  How does the IRS renew a tax lien?  As a tax attorney I have been asked the above questions and therefore have prepared the article below to provide general information regarding such issue.  Please remember, that the article...Read More

When a partner in a partnership is having their interest terminated, often such termination may be through a series of distributions.  The series of distributions may be needed due to the cash flow of the buyer or purchaser. Thus, the question arises, are these liquidating distributions?  The article below has been drafted by a Denver...Read More