When Section 1250 property is transferred in a 1031 like kind exchange, is there Section 1250 gain from the transaction?  This was a recent research issue I came across, and thought it would make a nice informational article for those considering a 1031 like kind exchange.  Thus, the article below discusses issues related to Section...Read More

A K-1 is an informational return, and a shareholder in an S Corporation would receive a K-1 stating that shareholder’s share of gain, loss, credits etc. from the S Corporation.  Because an S corporation is a pass through entity, the S corporation does not pay income tax, but rather the shareholders claim the items on...Read More

Where is a tax lien filed?  The place of filing of a lien is important for multiple reasons and will be discussed in the article below.  Please understand the information provided below and within this email is for informational purposes.  You should always contact a tax attorney or tax professional to discuss current law and/or...Read More

What is Form W-3?  A W-3 is a form (a transmittal) submitted to the Social Security Administration stating total numbers of W-2s all wages paid and social security and Medicare taxes and federal income taxes withheld.  The video below has been prepared by a tax attorney at The McGuire Law Firm regarding a W-3.  For...Read More

What happens if I sell property and have an IRS tax lien?  Can I transfer property if the IRS has filed a tax lien against me?  These are common questions that individuals or businesses who have had a tax lien filed against them may ask a tax attorney.  John McGuire is a tax attorney in...Read More

The general accounting equation: Assets = Liabilities + Equity is an important equation for a small business owner, or any business owner to understand.  It is relatively simple and makes sense when you think about an asset, or assets and their related liabilities and thus your equity.  The equation can thus be stated in terms...Read More

What is a sole proprietorship?  By definition a sole proprietorship is a business with a single owner.  Thus, there are not multiple partners, shareholders or individuals working together for a profit such as with a partnership or corporation.  I am surprised at how often I see individuals operating as sole proprietorship and I have seen...Read More

What is an IRS installment agreement?  How much will the IRS want each month to pay back my taxes?  As a tax attorney, these are common questions I am asked when an individual or business owes back taxes to the IRS and is looking at paying such taxes through an installment agreement or payment plan. ...Read More

As a pass through entity, a partnership will pass gain, loss, deduction, credits and other items through to the partners.  These items are reported on Schedule K1.  Each partner will receive a K1 and these K1s are forwarded to the Internal Revenue Service and thus the IRS is aware of the pass through items the partner(s)...Read More

The article below has been drafted by a tax attorney at The McGuire Law Firm to provide information regarding Real Estate Investment Trusts and 1031 Exchanges.  Please note the article below is for informational purposes and you should always consult a tax attorney, business attorney or another attorney experienced with your issues before entering into...Read More