How long does the IRS have to collect a tax debt?  What is the IRS statute of limitation for collecting a tax debt?  These are common questions an individual or business may ask if they owe taxes to the IRS, or especially if they have owed taxes to the IRS for quite some time and...Read More

A previous article discussed how a sale or exchange between related parties may be treated differently under the Internal Revenue Code.  As a tax attorney, when I see a transaction or series of transactions between related parties, it always raises a red flag.  Hopefully, the article below can provide additional information regarding such sale or...Read More

There are many types of partnerships such as limited liability companies, limited liability limited partnerships, limited partnerships, general partnerships etc.  The article below has been drafted by a business attorney at The McGuire Law Firm to discuss a general partnership.  If you have questions related to your business, please contact The McGuire Law Firm. A...Read More

What is a capital asset?  What is not a capital asset?  These are important questions, especially when selling, transferring or exchanging assets because the sale of a capital asset creates capital gain.  The article below discusses capital assets and non-capital assets. It is likely that the majority of your personal possessions and investments are capital...Read More

A 941 tax debt (or employment tax debt) to the Internal Revenue Service is a very serious tax liability.  Form 941 is the quarterly tax return whereby an employer will report wages paid, social security, Medicare and federal income tax withheld.  Often when a business is in a cash crunch, the net payroll will be...Read More

How can I release an IRS wage garnishment?  Can you release an IRS wage garnishment?  As a tax attorney, these are common questions I am asked and therefore, I have prepared the article and video below to provide information regarding IRS wage garnishments, and how such garnishments may be able to be released. In my...Read More

How do I resolve my IRS tax problem?  As a tax attorney this is a common question I hear.  The article and video below have been prepared to provide additional information regarding how to resolve an IRS matter or problem. The resolution of your tax problem will depend upon the type of problem that you...Read More

An 1120S is a corporate income tax return and the Schedule L is a balance sheet for the corporation.  The balance sheet will state the corporation’s assets such as cash, land, depreciable assets, loans to shareholders etc.  Furthermore, the balance sheet will state the corporation’s liabilities such as mortgages, accounts payable, loans from shareholders and...Read More

As a tax attorney I have been contacted by many individuals who have accrued a tax liability with the Internal Revenue Service and are hoping to obtain some form of spousal relief.  In my opinion, the most common form of spousal relief, at least that known by the general public is innocent spouse relief.  The...Read More

Often I find that clients misunderstand a tax lien, and often a tax lien is confused with a tax levy.  A levy is an actual taking of property and tax lien, like other liens can be viewed as a claim against property or an encumbrance on property.  I’ve decided to draft a series of articles...Read More