Videos by our Denver tax attorneys that assist clients in resolving IRS debts, audits and other matters, as well as applying the tax laws to our client’s individual and business issues.

Forms Filed With the Streamlined Offshore Voluntary Disclosure Program

For many individuals, the Streamlined Offshore Voluntary Disclosure Program provided welcome relief in comparison to the “initial” Offshore Voluntary Disclosure Program.  Many taxpayers with foreign accounts and assets contact wonder what forms and documents must be filed to apply for the Streamlined Offshore Voluntary Disclosure Program.  In general, taxpayer’s must file the necessary FBARs, amend the necessary 1040s (1040X) and Form 14654.  Further, based upon the facts and circumstances, other forms may not be prepared and filed.  You should always discuss your requirements with your tax attorney and/or other tax advisors.  The video below has been prepared to provide additional information regarding the forms filed with the streamlined program.  You can contact The McGuire Law Firm to discuss your issues directly with a tax attorney.

Non-Willful Conduct Under Streamlined Offshore Voluntary Disclosure Program

Non-willful conduct is required under the Streamlined Offshore Voluntary Disclosure Program (Streamlined OVDP).  If the failure to report foreign bank accounts and/or foreign financial assets was non-willful, you may be subject to a lower penalty base.  The key question is, what constitutes non-willful actions by a taxpayer?  Generally, the IRS would consider non-willful to mean the conduct or failure to properly report was due to a mistake, negligence or based upon a good faith misunderstanding of the law.  Perhaps an understandable lack of knowledge may lead to non-willful conduct.

The video below also provides a short explanation of non-willful conduct, which of course is based upon the facts and circumstances of each case.  Please remember to consult with your tax attorney directly if you have questions relating to FATCA, FBAR filings and/or other foreign tax compliance issues.

You can contact The McGuire Law Firm to speak with a tax attorney regarding your issues.

Depreciation and Impact on Basis

When an asset is placed into service and depreciation is taken as a deduction, the adjusted basis of the asset will be impacted.  The video below has been prepared by a tax attorney at The McGuire Law Firm to discuss this issue.  Please remember to always consult your tax attorney, business attorney, CPA and/or other advisers regarding your specific facts and circumstances.

John McGuire is a tax attorney and business attorney at The McGuire Law Firm.  You can contact John at 720-833-7705 or via the website at: https://jmtaxlaw.com/contact-us/

 

Common Capital Contributions to a Partnership

When forming a partnership the partners will make initial capital contributions and may make additional contributions depending upon the operations of the partnership and partnership agreement.  Common capital contributions may include cash, property (vehicles, equipment, computers etc.) and sometimes services.

The video below has been prepared by a tax attorney and business attorney at The McGuire Law Firm to discuss capital contributions.

John R. McGuire is tax attorney and business attorney at The McGuire Law Firm.  The McGuire Law Firm represents and advises clients on tax matters from IRS debts and tax audits or overall tax planning and the tax implications of certain transactions.  Further, the firm represents small and medium sized business with their contract issues as well as the formation and sale of businesses or business interests.  In addition to his law degree, John holds an advanced degree in taxation known as an LL.M.  The McGuire LAw Firm provides a free consultation with a tax attorney.

Who Can Represent Me Before the IRS?

If you are under audit by the IRS, have received a notice of deficiency or the IRS is attempting to collect past due taxes, you can receive representation.  The video below has been prepared by a tax attorney at The McGuire Law Firm to provide information regarding who can represent you before the Internal Revenue Service.

John McGuire is a tax attorney in Denver, Colorado at The McGuire Law Firm.  John’s practice focuses primarily on issues before the IRS, tax planning & analysis and advising individual and business clients on the tax implications of certain transactions such as the purchase or sale of a business.

When is a Collection Due Process Hearing Available?

A taxpayer has the right to a collection due process hearing with the Internal Revenue Service Appeals Office under certain circumstances.  This hearing can be very beneficial to a taxpayer in terms of preventing enforcement action such as a bank levy or wage garnishment and by a means to establish or propose an agreement with the IRS such as an installment agreement or offer in compromise.

The video below has been prepared to provide information as to when a taxpayer may be able to request a collection due process hearing.  If you are experiencing any issues with the IRS, you can speak with a tax attorney, by contacting The McGuire Law Firm.   As a tax attorney John McGuire has assisted many individual and business taxpayers before the IRS, including via collection due process hearings with the IRS Appeals Office.

Denver IRS Tax Attorney

Form 886 H HOH

If you have claimed a filing status of Head of Household, the IRS may ask you to verify the elements that allow you to claim head of household.  The IRS can send you written notice requesting documents and information that would verify your status.  Form 886 H HOH helps provide the requirements of claiming head of household, and the documents you can provide to verify certain issues and elements of this filing status.

The video below provides additional information regarding this form.

If you have tax questions or tax issues, you can speak with a Denver tax attorney at The McGuire Law Firm by calling 720-833-7705.  As a tax attorney, John McGuire practices before the IRS regarding tax audits, IRS tax debts, tax planning & analysis for businesses & individuals and matters before the United States Tax Court.

Form 8606

Are distributions from a nondeductible IRA, such as a Roth IRA taxable?  IRS Form 8606 can be used to calculate the taxable amount (if any) from a nondeductible IRA.

The Video below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding Form 8606.  You can speak with a tax attorney by contacting The McGuire Law Firm at 720-833-7705.

 

John McGuire is a tax attorney and business attorney in Denver, Colorado.  Mr. McGuire assists clients with tax matters from tax planning and the tax implications of business transactions to tax matters before the IRS such as IRS audits, United States Tax Court cases and IRS debts.

IRS Supporting Document Request

Taxpayers may receive a IRS Supporting Document Request from the Internal Revenue Service requesting supporting documents for certain items, issues or positions taken on a tax return.  Common issues of which the IRS would request a taxpayer support could be IRS Filing Status.  For example, if a taxpayer filed head of household, the IRS may want documentation to verify the dependent and elements that allow a taxpayer to claim head of household.  Furthermore, a common document request by the IRS is to verify children and the related elements that are necessary to claim certain tax credits.

Generally the taxpayer can compile the necessary records and documents, and forward to the Internal Revenue Service via mail and the document request is not necessarily an audit whereby the taxpayer would meet with an examiner.  If the taxpayer after reviewing the necessary requirements and elements realizes they should not have claimed a certain filing status or taken a specific position on the tax return, they can agree with an assessment of tax that would have occurred had the taxpayer not claimed a certain status, dependent, related credit or other issue.

The video below has been prepared a tax attorney at The McGuire Law Firm Denver Tax Attorney to provide additional information regarding the IRS requesting additional documents to support positions taken on a tax return.

John McGuire is a tax attorney in Denver Colorado representing clients before the Internal Revenue Service on matters such as IRS tax audits, IRS tax debts, United States Tax Court Cases and other tax disputes.  Additionally, John works with many small and medium sized businesses from a business start up and business formation, to contractual matters and the eventual sale of a business or business interests.  If you need to speak with a tax attorney or business attorney, you can contact John at John@jmtaxlaw.com

 

What is FinCEN

FinCEN is the Financial Crimes Enforcement Network.  The goal and objective of FinCEN is to monitor financial institutions through regulations that require certain record keeping, record maintenance and reporting.  Because many crimes such as illegal drug trafficking, terrorism and others involve large sums of money and the use of financial institution, FinCEN and other law enforcement agencies feel the record keeping and reporting is invaluable in fighting crime.  John McGuire is a tax attorney with The McGuire Law Firm and has prepared the video below to provide additional information regarding FinCEN.  You can contact The McGuire Law Firm to speak with a tax attorney in Denver, Colorado or Golden, Colorado.