In a previous article Real Estate Investment Trusts (REIT) and Umbrella Partnership Real Estate Investment Trusts (UPREIT) were discussed in the “realm” of a 1031 like kind exchange.  As a follow up to such article, the article below will discuss some potential benefits regarding an UPREIT as well as potential disadvantages or items for consideration...Read More

So your employer received a notice from the IRS to garnish your wages.  That being said, what is an IRS wage garnishment?  The article and video below have been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding an IRS wage garnishment. If you owe individual income taxes, or...Read More

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 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

How does a tax lien arise?  How long does the tax lien exist?  As a tax attorney these are common questions that I hear.  The article below will continue our discussion on tax liens and attempt to answer the questions above. How is a tax lien created or how does a tax lien arise? As...Read More