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

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

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