Under the 752 Treasury Regulations, if through a single transaction, a partner incurs both an increase and a decrease in the partner’s share of the partnership liabilities, only the net increase is treated as a contribution of money and only the net decrease is treated as a distribution of from the partnership.  Below is an...Read More

IRS Form 2848 is a Power of Attorney that allows you to represented before the Internal Revenue Service.  The video below has been prepared by a tax attorney at The McGuire Law Firm to provide information regarding this form.   You can contact the McGuire Law Firm at 720-833-7705 or John@jmtaxlaw.com to schedule your free...Read More

Under Internal Revenue Code section 752(a) an increase in a partner’s share of partnership liabilities, or an increase in a partner’s individual liabilities by reason of the assumption by such partner of a partnership liability or liabilities, shall be considered as a contribution of money by such partner to the partnership.  Because the assumption of...Read More

Schedule D is filed with your 1040 Individual Income Tax Returns to report gains and losses on the sale of capital assets, as well as determine if the gain is a long term capital gain or loss, or a short term capital gain or loss.  A tax attorney at The McGuire Law Firm can assist...Read More

Tax exempt organizations and foundations have different tax return and schedule filing requirements than a “normal” business or entity.  Further, if a tax exempt entity fails to file a return the organization may jeopardize their tax exempt status.  990 series information returns and notices are due for organization on the 15th day of the fifth...Read More

IRS Form 433B OIC is the form a business would complete when compiling an offer in compromise in an attempt to settle their tax debt with the IRS.  John McGuire is a tax attorney at The McGuire Law Firm and has prepared the video below to provide some background and general information regarding Form 433B...Read More

Many individuals wish to gift property and money to their friends and family and have questions regarding these gifts and the tax matters & implications associated with gifting.  The article below has been drafted to provide general information regarding gifting and the tax implications.   Who will pay the gift tax?   Generally, the person...Read More

Under Internal Revenue Code Section 704, a partnership agreement is to determine a partner’s distributive share of the allocated tax items, such as income, loss, gain and credits.  This flexibility is, in part, what can make a partnership an attractive choice of entity for many small businesses or business owners.  However, it is also this...Read More

An IRS tax audit can be frustrating, confusing and scary!  You may be picked for audit at random, or maybe an item or multiple items on your return “red flagged” the tax return for audit.  The video below has been prepared by an attorney at The McGuire Law Firm to provide information regarding tax audits....Read More

A business attorney and tax attorney at The McGuire Law Firm can assist you with your business matters, tax questions and other related issues.  John McGuire has an LL.M. in taxation, which is beneficial as he works with small business owners and small businesses.  The video below has been prepared by John to provide information...Read More