Form 668Y is the form used by the IRS when the IRS files a tax lien.  The form will state the taxpayer, type of tax owed, the amount of tax and period of tax.  Generally, the IRS will file Form 668Y in the county where the taxpayer lives or conducts business and the county or counties where...Read More

As a business, you may be audited by the Colorado Department of Labor regarding the classification of independent contractors.  If a business is improperly classifying an employee as an independent contractor, the individual can be reclassified as an employee and penalties may apply.  The video below has been prepared by a Denver tax attorney to provide...Read More

When preparing your 1040 Individual Income Tax Return, you must choose the correct filing status.  There are five options: Single, Married Filing Separate, Married Filing Joint, Head of Household and Qualifying Widow or Widower.  Choosing the incorrect status can create problems with your tax return.  The video below has been prepared by a Denver tax...Read More

What is the importance of my S Corporation stock basis and how is my basis in the S Corporation stock calculated?  These may be two common questions for owners of small businesses or closely held corporations, and rightfully so.  In previous articles we have discussed below, as well as computing the stock basis.  This article...Read More

In previous articles we have discussed incomplete gifts and the power to revoke, and how such matters could impact making a gift in terms of estate planning and estate tax.  The article below will continue to discuss related matters, but focus more on conditional gifts, gifting to a minor and a mistake of fact.  Please...Read More

Previous articles and information posted by The McGuire Law Firm have discussed issues related to a step up in basis and carryover basis depending upon whether the property was gifted during a donor’s lifetime or acquired at death via inheritance.  Given the marital deduction, Congress was concerned that certain individuals may take advantage of the...Read More

Typically the sale of a corporation through an asset sale will result in two levels of tax when dealing with a C Corporation.  There is likely to be taxable gain to the corporation, and a taxable distribution to the shareholders of the corporation.  Hence, the term “double taxation” that has been used to describe the...Read More

In prior articles we have discussed the basis in property that is received through a survivorship right.  The article below continues to discuss this issue, but brings an additional variable or issue into the discussion.  This issue being: How does depreciation impact the basis of property that is received by a survivor, or in other...Read More

Why do shareholders in an S Corporation care about their stock basis and debt basis?  A shareholder’s basis in the S Corporation stock or debt is very important for multiple reasons.  The article below has been prepared by a tax attorney and business attorney at The McGuire Law Firm to provide additional information regarding the...Read More

In previous articles, we have discussed the types of taxes that are assessed and collected by the City and County of Denver.  One such tax that applies to many businesses is sales tax, and many business owners have questions related to sales tax licenses.  The article below has been drafted by a tax attorney and...Read More