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What U.S. Citizens Should Know About Form 5471 (2)
What Is Form 5471?  The title of Form 5471 lays it out succinctly, “Information Return of U.S. Persons Concerning Certain Foreign Corporations.”  It is the form used to report information about a foreign corporation where a US person owns an interest in the said foreign corporation. It sounds simple enough…. A taxpayer or tax practitioner...
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Calculating Cost Basis
Cost Basis Calculations The IRS requires you to report cost basis on certain property transactions, including sales, exchanges, gifts, inheritances, and losses. If you don’t know what it is, you’re probably confused about how to calculate it. You might think “cost basis” means “the amount I paid for my house,” but it doesn’t. Instead, it...
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As a Denver Estate Planning Attorney,John McGuire looks forward to seeing what law changes Congress will make in the future. The article below discusses inflation figures for 2014. Recently the IRS released Revenue Procedure 2013-35, which notifies practitioners and taxpayers of the inflation-adjusted numbers for 2014. Below, please review a synopsis of the estate planning...
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