For many reasons tax attorneys and business attorneys may think it desirable to keep real estate out of a corporation.  The transfer or sale of assets, such as appreciated assets from a C Corporation leads to double taxation issues that are not found when the real estate is owned by individuals or a partnership.  Even...Read More

A Denver tax lawyer at The McGuire Law Firm recently learned that the IRS Fast Track Settlement (FTS) program will be expanded nationwide.  As a  tax attorney John McGuire works extremely hard to stay up to date with all IRS notices and publications that may impact our clients.  Information regarding the FTS program is stated...Read More

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...Read More

Business owners may have heard about economic substance from their business attorneys or tax attorneys.  The Economic Substance Doctrine is a “test” by which the Internal Revenue Service will review certain transactions.  As a Denver tax attorney John McGuire has dealt with the Economic Substance Doctrine first hand for a number of clients and this...Read More

An installment agreement with the Internal Revenue Service is an agreement whereby a taxpayer agrees to pay a certain amount of money on or before a certain day of each month to satisfy their outstanding tax debt with the IRS.  As a Denver tax attorney, John McGuire has established many installment agreements with the Internal...Read More

As a tax attorney and business attorney, John McGuire frequently works with a partner within a partnership who contributes property to a partnership such as an LLC and the partnership assumes the liability on the property.  When this occurs, a tax attorney will advise the contributing partner that their basis is decreased by the sum...Read More

The 752 Regulations are used in determining a partner’s economic risk of loss for partnership debt.  These regulations apply a test to determine economic risk of loss by reviewing what the economic consequences would be to each partner if the partnership liquidated.  Thus, the partners risk is examined as if the partnership went through a...Read More

In recent times, tax attorneys have seen a number of scams whereby individuals will use the IRS as a means by which to obtain information or money from people.  With the digital age and access to information these scams and identity theft, relevant to tax issues and the Internal Revenue Service has increased.  Recently the...Read More

How is an Offer in Compromise Calculated?  An offer in compromise should be considered a tax settlement with the Internal Revenue Service.  When a taxpayer owes money to the IRS, under certain circumstances the taxpayer can submit a proposal to pay less than the amount of tax due.  While many people know what an offer...Read More

Recourse and Nonrecourse Debt in an LLC  As a tax attorney and business attorney, John McGuire of The McGuire Law Firm works with partnerships regarding the impact of partnership debt and the impact of recourse and nonrecourse debt.  The article below outlines law to consider regarding partnership debt.  If you have a question regarding partnership...Read More