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Tax Matters Related to the Transfer of Property Through Divorce
When property is transferred because of a divorce, is the transfer of property taxable and what tax issues should be considered? This is a common question when an individual is going through a divorce...
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Minimum Gain Chargeback Provisions
If you have reviewed partnership agreements or operating agreements for an LLC you have probably read provisions relating to Minimum Gain Chargeback. That being said, the Minimum Gain Chargeback...
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How is my Settlement Taxed?
How is my settlement taxed? If you are involved in a lawsuit and are anticipating compensation for damages, this is a question you may be asking yourself and it is important to understand the tax...
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IRS Audit Tip On Mileage Deduction
If you take mileage as a deduction on your income tax return, the IRS audit tip below may help you. Many individuals will claim mileage as a non-reimbursed employee expense on Form 2106, or if...
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Passive Activities Discussed by Denver Tax Attorney
Many individuals do not understand passive activities & passive losses and the Internal Revenue Code Sections and Treasury Regulations that provide the tax law surrounding passive activities....
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Residency and Estate Taxes
What is the effect of an individual’s residency and the application of estate taxes? This may be an issue that does not apply to you or your clients because you or your client is a citizen of the...
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Embezzlement or Fraud Involved With 941 Taxes
Embezzlement or theft may be a more frequent issue faced by small and medium sized businesses than many people think. Often office managers or employees will improperly take money or assets from a...
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Loans to S Corporation Shareholder
Often times a payment or payments to S corporation shareholders will be booked or accounted for as a loan to shareholder. Sometimes this is purposefully, other times, it may be due to lack of options....
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Rental Losses
Many individuals hold property for rent. Rental properties can make good investment options as they diversify an individual’s overall portfolio, the mortgage can often be satisfied by the rental...
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Attempting to Avoid Shareholder Loan Reclassification
Many corporate shareholders may have taken a loan from their corporation. In a prior article we discussed issues related to corporate loans and issues considered regarding the reclassification of a...
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Deducting Business Expenses
Can I deduct my meals as a business expense? Can I deduct this flight as a business expense? Can I deduct the cost of my clothes or uniform as a business expense? As a tax attorney, these are common...
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IRS Appeal Rights
What are my rights as a taxpayer? What appeal rights do I have regarding IRS actions or decisions? These are common questions a taxpayer may have when a tax liability is owed to the IRS and the...
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When is a Collection Due Process Hearing Available?
A taxpayer has the right to a collection due process hearing with the Internal Revenue Service Appeals Office under certain circumstances. This hearing can be very beneficial to a taxpayer in terms of...
View ArticleWho Can Represent Me Before the IRS?
If you are under audit by the IRS, have received a notice of deficiency or the IRS is attempting to collect past due taxes, you can receive representation. The video below has been prepared by a tax...
View ArticleCommon Capital Contributions to a Partnership
When forming a partnership the partners will make initial capital contributions and may make additional contributions depending upon the operations of the partnership and partnership agreement. Common...
View ArticleWhat is a 401(k) Deferral?
Contributions to a 401(k) are qualified deferrals. This means that the amount should not be included in your income when calculating income tax. You can check your W-2 and the amount of taxable wage...
View ArticleDepreciation and Impact on Basis
When an asset is placed into service and depreciation is taken as a deduction, the adjusted basis of the asset will be impacted. The video below has been prepared by a tax attorney at The McGuire Law...
View ArticleYour Right To Notice and a Hearing Before the IRS
As taxpayer you have the right to notice and a hearing prior to the IRS enforcing collection of any tax due. After the IRS has issued a series a notices, the IRS must issue a Final Notice of Intent to...
View ArticleNon-Willful Conduct Under Streamlined Offshore Voluntary Disclosure Program
Non-willful conduct is required under the Streamlined Offshore Voluntary Disclosure Program (Streamlined OVDP). If the failure to report foreign bank accounts and/or foreign financial assets was...
View ArticleAmending an Offer in Compromise
When an offer in compromise is submitted to the IRS, the IRS may agree that the taxpayer is an offer candidate, but not agree with the original offer in compromise amount. Thus, can the initial offer...
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