If you are being audited by the IRS, the IRS may request that you sign Form 872, which extends the amount of time the IRS has to assess you additional tax.  In essence, you are agreeing to extend the statute of limitations the IRS has to assess you additional tax.  Whether or not you agree to...Read More

John has provided outstanding legal counsel and guidance in helping me work through a number of IRS tax issues and implications. Over the past 5 years, John has provided sound advice, guidance and tangible business options that helped my company dig through the paperwork, and language which helped me to create a viable and reasonable...Read More

As a long time business owner of two real estate businesses, I found myself owing a large amount of money to the IRS.  Through research on reputable firms, I found John.  With John’s help, I was able to move past poor decision making between myself and my previous accountant and work toward a resolution that...Read More

What is collateral?  Typically, collateral would be property pledged as security for a loan or note.  For example, if a bank loaned me $25,000 I may use a car or house as collateral to secure the loan.  The video below discusses collateral. You can contact The McGuire Law Firm to speak with a tax attorney...Read More

What is a passive activity loss?  This can be a common question when individuals invest as a passive investor or perhaps for individuals that own and rent real estate.  Your passive activity loss is would generally be to the extent your passive activity deduction exceed passive activity gross income.  Moreover, this passive activity loss will...Read More

Subpart F of the Internal Revenue Code deals with controlled foreign corporations (sometimes referred to as a CFC), and does not necessarily apply to every United States person or business entity that owns stock in a foreign corporation.  Subpart F applies to United States shareholders of controlled foreign corporations.  See Internal Revenue Code Section 951(a). ...Read More