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

There are certain requirements for the reporting of Foreign Bank and Financial Accounts, also referred to as FBAR.  Recently, I was asked, where did the Department of Treasury obtain authority to require such reporting and obtain information on certain accounts those holding signature authority or an interest in such account. The Bank Secrecy Act (BSA)...Read More

Many individuals will transfer property into a trust and think they have made a gift.  These individuals may be right, or they may be wrong under certain circumstances.  It is not uncommon for the donor, or person placing property into the trust to want to have and hold certain powers over the trust property.  These...Read More

How do I extend the filing of my tax return?  What form do I file with the Internal Revenue Service to file for an extension on my tax return?  As a tax attorney, these are common questions I hear from individuals, especially as the April 15th tax deadline gets closer and closer.  The article below...Read More

When a business is purchased or sold, the acquisition could be through an asset purchase agreement.  Under an asset purchase agreement, the actual assets of the business are purchased.  This could include the inventory, accounts receivable, furniture, equipment, fixtures and intangible assets such as copyright or trademark rights, or patent rights & licenses.  An asset...Read More

A financial power of attorney can be a very useful document for many reasons and under different circumstances.  Many people will have their financial power of attorney prepared ad executed when they undergo their estate planning.  If you have questions relating to a financial power of attorney, other estate planning documents or estate planning questions...Read More

The City and County of Denver can assess and collect a use tax for the use and/or storage of certain tangible property.  The video below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding use tax.  You can contact The McGuire Law Firm to speak with a...Read More