What is IRS Form 433A? A Tax Attorney Explains
433A is an individual collection statement used by the IRS in collecting taxes owed by individuals and self-employed individuals. Form 433A requests all of…
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What is an IRS Account Transcript? A Tax Attorney Explains
ou can obtain multiple types of transcripts from the IRS, one of those transcripts being an account transcript. That being said, what information is on an…
What is an IRS Levy? A Tax Attorney Explains
When a tax debt is owed to the IRS and not satisfied or put on a formal agreement, the IRS does have the authority to seize or levy assets. So what is an IRS…
Do You Need to File IRS Form 5471 if You’re a Minority Owner of a Foreign Corporation? An International Tax Lawyer Explains
If you own shares in a foreign corporation you should assess if you have to file form 5471. Generally, if you are a less than ten-percent shareholder in a…
What Tolls the IRS Collection Statute? A Columbus Tax Attorney Explains
The IRS has 10 years to collect a tax debt starting when a tax return is filed. Certain actions taken by a taxpayer can toll or stop the IRS collection statute…
What is an IRS Penalty Abatement? A Tax Attorney Explains
The IRS can assess stiff penalties when tax returns are not filed timely, certain forms are not filed with the IRS and/or when tax is not paid timely. That…
Do You Need to File an FBAR For Accounts Under $10000? An International Tax Attorney Explains
The filing threshold for reporting foreign financial accounts on an FBAR is $10,000. That means if you have accounts with an aggregate value of $10,000 or…
How Do You Determine Maximum Account Value for the FBAR? An International Tax Attorney Explains
When reporting information about your foreign bank and financial accounts you are required to report the highest value of each account during the year.…
What Is A Tax Lien? A Tax Attorney Explains
When a taxpayer, whether an individual or a business owes taxes to the IRS, the IRS can file a tax lien, what is also called a Notice of Federal Tax Lien. The…
What Does a Tax Attorney Do?
In this video we explain some of the things that the tax attorneys at the McGuire Law Firm in Columbus, OH, do for our clients. Tax attorneys represent…