Archive for Main

Are offshore bank accounts illegal?

  • September 24th, 2020
  • David Greene
  • Comments Off on Are offshore bank accounts illegal?

As I have mentioned previously in this column, the IRS has launched an aggressive offensive campaign against people who have offshore bank accounts.  It is certainly not illegal to have an offshore account or credit card and there are many…

What is my process for resolving delinquent taxes for clients?

  • September 23rd, 2020
  • David Greene
  • Comments Off on What is my process for resolving delinquent taxes for clients?

Since each case is unique to its own set of facts, I can only discuss general guidelines of our process.  When one retains me, he will sign a Form 2848 Limited Power of Attorney that allows me to represent him…

Is there a penalty for a tax return filed late that shows a refund?

  • September 15th, 2020
  • David Greene
  • Comments Off on Is there a penalty for a tax return filed late that shows a refund?

Fortunately, the answer is “No.”  If you are due a refund on your taxes and file the return after the filing deadline (July 15 this year), the IRS will not charge you a late filing penalty.  This is because you…

How is a levy different from a lien?

  • September 9th, 2020
  • David Greene
  • Comments Off on How is a levy different from a lien?

I answered this question about the lien last week.  This week I want to discuss how a levy differs from a lien.  While a lien is simply recorded at the courthouse and is therefore a “passive” collection action (nothing happens…

Can the IRS seize real property based on filing a lien?

  • September 1st, 2020
  • David Greene
  • Comments Off on Can the IRS seize real property based on filing a lien?

No, the IRS will not seize a taxpayer’s home as a result of filing a Lien. They would have to start a legal proceeding to reduce the lien to a judgment.  However, this lien does affect your property.  You can…

Can a self-employed taxpayer still use the home office deduction?

  • August 27th, 2020
  • David Greene
  • Comments Off on Can a self-employed taxpayer still use the home office deduction?

In a recent blog I discussed that unreimbursed employee expenses for a W-2 employee were no longer allowed as a miscellaneous deduction after 2017.  However, that is not true for self-employed taxpayers who report their business on a Schedule C…

What is an Offer in Compromise based on Doubt as to Liability?

  • August 25th, 2020
  • David Greene
  • Comments Off on What is an Offer in Compromise based on Doubt as to Liability?

The Offer in Compromise program is a voluntary program that is offered to certain taxpayers who are delinquent in their taxes. There are three types of offers, including this one. The other two types are an Offer in Compromise based…

Is unemployment income taxable?

  • August 24th, 2020
  • David Greene
  • Comments Off on Is unemployment income taxable?

Unfortunately, unemployment income is taxable on the federal, state and local level.  However, it is estimated that 37% of Americans do not know this and assume unemployment income is not taxable.  The recipient has to ask the Agency to withhold…

If I have a Power of Attorney do I need a will?

  • August 7th, 2020
  • David Greene
  • Comments Off on If I have a Power of Attorney do I need a will?

A Power of Attorney and a will are not related and one has no effect on the other.  A Power of Attorney has legal validity only during a person’s lifetime and a will has legal validity only after a person…

Can a W-2 employee deduct unreimbursed employee expenses?

  • August 5th, 2020
  • David Greene
  • Comments Off on Can a W-2 employee deduct unreimbursed employee expenses?

Prior to 2017, if a W-2 employee had business expenses related to his employment that his employer did not reimburse, he could take a deduction for those expenses.  However, the Tax Cuts and Jobs Act of 2017 eliminated those deductions…

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