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Can an employee still deduct unreimbursed business expenses?

  • December 9th, 2019
  • David Greene
  • Comments Off on Can an employee still deduct unreimbursed business expenses?

Since the new tax law came into effect, employee itemized deductions for unreimbursed business expenses, including mileage, have been suspended.  However, self-employed individuals and certain employees (e.g. armed-forces reservists, certain state or local government officials, educators and performing artists) may…

What is the difference between a Power of Attorney and a Conservatorship?

  • November 26th, 2019
  • David Greene
  • Comments Off on What is the difference between a Power of Attorney and a Conservatorship?

These are two legal powers that, in many instances, accomplish the same purpose in two completely different ways.  I’ll discuss the Power of Attorney today and the Conservatorship next week.  There are several kinds of Powers of Attorney but the…

Is the Offer In Compromise program a scam?

  • November 20th, 2019
  • David Greene
  • Comments Off on Is the Offer In Compromise program a scam?

I’m happy to say that the Offer In Compromise program is not a scam and still works in the right circumstances.  In fact, I have already had several Offers accepted in 2019!  However, some unscrupulous people will take your money…

What is the Taxpayer Advocate Service and what does he or she do?

  • November 12th, 2019
  • David Greene
  • Comments Off on What is the Taxpayer Advocate Service and what does he or she do?

The Taxpayer Advocate’s office is a special position set up after the congressional hearings on the IRS revealed problems in how the IRS sometimes treats taxpayers.  There is a national taxpayer advocate office and also one in each state.  In…

What is a P&L?

  • November 5th, 2019
  • David Greene
  • Comments Off on What is a P&L?

A P&L, or Profit and Loss statement, is simply a listing of all your business income and all of your business expenses for a given period of time.  It is sometimes called an Income and Expense statement.  Generally, you first…

What are the current rules about meal and entertainment deductions?

  • October 22nd, 2019
  • David Greene
  • Comments Off on What are the current rules about meal and entertainment deductions?

The new tax law (TCJA) has made several changes in the deductibility of business meals and entertainment.  Last week I addressed deductions for meals. This week I will discuss the deductibility of entertainment expenses.  Even before the new tax law,…

What are the current rules about meal and entertainment deductions?

  • October 16th, 2019
  • David Greene
  • Comments Off on What are the current rules about meal and entertainment deductions?

The new tax law (TCJA) has made several changes in the deductibility of business meals and entertainment.  I will address deductions for meals this week and entertainment next week.  If a meal is allowed as deductible, generally only 50% of…

Can I get my tax refund if I owe back taxes?

  • October 10th, 2019
  • David Greene
  • Comments Off on Can I get my tax refund if I owe back taxes?

Unfortunately, the IRS will take any refund to which you are otherwise entitled until your delinquent tax is paid in full.  Until your tax is paid in full, I suggest that you revisit your W-4 form and possibly adjust it…

What is the responsibility of non-owners for the Trust Fund penalty?

  • October 9th, 2019
  • David Greene
  • Comments Off on What is the responsibility of non-owners for the Trust Fund penalty?

The IRS can pursue any employee of a company if they determine that the person is a “Responsible Party” for the Trust Fund penalty. The trust fund portion of the payroll taxes is all of the federal taxes that are…

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