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Are gifts to charity by a business deductible?

  • January 26th, 2023
  • David Greene
  • Comments Off on Are gifts to charity by a business deductible?

They are not always deductible, but in your case I believe they are. You explained further that you conducted a promotion where you advertised that a portion of every sale would go to charity for a certain period of time. …

When can the 60 day rollover limit for IRAs be waived?

  • January 14th, 2023
  • David Greene
  • Comments Off on When can the 60 day rollover limit for IRAs be waived?

The general rule is that if you take a distribution, it must be rolled over into another qualified plan within 60 days to avoid taxation and the 10% penalty. There has always been a “hardship” waiver for certain events causing…

When can the 60 day IRA rollover limit be waived?

  • January 5th, 2023
  • David Greene
  • Comments Off on When can the 60 day IRA rollover limit be waived?

There are procedures (in addition to those in the CARES Act) that can be used to get relief from the 60 day limit to rollover an IRA without taxes if certain criteria are met.  They are: (1) An error was…

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

  • January 3rd, 2023
  • David Greene
  • Comments Off on What is an Offer In Compromise based on Doubt as to Liability?

The Offer based on doubt as to liability is not very common, but is very useful in certain situations.  To make an Offer on this basis, there must be a genuine dispute as to the validity of the taxpayer’s liability. …

Are Social Security benefits non-taxable in all situations?

  • December 30th, 2022
  • David Greene
  • Comments Off on Are Social Security benefits non-taxable in all situations?

The answer is both “yes and “no.”  Here’s what I mean.  If your Social Security is truly your only income, it is not taxable.  This is true whether it is Social Security Disability or your entitlement based on your age. …

How many different ways can the IRS try to collect taxes I owe?

  • December 29th, 2022
  • David Greene
  • Comments Off on How many different ways can the IRS try to collect taxes I owe?

This is a good question, but one that cannot be answered in a short space.  I will just discuss the primary methods. When one does not pay her taxes, she will first receive a friendly letter stating that she has…

How does one dispute payroll taxes assessed by the IRS?

  • December 28th, 2022
  • David Greene
  • Comments Off on How does one dispute payroll taxes assessed by the IRS?

There are various ways to dispute the assertion by the IRS that you owe additional payroll taxes. Has the tax actually been assessed or have you simply been notified that you might owe this?  Also, if it has been assessed…

How can one of several owners force the sale of land?

  • December 11th, 2022
  • David Greene
  • Comments Off on How can one of several owners force the sale of land?

First, try to sell your dad’s interest to one or more of his brothers for FMV.  If that does not work, the law does provide a way out of his dilemma.  It is called a Partition Action.  He must file…

Is there a Fresh Start Program for businesses?

  • October 31st, 2022
  • David Greene
  • Comments Off on Is there a Fresh Start Program for businesses?

The Fresh Start program for companies is not discussed much, but it is there in a different format.  The Fresh Start for business offers an Express Installment Agreement.  To qualify, the business must meet the following criteria: (1) the amount…

What is the likelihood of being audited?

  • October 26th, 2022
  • David Greene
  • Comments Off on What is the likelihood of being audited?

This is a difficult question to answer.  The IRS computers use several criteria to target returns for audit, including if the current return shows much less income than the past year, an extremely high amount in deductions, or if the…

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