Archive for Main

Can a spouse change his spouse’s will after he/she dies?

  • May 23rd, 2022
  • David Greene
  • Comments Off on Can a spouse change his spouse’s will after he/she dies?

First let me remind everyone that each person must have his or her own will.  A husband and wife cannot have a joint will.  In short, a will cannot be changed or altered by anyone after the maker of the…

What is the “Effective Tax Administration” doctrine?

  • May 13th, 2022
  • David Greene
  • Comments Off on What is the “Effective Tax Administration” doctrine?

There are three methods under which an Offer In Compromise is considered.  The first two are Doubt as to Collectability and Doubt as to Liability.  The third (and newest) method under which you can submit an Offer is Effective Tax…

Is a Durable Power of Attorney important?

  • May 3rd, 2022
  • David Greene
  • Comments Off on Is a Durable Power of Attorney important?

It is very important! A durable Power of Attorney (POA) is simply legal authorization for someone else to act on one’s behalf.  This usually only occurs if the grantor of the POA is incapacitated, but it can be useful in…

Can criminal charges result from the Trust Fund Penalty?

  • April 29th, 2022
  • David Greene
  • Comments Off on Can criminal charges result from the Trust Fund Penalty?

A business owner who has not paid the payroll taxes of his employees will have the trust fund penalty assessed against him.  Most trust fund cases are not criminal because the IRS recognizes that the employer failed to pay the…

What is the difference in a Health Care POA and a Living Will?

  • April 28th, 2022
  • David Greene
  • Comments Off on What is the difference in a Health Care POA and a Living Will?

I like to think of the Living Will (also known as a Declaration of a Desire for a Natural Death) as the “umbrella” that sits above the Health Care Power of Attorney.  If the terms of the Health Care POA…

What to do if you owe on your return but cannot pay.

  • April 13th, 2022
  • David Greene
  • Comments Off on What to do if you owe on your return but cannot pay.

First let me remind everyone that Tax Day is getting very close.  The deadline to file is April 18 this year due to a Washington, DC holiday.  Also, let me make it clear that you always need to file your…

How likely is it for an S-Corporatoin to be audited?

  • April 6th, 2022
  • David Greene
  • Comments Off on How likely is it for an S-Corporatoin to be audited?

It is true that an S-corp or partnership is less likely to be audited than a sole proprietorship.  However, the IRS is increasing pass-through entity audits as their computers become more powerefu.  Also, several years ago the IRS was directed…

Will a Revocable Living Trust protect my assets from creditors?

  • March 18th, 2022
  • David Greene
  • Comments Off on Will a Revocable Living Trust protect my assets from creditors?

Many people are confused and sometimes misled about the differences in a revocable living trust and an irrevocable trust.  Many advantages are common to both, such as: (1) both will avoid probate if handled properly, (2) both will allow the…

What are acceptable proofs of filing a tax return?

  • February 16th, 2022
  • David Greene
  • Comments Off on What are acceptable proofs of filing a tax return?

There are five ways to file that the IRS recognizes as providing proof of time of filing. 1. USPS Registered mail – You must keep your receipt to prove time of mailing.  2. USPS Certified mail – You must keep…

Are the consumer computer programs used to prepare taxes as good as doing it yourself or hiring a tax preparer?

  • February 3rd, 2022
  • David Greene
  • Comments Off on Are the consumer computer programs used to prepare taxes as good as doing it yourself or hiring a tax preparer?

I have been asked this question several times already this year, so I am repeating the answer I gave to this question several years ago. Also, see my recent article from January 16.  If you have only W-2 income and…

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