Archive for Main

Should a real estate buyer always require a title search?

  • December 1st, 2020
  • David Greene
  • Comments Off on Should a real estate buyer always require a title search?

It is my legal opinion that one should never buy property without a title search.  Even though the seller may be sincere in believing that his title is clear, there are several ways that he could be passing title to…

HAPPY THANKSGIVING

  • November 25th, 2020
  • David Greene
  • Comments Off on HAPPY THANKSGIVING

Many may see the above title and think, “What do I have to be happy about this year in light of the COVID-19 pandemic.”  There is no question this plague has affected all of our lives.  However, my staff and…

When does the recipient of a gift have to pay the gift tax?

  • November 11th, 2020
  • David Greene
  • Comments Off on When does the recipient of a gift have to pay the gift tax?

The IRS may look to the recipient of the gift to pay the gift tax if the donor did not pay the tax.  Usually, the only situation where the IRS pursues the recipient of the gift is after the donor…

How long is the Statute of Limitations for collection of taxes?

  • October 20th, 2020
  • David Greene
  • Comments Off on How long is the Statute of Limitations for collection of taxes?

I have been asked this question countless times.  There is a ten year statute of limitations on collection of taxes.  This means the IRS has ten years to collect taxes from the time the tax return is filed and assessed,…

Are foreign bank accounts illegal for American citizens?

  • October 8th, 2020
  • David Greene
  • Comments Off on Are foreign bank accounts illegal for American citizens?

It’s amazing the rumors that abound about the IRS.  You will not get in trouble for merely having a foreign bank account, so long as you report it properly on your tax return.  Many people and businesses have such accounts…

Will Social Security payroll taxes deferred in 2020 have to be repaid?

  • October 6th, 2020
  • David Greene
  • Comments Off on Will Social Security payroll taxes deferred in 2020 have to be repaid?

This new memo from our president concerning deferring certain payroll taxes, which was issued in August 2020, is still being implemented, so the answer is not clear.  However, at this time, the taxes deferred in 2020 will have to be…

When a military member files a late return, is she penalized?

  • September 30th, 2020
  • David Greene
  • Comments Off on When a military member files a late return, is she penalized?

The answer to this question depends on where the she is actively serving. If she is serving in the US or in a non-combat zone, there is no special relief for late filing. She will be charged the usual late…

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…

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