Archive for Blog

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…

How to generate proof of expenses in an audit.

  • October 2nd, 2019
  • David Greene
  • Comments Off on How to generate proof of expenses in an audit.

As you know the IRS will not accept your word for expenses.  They want to see backup documents and proof of payment.  If you did not keep receipts, you can order old bank statements from your bank and then go…

I owed more than $3,000 additional tax on my return this year and didn’t have the money to pay. How can I prevent that from happening next year?

  • September 25th, 2019
  • David Greene
  • Comments Off on I owed more than $3,000 additional tax on my return this year and didn’t have the money to pay. How can I prevent that from happening next year?

This is a good question, but I wish you had asked that question closer to April 15.  If you owe more than $1,000 in additional tax on April 15, then, according to the IRS rules, you must make Estimated Tax…

When does an incorrect tax return become criminal, Part 2?

  • September 20th, 2019
  • David Greene
  • Comments Off on When does an incorrect tax return become criminal, Part 2?

Last week I stated that that only fruadulent acts lead to criminal trouble and I listed five things that can cause real trouble. This week I will add four more things you do notwant to do that, if done, can lead…

When does an incorrect tax return become criminal?

  • September 10th, 2019
  • David Greene
  • Comments Off on When does an incorrect tax return become criminal?

If you make a mistake on your return, that is not criminal.  However, filing a wilfully fraudulent return iscriminal and can land you in jail.  Here are some things you do not want to do that, if done, can lead to…

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