Archive for Blog

More Tax Tips for Grads Entering the Work Force

  • July 23rd, 2019
  • David Greene
  • Comments Off on More Tax Tips for Grads Entering the Work Force

Last week I listed 5 things to consider.  Here are some more. (1) Remember that graduation gifts are not taxable to the recipient, so you do not need to be concerned with taxes on them. (2) If you worked a…

Special Tax Tips for Grads Entering the Work Force

  • July 16th, 2019
  • David Greene
  • Comments Off on Special Tax Tips for Grads Entering the Work Force

The transition from college to the work force raises some “flags” of which you should be aware. (1) Coordinate your taxes with your parents for things such as your dependency status. (2) You can still claim student loan interest, but…

Is there any remedy if the IRS threatens to seize a taxpayer’s home?

  • July 11th, 2019
  • David Greene
  • Comments Off on Is there any remedy if the IRS threatens to seize a taxpayer’s home?

The IRS may foreclose on and seize a taxpayer’s home when settlement negotiations break down.  However, there may still be hope.  The situation usually is that an Offer In Compromise has been denied and the taxpayer feels that he owes…

Alternatives to the Seizure of your Home for Delinquent Taxes.

  • July 9th, 2019
  • David Greene
  • Comments Off on Alternatives to the Seizure of your Home for Delinquent Taxes.

There are several collection alternatives to seizure that are available to taxpayers.  In fact, seizure of your home or other property is the last avenue the IRS will pursue.  I am not discussing levies on wages or bank accounts here….

Does the IRS tax merchandise prize winnings as if it is cash

  • June 19th, 2019
  • David Greene
  • Comments Off on Does the IRS tax merchandise prize winnings as if it is cash

Pursuant to the tax laws, prizes that you win are considered income, whether cash, merchandise or services (e.g. travel) and are taxable as such.  Any income from any source is taxable and the tax laws give “income” a very broad…

Can IRS disputes be mediated – Part 2

  • June 11th, 2019
  • David Greene
  • Comments Off on Can IRS disputes be mediated – Part 2

We addressed this question last week.  I said that the IRS will mediate a great many cases, such as a disputed Offer in Compromise, Trust Fund Recovery cases and most appeals disputes.  However, one cannot use mediation in Collection Due…

How does the IRS determine who owes the Trust Fund Penalty?

  • June 6th, 2019
  • David Greene
  • Comments Off on How does the IRS determine who owes the Trust Fund Penalty?

The Trust Fund Penalty (TFP) is not really a penalty but is instead a portion of the payroll taxes a company is required to collect from employees and pay to the IRS.  The employer withholds federal, social security and Medicare…

Can mediation be used in IRS disputes?

  • June 4th, 2019
  • David Greene
  • Comments Off on Can mediation be used in IRS disputes?

Yes the IRS will mediate certain cases and we will discuss some of those next week.  However, I first want to explain what mediation is and why it works in many cases.  Mediation, or Alternative Dispute Resolution, is simply a…

What are some of the most common Estate Planning errors that are made?

  • May 29th, 2019
  • David Greene
  • Comments Off on What are some of the most common Estate Planning errors that are made?

There are many mistakes that are made in developing your Estate Plan, but here are some of the most important: (1) failing to name a contingent beneficiary on wills, insurance policies, etc., (2) not reviewing your beneficiary designations on a…

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