Highlights of the relief bill signed by President Trump in December.
- March 10th, 2021
- David Greene
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The Consolidated Appropriations Act, 2021 signed by the President on December 27 is a very comprehensive relief law but here are some of the highlights: (1) It provides a $600 stimulus check for eligible individuals, which have already been issued;…
What to know about gifting stock to a charity.
- March 3rd, 2021
- David Greene
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There are many alternative ways to donate other than money. One I want to discuss today is the gift of stocks. If you have been holding some stocks for a good while they have probably increased in value with substantial…
Is cryptocurrency taxable? How is it taxed?
- February 18th, 2021
- David Greene
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Cryptocurrency is a new medium of exchange that is rapidly growing in popularity. Before investing in any one of the types of cryptocurrency (bitcoin being the most popular) you should realize that it is not backed by or protected by…
Can a taxpayer submit more than one Offer in Compromise?
- February 9th, 2021
- David Greene
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Yes, one can certainly file a second Offer after a rejection, especially when there is a change in your circumstances. However, we should look at another possibility first. When an Offer is rejected, you have 30 days from the date of…
Can one ever settle with the IRS for less that he owes?
- January 19th, 2021
- David Greene
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I get this question is some form at least once a week. I have not answered it in awhile, so here is my answer. The beginning of the new year is a good time to answer this. Many times the…
HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?
- January 13th, 2021
- David Greene
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Well, Christmas is over and we have rung in the New Year. During this past week many people made New Year resolutions. Did you make any? Most of these deal with either working on a healthier and better body or…
New Year Thoughts
- December 29th, 2020
- David Greene
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As most of you know, the majority of my practice is dealing with IRS problems and Estate Planning. Today I want to pass along some thoughts about both of those areas. Even as the COVID-19 pandemic rages on, our problems…
Holiday Greetings
- December 23rd, 2020
- David Greene
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This is the week of Christmas and it comes as no other Christmas week I can remember. There is always joy, laughter and anticipation at Christmas time, but this year it seems muted as we all have been affected in…
Will IRS taxes follow you if you move to another state?
- December 22nd, 2020
- David Greene
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I have been asked this question before. First there is no question that your federal tax liability will follow you when you move to another state. The IRS can easily find you by several means, such as your W-2, so…
Are there any exceptions to the rule that canceled debt is counted as income?
- December 10th, 2020
- David Greene
- Comments Off on Are there any exceptions to the rule that canceled debt is counted as income?
When a taxpayer is unable to pay all of a debt and the creditor cancels the unpaid part, the amount of the canceled debt is generally treated as income to the taxpayer under federal tax law. The creditor reports this…