What is my process for resolving delinquent taxes for clients?
- September 23rd, 2020
- David Greene
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Since each case is unique to its own set of facts, I can only discuss general guidelines of our process. When one retains me, he will sign a Form 2848 Limited Power of Attorney that allows me to represent him…
Is there a penalty for a tax return filed late that shows a refund?
- September 15th, 2020
- David Greene
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Fortunately, the answer is “No.” If you are due a refund on your taxes and file the return after the filing deadline (July 15 this year), the IRS will not charge you a late filing penalty. This is because you…
How is a levy different from a lien?
- September 9th, 2020
- David Greene
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I answered this question about the lien last week. This week I want to discuss how a levy differs from a lien. While a lien is simply recorded at the courthouse and is therefore a “passive” collection action (nothing happens…
Can the IRS seize real property based on filing a lien?
- September 1st, 2020
- David Greene
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No, the IRS will not seize a taxpayer’s home as a result of filing a Lien. They would have to start a legal proceeding to reduce the lien to a judgment. However, this lien does affect your property. You can…
Can a self-employed taxpayer still use the home office deduction?
- August 27th, 2020
- David Greene
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In a recent blog I discussed that unreimbursed employee expenses for a W-2 employee were no longer allowed as a miscellaneous deduction after 2017. However, that is not true for self-employed taxpayers who report their business on a Schedule C…
What is an Offer in Compromise based on Doubt as to Liability?
- August 25th, 2020
- David Greene
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The Offer in Compromise program is a voluntary program that is offered to certain taxpayers who are delinquent in their taxes. There are three types of offers, including this one. The other two types are an Offer in Compromise based…
Is unemployment income taxable?
- August 24th, 2020
- David Greene
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Unfortunately, unemployment income is taxable on the federal, state and local level. However, it is estimated that 37% of Americans do not know this and assume unemployment income is not taxable. The recipient has to ask the Agency to withhold…
If I have a Power of Attorney do I need a will?
- August 7th, 2020
- David Greene
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A Power of Attorney and a will are not related and one has no effect on the other. A Power of Attorney has legal validity only during a person’s lifetime and a will has legal validity only after a person…
Can a W-2 employee deduct unreimbursed employee expenses?
- August 5th, 2020
- David Greene
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Prior to 2017, if a W-2 employee had business expenses related to his employment that his employer did not reimburse, he could take a deduction for those expenses. However, the Tax Cuts and Jobs Act of 2017 eliminated those deductions…
How is a pension taxed?
- July 22nd, 2020
- David Greene
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As a pension fund is growing during an employee’s working years, it is usually funded with pre-tax dollars and the money going into the pension is not taxed at that time. However, when a person retires and begins receiving his…