If I have a Power of Attorney do I need a will?
- 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?
- 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?
- 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…
How are income taxes filed for a deceased person?
- David Greene
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When a spouse dies, assuming the couple filed as Married Filing Joint, the surviving spouse will still file a joint return for the year in which the spouse died. A death certificate must be attached to the return. For this…
What are the criteria for forgiving a PPP loan?
- David Greene
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The process to have your PPP loan forgiven is very complicated and is still being fine tuned by SBA, but here are some of the rules. (1) All funds must be used for covered expenses within 24 weeks of receiving…
What should a taxpayer do after receiving a threatening letter from the IRS?
- David Greene
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Even though most IRS offices are still closed due to COVID-19, some letters, computer generated and otherwise, are still being sent. When a person receives any Notice from the IRS, here are several things he can do: (1) Don’t panic. …
What is a spouse’s rights to a deceased spouse’s estate if not named in the will?
- David Greene
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A spouse not named in the deceased spouse’s will is called an omitted spouse. In South Carolina our Probate Code provides for an omitted spouse. He is entitled to a spousal share of the estate by law. That share is…
How can one prove a tax return was filed if the IRS says it was not?
- David Greene
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Was the return sent by certified mail, return receipt requested? If so the green card signed by someone at the IRS and a copy of thee signed and dated tax return is all the proof needed. If you did not…
Can one get a refund for a 2016 tax return filed after April 15, 2020?
- David Greene
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That is a very timely question right now. Because of COVID-19 the answer is different than it would have been without the impact of the pandemic. Generally, you must file a tax return within three years of its due date…
How should one report non-cash contributions?
- David Greene
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Keeping proper records to support contributions claimed as a tax deduction can be tricky. If you claim cash contributions, you must have a receipt from the charitable group to whom you gave the contribution. Also, the gift must be to…