SYNOPSIS OF THE CARES ACT
- David Greene
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The Coronavirus Aid, Relied and Economic Security (CARES) Act offers wide ranging financial relief for individuals and small business alike, but many details of how the act will be administered are still being decided. Some of the main areas of…
Can one file a separate Offer in Compromise if separated from the spouse?
- David Greene
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The answer is that a couple can each an Offer if they are separated; however, you can still file a joint Offer if you cooperate. To do that all of the assets, income and expenses of both parties would be…
Correction to March 19 post
- David Greene
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Last night President Trump tweeted that he has directed the Treasury Secretary to extend the filing deadline (in addition to the payment deadline) for personal and corporate tax returns to July 15. Now you have until July 15, 2020 to…
Does the new July 15 deadline for paying your federal taxes also apply to filing your 2019 return? What about South Carolina taxes?
- David Greene
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The IRS has just announced that the payment deadline for all income taxes due on April 15 has now been extended to July 15. Please note that this is an extension for paying only, NOT FILING. You must still file…
Which people get in tax trouble the most?
- David Greene
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I can’t say that there is any one group that tends to get in trouble more than any other, but there is one type of taxpayer who tends to get in trouble frequently. Self employed people tend to find themselves…
Refusing an IRS certified letter will not defeat service of the Notice.
- David Greene
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The refusal of a certified Notice of Levy or other letter from the IRS does not mean the IRS has failed to serve you. In state court, I must serve a defendant either in person or through certified mail restricted…
How to deal with a missing W-2.
- David Greene
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You should have received your W-2 by January 31. If you did not, you should take these steps: (1) Contact your former employer and verify whether your address is correct and request a resubmission of the W-2. (2) If not…
Are IRS interest and penalty charges ever forgiven?
- David Greene
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Thank you for your question. Many people who owe taxes more than five or six years old find that the interest and penalties are more than the original tax. This is because penalties keep being added for several years. In…
Can I use my unreimbursed employee mileage expense as a deduction in 2020?
- David Greene
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Unfortunately, you can no longer use mileage on the job as an unreimbursed business expense when you itemize deductions. In my practice I have found that, most of the time, those expenses were disallowed in an audit because the taxpayer…
What does a Form 1099-C mean?
- David Greene
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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. Unfortunately, this is what…