Archive for Blog

The PEOPLE FIRST INITIATIVE from the IRS

  • April 3rd, 2020
  • David Greene
  • Comments Off on The PEOPLE FIRST INITIATIVE from the IRS

In conjunction with the CARES Act and other directives from the President, the IRS has begun a new initiative called the People First Initiative.  The highlights are as follows: If you are in an existing Installment Agreement, payments due between…

SYNOPSIS OF THE CARES ACT

  • April 3rd, 2020
  • David Greene
  • Comments Off on SYNOPSIS OF THE CARES ACT

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…

Correction to March 19 post

  • March 20th, 2020
  • David Greene
  • Comments Off on Correction to March 19 post

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?

  • March 19th, 2020
  • David Greene
  • Comments Off on Does the new July 15 deadline for paying your federal taxes also apply to filing your 2019 return? What about South Carolina taxes?

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?

  • March 12th, 2020
  • David Greene
  • Comments Off on Which people get in tax trouble the most?

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…

How to deal with a missing W-2.

  • February 18th, 2020
  • David Greene
  • Comments Off on How to deal with a missing W-2.

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?

  • February 11th, 2020
  • David Greene
  • Comments Off on Are IRS interest and penalty charges ever forgiven?

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?

  • February 4th, 2020
  • David Greene
  • Comments Off on Can I use my unreimbursed employee mileage expense as a deduction in 2020?

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…

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