Archive for Blog

Deductible Job Hunting Expenses

  • August 16th, 2010
  • David Greene
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Many people have lost jobs due to the economy and are out “beating the bushes” looking for work.  I’ve been asked whether or not some of the money they are spending can be deducted on this year’s taxes.   I’m not an accountant and one should check with her own tax preparer for guidance, but I’m happy to say that

 

 

Statute of Limitations To Collect Tax

  • August 10th, 2010
  • David Greene
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There are several different statutes of limitations dealing with the processing and collection of federal taxes.  The most important one for most people is the ten year statute of limitations on collection of taxes that have been assessed.  This means the IRS has ten years to collect your taxes from the time they were registered in the IRS computers, not from when due.  Thus, if you filed your 1999 taxes in 2001, the ten years would not be up yet.

 

 

Inheritance of Real Property through Unprobated Estates

  • August 2nd, 2010
  • David Greene
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The only way for real property to pass with clear title to a devisee or heir is for each prior owner to have gone through the probate process in the county in which the property is located, for at least for 60 years back.  If the land does not pass by virtue of being probated, there is a cloud on the title.  Clear title means

In-Business Offer In Compromise

  • July 27th, 2010
  • David Greene
  • Comments Off on In-Business Offer In Compromise

In general, Offers in Compromise are not encouraged or accepted for on-going businesses.  The tax debt arises from unpaid payroll taxes and/or unpaid corporate income taxes.  If a business is closing or has just closed, the IRS will consider an Offer in

 

Early Withdrawal from Retirement Account

  • July 20th, 2010
  • David Greene
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Retirement accounts such as IRA’s, 401k’s and company sponsored retirement accounts receive special tax treatment because the money is not supposed to be used by the owner of the account until she reaches a specified age, usually over 62 or over 65.  The thought is that she can put aside that money now tax free into the restricted account while she is working and is in a higher tax bracket.  Then, when

 

Denial of child exemption on a 1040

  • July 15th, 2010
  • Administrator
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Many people are audited each year due to the IRS questioning their claiming children as dependents who are not biological or adopted sons or daughters.  The basic rules are that the child has to have some relationship to the taxpayer, has to live with the taxpayer for the majority of the year and that the taxpayer must provide the majority of the support for the child.  Most problems arise when two ex-spouses both claim the child.  The IRS

Power of Attorney

  • July 15th, 2010
  • Administrator
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I have found in my practice that many people do not understand the limitations of a Power of Attorney and sometimes think it can be used like a will.  Let me make one thing clear.  A Power of Attorney has legal validity only during a person’s lifetime and a will has legal validity only after a person dies.  When “A” grants “B” a Power of Attorney, “A” is giving “B” the right and privilege to make all of the financial and other types of

 

Wills and Trusts

  • July 15th, 2010
  • Administrator
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I feel that everyone, young or old, should have a will because a will ensures that the deceased’s property and assets will be distributed as she wants after death and not by rule of law.  There is a statute in the Probate Code that dictates the manner in which property is distributed to heirs if the decedent died without a will, i.e. intestate.  In general, it bequeaths the probate estate to relatives in order from closest to more distant relatives.

 

Seizure of Property by the IRS

  • July 15th, 2010
  • Administrator
  • Comments Off on Seizure of Property by the IRS

In most cases, seizure of property by the IRS is undertaken only as a last resort.   The IRS will try to work with the taxpayer through an Offer In Compromise, Installment Agreement or even place the taxpayer in Currently Not Collectible status in proper circumstances.  However, if the taxpayer refuses to try to work with the IRS on any level, then the Revenue Officer in charge may begin seizure proceedings.  The Revenue Officer cannot seize and sell property on his own initiative.  It takes a judicial proceeding with proper taxpayer rights safeguards.

 

Spouse Omitted From Will – Remedy

  • July 15th, 2010
  • Administrator
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Sometimes when one spouse dies he or she discovers that the deceased had a will but that he/she was not included in the will.    This might be through oversight, e.g. due to this being a second marriage, or it might be on purpose.  In either case South Carolina has a remedy for a spouse that is left out of his/her deceased spouse’s will.  It does not matter whether the will is silent as to the spouse or specifically states “I am not leaving my spouse anything” or “I leave my spouse $1.00 only.”

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