When Are Partners Liable For Partnership Taxes
- David Greene
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The general rule is that a general partner is liable for all debts of the partnership. If you wanted to be shielded from liability, the partnership should have been set up as a partnership with a general
School Expense deductions and credits
- David Greene
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There are some credits and deductions related to children in school, even up to college level, that can be utilized to reduce your taxes. Student loan interest is deductible as well as tuition and fees
Passing Real Estate after death
- David Greene
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A married couple owning a home jointly is a very common situation. Unfortunately, many times when the first spouse of the couple passes away, the remaining spouse believes the home
What’s the best way to send tax payments to the IRS?
- David Greene
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First, if you mail payments, you should always use certified mail to send anything to the IRS. That way you get the green card back, which is proof that they received it. However, there is now a
Consequences of not paying estimated taxes
- David Greene
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Having more expense than income is a common occurrence in today’s world with the current economic situation. This is especially true for someone who owns a small business or gets 1099 income, i.e. the person is paid for services but no taxes are withheld. The small business owner or
What are the odds of being audited?
- David Greene
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The odds of any one person being audited are very slim. A new research report recently was published that stated that individuals and small corporations only have a one per cent chance of
Joint Offer in Compromise for Divorced Couples
- David Greene
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In an earlier blog, I talked about an ex-wife’s liability when the ex-husband successfully pursued an Offer in Compromise. I said that the IRS can pursue this person’s ex-wife for any joint tax liability remaining after his Offer in Compromise is paid. Today I’m going to propose another solution to
Filing when you cannot pay the amount due
- David Greene
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Should you file a return even if you cannot pay the mount due? Yes, you always need to file your return on time even if you can’t pay. This is Tax Day and I hope all of my readers will file their returns, or an extension, today. What you do not want to do is ignore the tax due. There are
Joint Tax Liability After Divorce
- David Greene
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Consider the following situation. Husband and wife owe delinquent taxes. Sometime later they divorce and the judge orders husband to be responsible for all delinquent taxes. What happens to the wife’s liability if the husband successfully pursues an Offer in Compromise?
Filing Delinquent Tax Returns
- David Greene
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You should always file delinquent returns for at least the past seven years. However, first, be sure to file your 2013 return on or before April 15 no matter what else you do or don’t do. You should