What is the Likelihood That You Will Be Audited?

• October 16th, 2013
• David Greene
• Comments Off on What is the Likelihood That You Will Be Audited?

This is a difficult question to answer. The IRS computers use several criteria to target returns for audit, including if the current return shows much less income than the past year, an extremely high amount in deductions, or if the income and expenses exactly match. The IRS also targets certain

Affordable Care Act Information

• October 14th, 2013
• David Greene
• Comments Off on Affordable Care Act Information

Small companies, individuals and other types of organizations are confused and worried about the tax consequences of this act. The IRS has opened a new web site at IRS.gov/aca to help explain

Effect of Government Shutdown on deadlines

• October 10th, 2013
• David Greene
• Comments Off on Effect of Government Shutdown on deadlines

Since the IRS is not at work, one might think he could postpone filing until after October 15. Unfortunately that is not the case. All tax filing deadlines remain fixed as if there was no

Reducing penalties & Interest on delinquent taxes

• July 30th, 2013
• David Greene
• Comments Off on Reducing penalties & Interest on delinquent taxes

If one files a successful Offer In Compromise, the entire liability, i.e. taxes, interest and penalties, is considered paid in full for the lesser amount of the compromise; therefore, the issue of forgiving interest and/or penalties never arises.  Almost all Offers are for less than the actual tax owed, so the interest and penalties are completely eliminated by paying the

Reporting Schedule C Losses

• July 9th, 2013
• David Greene
• Comments Off on Reporting Schedule C Losses

Schedule C is used to report profits and losses form sole proprietorship businesses.  It is the most audited of all the tax forms! In order to claim losses based on a Schedule C business, a taxpayer must first prove that the activity is engaged in with a profit objective.  Factors to

Happy Fourth!

• July 2nd, 2013
• David Greene
• Comments Off on Happy Fourth!

Happy Fourth of July 2013 week.  I hope you will have a wonderful time celebrating our independence this year by eating barbecue, hamburgers and hot dogs and watermelon (or

Be Prepared for Next Year’s Tax Season

• June 19th, 2013
• David Greene
• Comments Off on Be Prepared for Next Year’s Tax Season

Here are some tips to help insure you are ready when tax season rolls around next year.

(1) If you either owed additional tax or received a large refund on April 15, you should consider adjusting your withholdings.  Your employer or payroll person can help you adjust

Is the Personal Representative of an Estate personally liable for taxes of the decedent?

• June 6th, 2013
• David Greene
• Comments Off on Is the Personal Representative of an Estate personally liable for taxes of the decedent?

If a decedent dies owing taxes, the IRS must file a claim for the taxes owed just as any other creditor must.  They have eight months from the posting of the Notice To Creditors or one

Reporting Non-Cash Contributions

• April 16th, 2013
• David Greene
• Comments Off on Reporting Non-Cash Contributions

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 a recognized (Section 501 (c))

Generic Trusts – A Good Idea?

• April 4th, 2013
• David Greene
• Comments Off on Generic Trusts – A Good Idea?

Definitely not!  A trust is not a “one size fits all.”  To be sure that your trust accomplishes what you want and is not susceptible to attack by the State, Federal government or potential