Is canceled debt income to the debtor?
- 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.
Should one retain professional help when audited?
- David Greene
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Yes you should for several reasons. First the professional will deal with the situation from a professional level rather than an emotional level.
Can one submit more than one Offer in Compromise?
- David Greene
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Yes one can certainly file another Offer after one is denied, especially when there is a change in circumstances. However, one should look at another possibility first.
What is a Special Needs Trust?
- David Greene
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It is a trust that is used to protect the assets of a Special Needs person, such as one who has been severely injured and receives a large settlement for his injuries.
What is the delay in the filing season?
- David Greene
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The tax return filing season will be delayed this year. You can submit a paper return anytime after January 1. You cannot submit an e-filed return until January 26.
MERRY CHRISTMAS
- David Greene
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Today I would like to share a few thoughts with you about Christmas. Christmas is always a special time of year for almost everyone. However, some Christmases are more special than others.
What is the importance of filing your current tax return?
- David Greene
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The first rule of dealing with the IRS is that all tax returns for the past six years must be filed. The second rule is that you must be current and stay current with all filings and payments after you begin negotiating with the IRS.
When is a bad debt tax deductible?
- David Greene
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You can claim a theft loss as a deduction only if there is no chance of recovering any of the amount stolen. The IRS looks at the possibility that
IRS Collection Methods
- David Greene
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When you do not pay your taxes, you will receive a friendly letter stating that you have overdue taxes and asking you to pay them in full. This letter usually comes within six months to a year after the due date.
HAPPY THANKSGIVING
- David Greene
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What does Thanksgiving mean to you? Is it the turkey and dressing, Black Friday, football games or simply getting together with family and friends? It is a combination of all those things for all of us, but,