Rules for Tax Deductible Gifts
- David Greene
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Here are the rules: (1) You must have a written statement from the charity for a gift over $250 or at least a bank or credit card statement for any monetary donation; (2) gifts are deductible in the year
Dangers of Pre-Packaged Wills and Trusts
- David Greene
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I highly discourage buying and using pre-packaged or “cookie cutter” wills and trusts. Why? First, they may or may not contain all of the language and signing requirements necessary in South
Happy New Year
- David Greene
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I hope everyone reading this had a very nice Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. Of course the way to make those hopes and
Offer in Compromise based on Effective Tax Administration
- David Greene
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The Offer in Compromise based on Effective Tax Administration is available only if the taxpayer has the means to pay the tax in full but, due to public policy considerations, he is allowed to satisfy the debt in full by paying a small percentage of the total. The other requirement for this type of Offer
What is a Special Needs Trust?
- David Greene
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If a person qualifies as a special needs person and thus relies on State or Federal aid to take care of his needs, what happens if he gets a personal injury settlement, inheritance or other windfall? Normally the State or Federal Agencies will be entitled to all of that money for giving him aid.
What is an Offer in Compromise based on Doubt as to Liability?
- David Greene
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The Offer based on doubt as to liability is not very common, but is very useful in certain situations. To make an Offer on this basis, there must be a genuine dispute as to the validity of the taxpayer’s
Cancellation of Debt as Income
- David Greene
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If a lender agrees to write off or cancel a portion of a debt in exchange for the borrower paying a percentage of the total debt, this is a cancellation of debt. This is similar to a deficiency write-off by a mortgage company when a house is foreclosed. The amount of the mortgage left unpaid is
What does the Taxpayer Advocate do?
- David Greene
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The Taxpayer Advocate’s office is a special position set up after the congressional hearings on the IRS revealed problems in how the IRS sometimes treats taxpayers. There is a national taxpayer advocate office and also one in each state. In general, I contact this office when I have tried to deal
Requirements for Non-Custodial Parent to take Dependent Exemption
- David Greene
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I recently had a client who lost custody in Court but was awarded the dependent exemption for his taxes due to his income. He asked me if it was sufficient notice to the IRS to attach his Order to his tax return. If a taxpayer seeks to claim dependent children after a divorce but is not
Are taxes incurred due to illegal schemes eligible for Offer in Compromise?
- David Greene
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The Offer In Compromise program is available to anyone who owes back taxes, no matter how they arose. However, one must qualify financially and otherwise and one’s eligibility cannot be determined until the time to make the Offer. Please be very careful in looking at “tax free”