THe Offer in Compromise Program

• January 11th, 2012
• David Greene
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The beginning of new year is a good time to look at the Offer in Compromise program.  Many times the IRS is willing to settle for less than the full amount owed. However, this depends on your particular circumstances.  Therefore each case is unique.  The process is called an Offer In Compromise.  It is

Thoughts For The New Year

• December 31st, 2011
• David Greene
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I hope everyone 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 resolutions come true is to get out and make them happen.  You’ll never get what you truly want by sitting around.  You must take action!  Since this is the start of the New Year, we are thinking about filing taxes.  In that regard I want to remind you that in order to take charitable deductions for cash

Christmas Thoughts

• December 20th, 2011
• David Greene
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I would like to share a few thoughts about Christmas.  Christmas is always a special time of year for almost everyone.  However, some Christmases are more special than others.  Your first Christmas with your new spouse and your first

Collection Methods of the IRS – Part 2

• December 14th, 2011
• David Greene
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Last week I mentioned several methods of collection.  This week I will discuss seizures in more detail.  If a taxpayer still does not pay after a levy, the case will then be assigned to a particular revenue collection

IRS Methods of Collecting Delinquent Taxes

• December 6th, 2011
• David Greene
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When one does not pay taxes, he will first receive a friendly letter stating that he has overdue taxes and asking him to pay them in full.  This letter usually comes within six months to a year after the due date.  If he ignores this letter, his file will then be assigned to the ACS (Automatic Collection System) branch and

Tax Tips for the Unemployed

• November 29th, 2011
• David Greene
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This week I’ll discuss some tax tips that can help you if you’re unemployed.

First, calculate your taxes before the end of the year.  If you were unemployed for part of the year or held several jobs during the year, the amount of tax withheld may not be enough to cover your entire tax bill.  In October or November you should prepare a preliminary tax estimate to see where you stand.  If it looks as if you might owe additional tax, you can perhaps give to charity or donate more to your retirement account to offset the tax.

HAPPY THANKSGIVING

• November 23rd, 2011
• David Greene
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My staff and I want to take this opportunity to wish for you a very happy and joyous Thanksgiving and  I want to thank you for being my clients, my readers and my friends.  Also, I want to urge all of my readers to dwell on things we all can be thankful for in the Spirit of the Season.  I’m sure that for every negative situation we face, we can offset it with a positive situation for which we can be thankful.   I do not like

Tax Tips For Newly Married Couples

• November 8th, 2011
• David Greene
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Generally a married person has two options for filing tax returns – joint or marred filing separately.  If the taxpayer files married filing separate and her spouse owes delinquent taxes, the IRS cannot seize any

Mixing Corporate and Personal Liabilities in an Offer in Compromise

• November 1st, 2011
• David Greene
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In my last blog I discuzssed this scenario for the situation where the company is unincorporated.  This week we look at a small corporation where one or two people own all the stock.  This analysis will usually also apply to an LLC or LLP.  First, if the corporation is still in business, two separate Offers will need to be filed.  This is

Will one Offer in Compromise suffice if a business owner owes both income and payroll taxes?

• October 25th, 2011
• David Greene
• Comments Off on Will one Offer in Compromise suffice if a business owner owes both income and payroll taxes?

If the company is a sole proprietorship (i.e., not incorporated) or a Partnership the taxpayer may be able to choose whether to file one or two Offers if he owes both kinds of taxes.  It does not matter whether the company is out of business or still in business.   It is assumed that the company reports the company income on a Schedule “C” under the taxpayer’s Social Security number on his 1040 form.  If so the taxpayer can file