What to do when you receive notice of delinquent taxes
- David Greene
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When you receive a notice about delinquent taxes, you must first determine whether it is a notice of taxes due or a warning that additional taxes will be assessed if action is not taken. In either case, there is an appeal period or period in which to act before further action is taken. One should never let this period expire without contacting the IRS or filing some paperwork.
Successful Offers when assets are greater than amount owed
- David Greene
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Today I want to discuss an alternate type of Offer in Compromise that might work for a taxpayer who has suddenly acquired liquid assets such as a personal injury settlement. The goal is to protect this settlement from the IRS and not have to include it in an Offer in Compromise. The solution I am
Are Offers in Compromise affected by after-acquired assets?
- David Greene
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If one acquires a large sum of money after filing an Offer In Compromise, how will it affect his Offer? After an Offer is filed, the IRS will require updates on all assets, income and expenses throughout the negotiation process. Since the Offer process normally takes eight months to a year to complete, economic conditions sometimes change for the taxpayer.
Offer in Compromise based on Doubt as to Collectibility
- David Greene
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An Offer in Compromise based on doubt as to collectibility is by far the most common type of Offer. As the name implies, the IRS is willing to take a lesser amount than is due if the taxpayer convinces the IRS that there is very little likelihood of collecting the total amount within the statute of limitations
Addressing South Carolina Delinquent Tax Problems
- David Greene
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Although there are similarities between methods of dealing with South Carolina tax problems and federal tax problems, there are also many differences. Frankly, there are not as many options for settling state taxes as there are for federal taxes. However, there are options for the taxpayer.
What Is The Purpose Of The Taxpayer Advocate
- David Greene
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Following the congressional hearings on the IRS, which found many problems in how the IRS sometimes mistreats taxpayers, the Taxpayer Advocate Service was formed. The Taxpayer Advocate’s office is a special branch of the IRS that was formed to investigate any problems reported by taxpayers and help to resolve those problems.
What is an Innocent Spouse?
- David Greene
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The Innocent Spouse appeal is one in which one spouse who has been assessed delinquent taxes claims that, although she signed a joint return, she should not be held liable for the taxes because she did not know about the money that gave rise to the delinquent taxes.
Can a Former Partner be responsible for the Trust Fund Penalty?
- David Greene
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The Trust Fund Penalty is a method the IRS uses to shift liability for non-payment of payroll taxes from a corporation or partnership to an individual. The Trust Fund portion of the payroll taxes is that portion withheld from the employees’ paychecks and not forwarded to the IRS. It does not include the corporation’s matching FICA.
Can the IRS seize property in another’s name?
- David Greene
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A well-known law called the Statute of Frauds states that when you transfer property after you have notice of a potential lawsuit or debt, the Court can reverse the transfer as being done to avoid the debt. This is true when the transfer was for less than fair market value. This most often happens when a potentially
When is spouse responsible for business taxes or the Trust Fund Penalty?
- David Greene
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If the business is a sole proprietorship then the income and expenses are usually filed on a form 1040 in Schedule C. If the owner and his spouse filed a joint return, then the spouse is responsible for the taxes as much as the owner simply because she signed the return. However, if the company only owes payroll