How does one dispute payroll taxes assessed by the IRS?
- David Greene
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There are various ways to dispute the assertion by the IRS that you owe additional payroll taxes. Has the tax actually been assessed or have you simply been notified that you might owe this? Also, if it has been assessed…
How can one of several owners force the sale of land?
- David Greene
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First, try to sell your dad’s interest to one or more of his brothers for FMV. If that does not work, the law does provide a way out of his dilemma. It is called a Partition Action. He must file…
Is there a Fresh Start Program for businesses?
- David Greene
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The Fresh Start program for companies is not discussed much, but it is there in a different format. The Fresh Start for business offers an Express Installment Agreement. To qualify, the business must meet the following criteria: (1) the amount…
What is the likelihood of being audited?
- David Greene
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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…
Are tax refunds kept by the IRS if the taxpayer is in an Installment Agreement?
- David Greene
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Unfortunately, the IRS will take any refund to which you are otherwise entitled until your delinquent tax is paid in full. Since you are in the Installment Agreement, I suggest that you revisit your W-4 form and possibly adjust your…
Can the IRS seize property held in the non-debtor’s name?
- David Greene
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Yes, they can in certain circumstances. If person A has a tax debt and transfers his property to person B for less than fair market value, the IRS can void that transfer through a court action. This is pursued under…
Tax tips for Start-ups
- David Greene
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Here are some tips relative to the financial and tax implications of a new business. To make the best decisions, you should consult with an attorney or accountant when implementing these tips. (1) Pick a business structure – S or…
How can one relinquish his authority under a Power of Attorney?
- David Greene
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First let me point out that even though one is the agent pursuant to a Power of Attorney, she does not have to act pursuant to its authority. However, no one else can have Power of Attorney as long as…
Is there a fee to set up an Installment Agreement with the IRS?
- David Greene
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Yes, there is an application fee for an Installment Agreement. The IRS used to charge a user fee of $43.00 to set up the account for the Installment Agreement. However, several years ago, this fee was increased to $105.00. Unlike…
Does the IRS ever forgive interest and penalties?
- David Greene
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Many people who owe taxes more than five or six years old find that the interest and penalties are more than the original tax. This is because penalties keep being added for several years. In fact, there are more than…