Is there a Fresh Start Program for businesses?
- October 31st, 2022
- 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?
- October 26th, 2022
- 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?
- October 25th, 2022
- 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?
- October 11th, 2022
- 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
- October 4th, 2022
- 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?
- September 20th, 2022
- 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?
- August 16th, 2022
- 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?
- August 2nd, 2022
- 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…
Can one who withdrew funds from his retirement account in 2020 due to COVID pay the money back without paying taxes?
- July 15th, 2022
- David Greene
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Section 2202 of the CARES Act, enacted on March 27, 2020, provided for some special rules for paying back distributions from retirement plans and IRAs if the withdrawal was related to COVID. One new provision is that the amount withdrawn…
What is an “injured spouse” in terms of tax relief?
- June 23rd, 2022
- David Greene
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An injured spouse is a taxpayer who is entitled to recover his refund that was kept by the IRS. Any time a married couple files a joint return and the refund is kept due to only one spouse owing prior…