How likely is it for an S-Corporatoin to be audited?
- April 6th, 2022
- David Greene
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It is true that an S-corp or partnership is less likely to be audited than a sole proprietorship. However, the IRS is increasing pass-through entity audits as their computers become more powerefu. Also, several years ago the IRS was directed…
Will a Revocable Living Trust protect my assets from creditors?
- March 18th, 2022
- David Greene
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Many people are confused and sometimes misled about the differences in a revocable living trust and an irrevocable trust. Many advantages are common to both, such as: (1) both will avoid probate if handled properly, (2) both will allow the…
What are acceptable proofs of filing a tax return?
- February 16th, 2022
- David Greene
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There are five ways to file that the IRS recognizes as providing proof of time of filing. 1. USPS Registered mail – You must keep your receipt to prove time of mailing. 2. USPS Certified mail – You must keep…
Are the consumer computer programs used to prepare taxes as good as doing it yourself or hiring a tax preparer?
- February 3rd, 2022
- David Greene
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I have been asked this question several times already this year, so I am repeating the answer I gave to this question several years ago. Also, see my recent article from January 16. If you have only W-2 income and…
HAPPY NEW YEAR
- January 6th, 2022
- David Greene
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I hope all of my readers 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…
A recent question was: How many different ways can the IRS try to collect taxes I owe?
- December 30th, 2021
- David Greene
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First, let me say that I hope all my readers had a wonderful Christmas. Two weeks ago I mentioned several collection methods. This week I will discuss seizure of property in more detail. If the taxpayer still does not pay…
MERRY CHRISTMAS
- December 22nd, 2021
- David Greene
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Welcome to Christmas Week. I hope you are anticipating a joyful time of sharing with friends and family. What does Christmas mean to you? To me it means many happy memories of Christmas past and the anticipation of Christmases present…
Can one who owns a business in name only be responsible for delinquent taxes of the business?
- December 1st, 2021
- David Greene
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I had a recent client who set up a business in his son’s name. He is now going to close it. It owes over $50,000 in unpaid payroll taxes and has no assets. He wanted to know if his son…
HAPPY THANKSGIVING
- November 23rd, 2021
- David Greene
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Well, it’s Thanksgiving week and I’m still trying to celebrate the Fourth of July! Do any of you readers feel like I do – that this year is flying by so fast that you can’t keep up? Maybe it’s because…
Headed for divorce? Here are some tax tips.
- November 17th, 2021
- David Greene
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There are several things I recommend you do if you think you might find yourself going through a divorce, both for future tax audit sake and to make sure all assets are revealed. First, copy all of your financial records…