New Year Thoughts
- David Greene
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As most of you know, the majority of my practice is dealing with IRS problems and Estate Planning. Today I want to pass along some thoughts about both of those areas. Even as the COVID-19 pandemic rages on, our problems…
Holiday Greetings
- David Greene
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This is the week of Christmas and it comes as no other Christmas week I can remember. There is always joy, laughter and anticipation at Christmas time, but this year it seems muted as we all have been affected in…
Will IRS taxes follow you if you move to another state?
- David Greene
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I have been asked this question before. First there is no question that your federal tax liability will follow you when you move to another state. The IRS can easily find you by several means, such as your W-2, so…
Are there any exceptions to the rule that canceled debt is counted as income?
- David Greene
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When a taxpayer is unable to pay all of a debt and the creditor cancels the unpaid part, the amount of the canceled debt is generally treated as income to the taxpayer under federal tax law. The creditor reports this…
Should a real estate buyer always require a title search?
- David Greene
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It is my legal opinion that one should never buy property without a title search. Even though the seller may be sincere in believing that his title is clear, there are several ways that he could be passing title to…
HAPPY THANKSGIVING
- David Greene
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Many may see the above title and think, “What do I have to be happy about this year in light of the COVID-19 pandemic.” There is no question this plague has affected all of our lives. However, my staff and…
How does the Voluntary Classification Settlement Program for statutory employees work?
- David Greene
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This is an excellent time to face this problem and resolve it. You do not want to wait until the IRS approaches you. The IRS has a Voluntary Classification Settlement Program (VCSP) that will allow you to reclassify your workers…
When does the recipient of a gift have to pay the gift tax?
- David Greene
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The IRS may look to the recipient of the gift to pay the gift tax if the donor did not pay the tax. Usually, the only situation where the IRS pursues the recipient of the gift is after the donor…
How long is the Statute of Limitations for collection of taxes?
- David Greene
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I have been asked this question countless times. There is a ten year statute of limitations on collection of taxes. This means the IRS has ten years to collect taxes from the time the tax return is filed and assessed,…
What happens to money in a Special Needs Trust when the trust beneficiary dies?
- David Greene
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There are two kinds of Special Needs Trust, the First Party trust and the Third Party Trust. The First Party Trust contains money and assets in the protected person’s name, e.g. from a car wreck. The Third Party Trust is…