Some business tax tips under the new tax law
- David Greene
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Many owners of small businesses know how to make or sell their product, but do not know how to keep good books and file and pay all required local, state and federal tax forms. To keep your business out of…
Can the IRS assign my tax debt to a private debt collector?
- David Greene
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In 2015 Congress passed a federal law which allowed certain private companies to collect, on the government’s behalf, outstanding inactive tax receivables. However, currently there are only four contractors that are authorized for collection: CBE Group of Cedar Falls, Iowa;…
How to get your passport restored if it has been restricted due to delinquent taxes.
- David Greene
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In prior blogs, I have discussed how the Passport Restriction program works and listed some exceptions to the rule. Now I will list ways to get the restrictions lifted. (1) Pay the debt in full. (2) Enter into a full-pay Installment Agreement….
Will my student loan debt forgiveness be taxable?
- David Greene
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When you take out student loans, you are borrowing money and are legally obligated to repay a fixed or determinable amount at a future date. You have a debt. Under the Income-Based Repayment (IBR) plan, your student loans will be…
Which improvements qualify for the various energy credits?
- David Greene
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When you file your tax return, the IRS allows a reduction of tax for any energy efficient improvements you have made. These tax credits can range from adding solar panels to your home to driving an electric car. The Qualified…
Can the IRS make an employee adjust his withholding amount on his paycheck?
- David Greene
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Yes, they can but sometimes you should voluntarily make that adjustment yourself. It is a common issue among our clients that they do not have enough taxes withheld from their paycheck. When you work as an employee, you fill out…
Will you get your refund after filing delinquent tax returns?
- David Greene
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The answer is yes and no! I will assume that you owe no other taxes. If you do, any refund will go to reduce those taxes first. The IRS has a rule that you can only get a refund for the previous three…
Will one ex-spouse’s Offer in Compromise absolve the other ex-spouse from liability?
- David Greene
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First, the IRS does not care what your state court divorce order says. Since you and your ex-wife filed jointly, you both are jointly and severally liable for the entire tax bill. This means that you both owe the entire…
Here are the Dirty Dozen tax scams for 2018 according to the IRS.
- David Greene
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The Dirty Dozen: (1) Telephone scams threatening to have you arrested if you don’t pay immediately. The IRS will never call you asking for money. (2) Phony emails asking you to go to a website and give personal information. The…
What kind of activities increase the chances of being audited?
- David Greene
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Some tax returns are more likely to be audited than others. Why is this? I can think of eleven practices that lead to a greater risk of audit. First is using a “sketchy” tax preparer. This is one who…