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Can one get a refund for a 2016 tax return filed after April 15, 2020?

  • May 27th, 2020
  • David Greene
  • Comments Off on Can one get a refund for a 2016 tax return filed after April 15, 2020?

That is a very timely question right now.  Because of COVID-19 the answer is different than it would have been without the impact of the pandemic.  Generally, you must file a tax return within three years of its due date…

How should one report non-cash contributions?

  • May 19th, 2020
  • David Greene
  • Comments Off on How should one report non-cash contributions?

Keeping proper records to support contributions claimed as a tax deduction can be tricky.  If you claim cash contributions, you must have a receipt from the charitable group to whom you gave the contribution.  Also, the gift must be to…

Should I file my 2019 return if I did not file last year?

  • May 5th, 2020
  • David Greene
  • Comments Off on Should I file my 2019 return if I did not file last year?

First, you should know that you now have until July 15 to file your 2019 return. No matter what else you do or don’t do, be sure to file your return on time.  You should do this even if you…

If a student loan is discharged, is the discharged amount taxable?

  • April 28th, 2020
  • David Greene
  • Comments Off on If a student loan is discharged, is the discharged amount taxable?

Not in all cases.  The general rule is that, if a debt you owe is discharged, the amount discharged now becomes income to you because you do not have to pay back the debt.  I.e., you received money and used…

Is the taxing of individuals by the IRS illegal?

  • April 14th, 2020
  • David Greene
  • Comments Off on Is the taxing of individuals by the IRS illegal?

I get this kind of inquiry every couple of years. Over the course of my practice, I have represented several individuals who tried to take this stand with the IRS.  None of them were successful and the few who did…

Does the July 15 extension apply to other types of tax payments?

  • April 9th, 2020
  • David Greene
  • Comments Off on Does the July 15 extension apply to other types of tax payments?

The extension to July 15 for filing and paying federal and state income taxes only applies to income taxes.  As of the writing of this answer, this extension does not apply to filing and paying payroll taxes, making installment agreement…

The PEOPLE FIRST INITIATIVE from the IRS

  • April 3rd, 2020
  • David Greene
  • Comments Off on The PEOPLE FIRST INITIATIVE from the IRS

In conjunction with the CARES Act and other directives from the President, the IRS has begun a new initiative called the People First Initiative.  The highlights are as follows: If you are in an existing Installment Agreement, payments due between…

SYNOPSIS OF THE CARES ACT

  • April 3rd, 2020
  • David Greene
  • Comments Off on SYNOPSIS OF THE CARES ACT

The Coronavirus Aid, Relied and Economic Security (CARES) Act offers wide ranging financial relief for individuals and small business alike, but many details of how the act will be administered are still being decided. Some of the main areas of…

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