Some Thoughts on the Fourth
- July 6th, 2016
- David Greene
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Did you have a Grand Fourth of July? I hope you did and I hope you not only celebrated our independence but also remembered all those who have fought and died for our country and those who today are in…
Can gift taxes be paid pver time?
- June 29th, 2016
- David Greene
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The overwhelming majority of tax problems originate with unpaid income taxes and deals are made on those every day. However, the IRS does indeed make deals on other kinds of taxes. Payroll, corporate and certain excise taxes are the next…
Learn about important tax considerations following a spouse’s death.
- June 23rd, 2016
- David Greene
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There are four important tax considerations one needs to consider following the death of a spouse. First, if you haven’t already filed your income tax return, you can still file a joint tax return for the year in which the…
Which is better, an Offer in Compromise or Installment Agreement – Part 2
- June 21st, 2016
- David Greene
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In my last blog I stated that if the taxpayer does not qualify for an Offer in Compromise, then we look at an Installment Agreement that is intended to pay the debt in full. However, sometimes the IRS will accept…
Which is better, an Offer in Compromise or Installment Agreement?
- June 14th, 2016
- David Greene
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If you qualify for an Offer In Compromise due to your current financial situation, then it is always better to do the Offer. Often we can offer the IRS a small fraction of the total amount you owe. If the…
Can criminal charges be brought for not paying payroll taxes?
- June 1st, 2016
- David Greene
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A business owner who has not paid the payroll taxes of his employees will usually have the trust fund penalty assessed against him, making him personally liable for the federal taxes withheld. Most trust fund cases are not criminal because…
What are the most important advantages to having a Revocable Trust?
- May 24th, 2016
- David Greene
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The most often stated advantage to havihng a Revocable Trust is that it will help the family of the deceased avoid probate However, there are certainly other advantages as well. First, a revocable trust can help insure passing of assets…
Can the IRS seize property in a non-liable taxpayer’s name?
- May 20th, 2016
- David Greene
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Yes they can for two reasons. First the Statute of Frauds states that when one transfers property after he has notice of a potential lawsuit or debt, the Court can reverse the transfer as being done to avoid the debt….
How does the IRS use your excess monthly income in calculatiing an Offer in Compromise?
- May 17th, 2016
- David Greene
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The Offer guidelines state that the IRS will look at either 12 or 24 months of net excess earnings when evaluating an Offer In Compromise. However, first the Offer Specialist must look at the sum of the monthly net excess…
A warning to small business owners to be careful in claiming business credits.
- May 10th, 2016
- David Greene
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A “dirty dozen” scam is currently circulating in which unscrupulous preparers urge the business owner to take improper tax credits, primarily in two areas. The first is the fuel tax credit. This is only allowed for fuel used in off-road…