How can the IRS levy a self-employed person?
- April 26th, 2016
- David Greene
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Although the IRS cannot levy a self-employed person’s income in the usual way, i.e. sending the Notice to his employer to withhold money from his paycheck, they can still levy that person. One way is to send a levy notice…
How do you revoke a power of Attorney?
- April 21st, 2016
- David Greene
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First let me point out that even though one has the Power of Attorney, he does not have to act pursuant to its authority. However, there can only be one valid Power of Attorney at a time so it would…
What’s the difference in a Health Care POA and Living Will?
- April 19th, 2016
- David Greene
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Although the Living Will and Health Care Power of Attorney are similar in many ways, they are also distinctly different. I like to think of the Living Will (also known as a Declaration of a Desire for a Natural Death)…
Is it legal to have a personal foreign bank account?
- April 12th, 2016
- David Greene
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It’s amazing the rumors that abound about the IRS. An individual will not get in trouble for merely having a foreign bank account, so long as he reports it properly on his tax return. Many people and businesses have such…
Are small business entities being audited more frequently by the IRS?
- April 6th, 2016
- David Greene
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It is still true that an S-corporation or partnership is less likely to be audited than a sole proprietorship. However, the IRS has recently increased pass-through entity audits and decreased audits of large C corporations. From 2014 to 2015 S-corporation…
Learn what to do if you can’t pay the tax due on your return.
- March 29th, 2016
- David Greene
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First you should file your return on time even if you cannot pay the amount due. What you do not want to do is ignore the tax due. There are several ways you can arrange to pay the tax to…
Can a wage levy be stopped by agreeing to a voluntary payment plan?
- March 25th, 2016
- David Greene
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The answer depends on who is levying the wages. The South Carolina Department of Revenue will not release a levy after it has attached until the levy is paid in full. They take 25% of the employee’s gross (before taxes)…
What are common mistakes made in S-Corporation tax returns?
- March 22nd, 2016
- David Greene
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Although many Form 1120 S-Corporation tax returns are prepared by paid tax preparers, many also run into audit trouble. Many preparers make mistakes from time to time for various reasons. In fact the IRS just released a study that found…
Is there any truth to the argument that personal income taxes are illegal?
- March 15th, 2016
- David Greene
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I get this kind of inquiry every couple of years. The argument is that the IRS only has authority to collect taxes from corporations, not individuals. Over the course of my practice, I have represented several individuals who tried to…
Can the IRS use private debt collectors to collect delinquent taxes?
- March 9th, 2016
- David Greene
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Yes, the IRS has begun that practice again, but only if certain criteria are met. If you remember, several years ago the IRS used private debt collectors on a wide variety of cases. They eventually stopped the practice due to…