Filing Delinquent Tax Returns
- March 26th, 2014
- David Greene
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You should always file delinquent returns for at least the past seven years. However, first, be sure to file your 2013 return on or before April 15 no matter what else you do or don’t do. You should
Asset Protection Trusts
- March 11th, 2014
- David Greene
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Many people are confused and sometimes misled about what kind of Trust they should use. A revocable trust cannot protect your assets from creditors. It is not meant to do that. The primary
How to prove you filed your tax return
- February 26th, 2014
- David Greene
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If you file your tax return and then the IRS loses it and sends you a letter saying you never filed, how can you prove you did? You may think the IRS does not lose tax returns, but they do every year. There are five primary ways to file that the IRS recognizes as providing proof of time of filing.
Rules for Tax Deductible Gifts
- February 18th, 2014
- David Greene
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Here are the rules: (1) You must have a written statement from the charity for a gift over $250 or at least a bank or credit card statement for any monetary donation; (2) gifts are deductible in the year
Dangers of Pre-Packaged Wills and Trusts
- February 5th, 2014
- David Greene
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I highly discourage buying and using pre-packaged or “cookie cutter” wills and trusts. Why? First, they may or may not contain all of the language and signing requirements necessary in South
Happy New Year
- December 31st, 2013
- David Greene
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I hope everyone reading this had a very nice Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. Of course the way to make those hopes and
Offer in Compromise based on Effective Tax Administration
- December 19th, 2013
- David Greene
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The Offer in Compromise based on Effective Tax Administration is available only if the taxpayer has the means to pay the tax in full but, due to public policy considerations, he is allowed to satisfy the debt in full by paying a small percentage of the total. The other requirement for this type of Offer
What is a Special Needs Trust?
- December 10th, 2013
- David Greene
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If a person qualifies as a special needs person and thus relies on State or Federal aid to take care of his needs, what happens if he gets a personal injury settlement, inheritance or other windfall? Normally the State or Federal Agencies will be entitled to all of that money for giving him aid.
What is an Offer in Compromise based on Doubt as to Liability?
- December 3rd, 2013
- David Greene
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The Offer based on doubt as to liability is not very common, but is very useful in certain situations. To make an Offer on this basis, there must be a genuine dispute as to the validity of the taxpayer’s
Cancellation of Debt as Income
- November 22nd, 2013
- David Greene
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If a lender agrees to write off or cancel a portion of a debt in exchange for the borrower paying a percentage of the total debt, this is a cancellation of debt. This is similar to a deficiency write-off by a mortgage company when a house is foreclosed. The amount of the mortgage left unpaid is