Is canceled debt income to the debtor?

• David Greene
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When a taxpayer is unable to pay all of a debt and the creditor cancels the unpaid part, the amount of the canceled debt is generally treated as income to the taxpayer under federal tax law.

IRS cartoon 2

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Aggressive Tax Collection Takes Toll on Advocate

• David Greene
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The government office created to help protect the rights of U.S. taxpayers and advocate on their behalf has been unable to keep up with IRS collection efforts, report finds ———————————- Faced with an historic deficit, the federal government has taken…

Should one retain professional help when audited?

• David Greene
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Yes you should for several reasons. First the professional will deal with the situation from a professional level rather than an emotional level.

IRS Cartoon 1

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American Tax Relief Scam

• David Greene
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I have several clients who have been scammed by the group calling itself AMerican Tax Relief.  Finally the FBI is looking into their operations.  Read about it here: http://tinyurl.com/33czwdx

Can one submit more than one Offer in Compromise?

• David Greene
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Yes one can certainly file another Offer after one is denied, especially when there is a change in circumstances. However, one should look at another possibility first.

What is a Special Needs Trust?

• David Greene
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It is a trust that is used to protect the assets of a Special Needs person, such as one who has been severely injured and receives a large settlement for his injuries.

What is the delay in the filing season?

• David Greene
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The tax return filing season will be delayed this year. You can submit a paper return anytime after January 1. You cannot submit an e-filed return until January 26.

MERRY CHRISTMAS

• David Greene
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Today I would like to share a few thoughts with you about Christmas. Christmas is always a special time of year for almost everyone. However, some Christmases are more special than others.