Tax Myths about Investments
- November 27th, 2012
- David Greene
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I will mention two myths about investments. First, is the myth of holding on to investments due to fear of capital gains tax. You should never hold an investment that has
Happy Thanksgiving
- November 20th, 2012
- David Greene
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Instead of dwelling on delinquent taxes and other legal problems today, I would like my readers to dwell on things we all can be thankful for in the Spirit of the Season. Like most folks, I do not enjoy paying taxes when I could be spending the money on my family. However, I realize that my tax
Comparison of a Trust and a Will
- November 15th, 2012
- David Greene
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One immediate difference is the cost. A will is cheaper to prepare than a trust and most attorneys can prepare wills, but do not know how to properly prepare trusts. However, cost should never be the deciding factor in planning your future.
Liens Compared to Levies
- October 30th, 2012
- David Greene
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A tax lien is a document recorded at the county register of deeds office which simply states that the individual owes the IRS the amount of money stated on the lien. If the person named sells real or personal property, that lien must be paid before the seller can convey clear title to the property. Thus a lien is a passive form of collection. In actuality, a tax lien arises when the tax is assessed. However, it is effective against third persons only after it is filed in the public records.
Offer in Compromise Not Available after Tax Evasion Conviction
- October 23rd, 2012
- David Greene
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The Offer In Compromise program is available to anyone who owes back taxes, no matter how they arose, with one exception. If you are found guilty of fraudulently evading tax, you face criminal penalties and cannot do an Offer to pay restitution. I mention this because most schemes that
Does the IRS have to notify a taxpayer prior to a levy?
- October 16th, 2012
- David Greene
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The IRS must serve a Notice of Intent To Levy on a taxpayer by certified mail at least 30 days prior to executing a levy on wages or bank accounts. Hopwever, the definition of “service” is different for the IRS than for Court. In state or federal court, I must serve a defendant either in person or
Remedies for the Denial of the Child Exemption
- October 9th, 2012
- David Greene
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What can one do when she gets notice from the IRS that her dependent exemption has been denied? Usually, when the IRS denies the exemption for a child, it means that someone else filed before the one being denied and claimed the same child as an exemption. This usually arises when a stepparent and biological parent both claim the exemption. For the person who filed second, the
What is the Trust Fund Penalty?
- October 2nd, 2012
- David Greene
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The Trust Fund Penalty is not really a penalty added to tax owed but is a portion of the payroll taxes owed by a corporation. The Trust Fund Penalty only applies to corporations, not to sole proprietorships. When the corporation withholds taxes from an employee’s payroll, the corporation is holding that money in trust for the employee and is to be paid to the US Government on the
ReRequirements for accepting an Offer in Compromise
- September 19th, 2012
- David Greene
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To accept an Offer In Compromise, the IRS must be convinced that your Offer is at least as much as they could collect from you over the remaining years in the Statute of Limitations for your liability. This includes future income plus current assets that are not exempt. My job is to present a true
Why Are Offers in Compromise Returned?
- September 11th, 2012
- David Greene
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An Offer may be returned without consideration for several technical reasons. This is not considered a denial. When an Offer is first received, it must pass several tests to be considered. If it fails these technical requirements, it will be returned without even being considered. Some of