Tax Hints for New Businesses
- September 6th, 2012
- David Greene
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There are many hints or suggestions I can give a new businessman, but I do not have that much room. I will give you three very important hints to keep you straight with the IRS. First, keep good business and personal records in a safe place for at least seven years. Second, respect Form
Moving Expense Deductions for a New Job
- August 28th, 2012
- David Greene
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There are certain moving expenses one can deduct on a tax return when moving a significant distance for a new job, but they must meet several tests to qualify. Some are: (1) moving expenses must be incurred within one year of the date the taxpayer starts work; (2) the new job must be at
Deductions for Job Searches
- August 21st, 2012
- David Greene
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Under the present tax law one can only deduct job search costs when the search is for a job in the same line of work. Here are some of the deductions and criteria for deductibility: (1) the expenses
Special Tax Deductions for members of the Armed Forces
- August 18th, 2012
- David Greene
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There are several special tax benefits available to active members of the Armed Forces. Some of these are: (1) If there is a permanent change of post, the member gets a moving expense
A Primer on Trusts
- August 7th, 2012
- David Greene
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People create trusts for different reasons. The three primary ones are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after your death.
Bankruptcy as a tool for eliminating delinquent taxes
- July 17th, 2012
- David Greene
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Bankruptcy can sometimes be used to eliminate delinquent taxes; however the current bankruptcy law is very restrictive and is a “needs-based” law. Some taxes will be dischargeable and some will not. Because it is a “needs-based” law fewer consumers will be able to use Chapter 7 bankruptcy as a
When to submit a second Offer in Compromise
- July 10th, 2012
- David Greene
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One can submit more than one Offer in Compromise for consideration by the IRS. There is no minimum wait time between Offer submissions. Why would one want to do that? The primary reason to submit another Offer is when the taxpayer’s circumstances have changed for the worse,
Offers Made To Delay Collection
- June 19th, 2012
- David Greene
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Some people ask me to file an Offer in Compromise for them that they and I know will not be accepted. They just want to delay collection of the tax as long as possible. However, I do not do that for my clients. If I know my client will not qualify for an Offer, I seek other ways to solve his or
Changes to the Offer In Compromise Program
- June 12th, 2012
- David Greene
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Approximately two weeks ago the IRS announced a new set of rules to help determine if a taxpayer is eligible for an Offer In Compromise. One of the biggest changes is in the number of months of disposable monthly income (i.e. income minus allowable expenses) one has to add to
Offer In Compromise or Installment Agreement – Part 2
- June 5th, 2012
- 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 by making equal monthly payments. However, sometimes the IRS will accept a payment amount that will not pay in full by the time the Statute of Limitations for collection (ten years from date of filing) expires.