Which is better: Offer in Compromise or Payment Plan?

• May 31st, 2012
• David Greene
• Comments Off on Which is better: Offer in Compromise or Payment Plan?

If you qualify for an Offer In Compromise due to your current financial situation, then it is always better to do the Offer.  Often we can offer the IRS a small fraction of the total amount you owe.  If the Offer is

Are Offshore Credit Cards Illegal?

• May 22nd, 2012
• David Greene
• Comments Off on Are Offshore Credit Cards Illegal?

Americans can do business in any country where allowed by that country.  Therefore, having an offshore credit card is not illegal.  However, most of these cards are designed to evade income tax and that is

Are income taxes unconstitutional?

• April 24th, 2012
• David Greene
• Comments Off on Are income taxes unconstitutional?

Is the income tax illegal and unconstitutional?  I get inquiries about this matter every year around April 15.  First let me state that the collection of income tax by the federal government is legal pursuant to

Events That Trigger Audits

• April 12th, 2012
• David Greene
• Comments Off on Events That Trigger Audits

Some tax returns are more likely to be audited than others.  Why is this?  I can think of eleven practices that lead to a greater risk of audit.   First is using a “sketchy” tax preparer.  This is one who promises large refunds and puts bogus deductions you did not authorize.  Always review your return – you are legally responsible for its contents.  Second is failing to file your taxes.  Always file the return even if you cannot pay.  This alone avoids several tax penalties.  Third and fourth are owning a business and/or claiming a

2008 Refunds gone after April 17

• April 3rd, 2012
• David Greene
• Comments Off on 2008 Refunds gone after April 17

Can you get a refund no matter how late you file your taxes?  No!  The IRS has a rule that you can only get a refund for the previous three tax years.  Therefore, since 2011 is the current tax year, you can still get

Most likely Taxpayers to have Delinquent Taxes

• March 13th, 2012
• David Greene
• Comments Off on Most likely Taxpayers to have Delinquent Taxes

I can’t say that there is any one group that tends to get in trouble more than any other, but there is one type of taxpayer who tends to get in trouble frequently.  Self employed people tend to find themselves in trouble more often than people who work for wages.  Examples are attorneys, real estate agents, contractors,

What makes an Offer in Compromise Not Processible?

• March 8th, 2012
• David Greene
• Comments Off on What makes an Offer in Compromise Not Processible?

Many times when a taxpayer attempts to submit an Offer in Compromise without professional help it is returned as non-processible.  “Not processible” means that the taxpayer failed to fulfill at least one of

Missing W-2? Here’s what to do

• March 1st, 2012
• David Greene
• Comments Off on Missing W-2? Here’s what to do

An employee should receive his W-2 by January 31.  If you did not, you should take these steps: (1) Contact your employer and verify whether your address is correct and request a resubmission of the W-2.  (2)  If not received in a week, call the IRS and provide the employer’s information, dates of employment and

Records to keep for Charitable Contributions

• February 23rd, 2012
• David Greene
• Comments Off on Records to keep for Charitable Contributions

First, I’m proud to announce that we now offer tax return preparation services for both delinquent and current taxes.  Call for an appointment.

Any contribution, cash or tangible items, of $250.00 or more must be substantiated by a contemporaneous

When does the IRS forgive Penalties and Interest?

• February 14th, 2012
• David Greene
• Comments Off on When does the IRS forgive Penalties and Interest?

First, let me wish everyone a Happy Valentines Day.  Many people who owe taxes more than five or six years old find that the interest and penalties are more than the original tax.  This is because penalties keep being added for several years until they max out.  In fact there are more than 170 penalties the IRS can charge.