How To Choose A Tax Return Preparer
- David Greene
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I have more than a few clients each year who are audited and when I review their returns I can see where the tax preparer made mistakes because he/she did not understand the application of the rules. The IRS has…
What is Innocent Spouse relief in terms of IRS tax collections?
- David Greene
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In order to ascertain whether you are eligible for Innocent Spouse relief, we must look closely at the years in question. Were the unpaid returns filed as joint returns? You are responsible for taxes owed on any return you sign. …
Mistakes In Tax Return Preparation
- David Greene
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There are ten mistakes that are most often made when preparing a tax return. I’ll list 5 in this blog and 5 in my next one. The first five are: (1) forgetting to report all of your income (even if…
Can there IRS levy VA disability payments?
- David Greene
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There is a federal statute that generally protects VA disability income from attachment, levy or seizure. However, in a recent federal case from Colorado, the judge ruled that this statute does not apply to levies issued by the IRS so…
Are gifts to charity by a business deductible?
- David Greene
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They are not always deductible, but in your case I believe they are. You explained further that you conducted a promotion where you advertised that a portion of every sale would go to charity for a certain period of time. …
When can the 60 day rollover limit for IRAs be waived?
- David Greene
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The general rule is that if you take a distribution, it must be rolled over into another qualified plan within 60 days to avoid taxation and the 10% penalty. There has always been a “hardship” waiver for certain events causing…
When can the 60 day IRA rollover limit be waived?
- David Greene
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There are procedures (in addition to those in the CARES Act) that can be used to get relief from the 60 day limit to rollover an IRA without taxes if certain criteria are met. They are: (1) An error was…
What is an Offer In Compromise based on Doubt as to Liability?
- 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 liability. …
Are Social Security benefits non-taxable in all situations?
- David Greene
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The answer is both “yes and “no.” Here’s what I mean. If your Social Security is truly your only income, it is not taxable. This is true whether it is Social Security Disability or your entitlement based on your age. …
How many different ways can the IRS try to collect taxes I owe?
- David Greene
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This is a good question, but one that cannot be answered in a short space. I will just discuss the primary methods. When one does not pay her taxes, she will first receive a friendly letter stating that she has…