Is an irrevocable trust better than a revocable trust?
- February 27th, 2018
- David Greene
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The answer is that one is better for some and the other is better for some. It depends on what you want to accomplish with the trust. Many advantages are common to both, such as: (1) both will avoid probate…
Learn how to protest the assessment of additional payroll taxes.
- February 23rd, 2018
- David Greene
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We have discussed appeals in the past and one certainly might be able to appeal this notice of additional tax. We need to know the answer to some questions first, such as: Has the tax actually been assessed or has…
What is the difference in capital and ordinary gains or losses?
- February 21st, 2018
- David Greene
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Capital gains or losses result from selling capital assets which generally, but not always, includes the sale of real estate. Some things that are not capital assets are: business inventory, business receivables, real or other depreciable business property and certain…
Is failure to file a tax return reason enough to subject one to criminal charges?
- February 6th, 2018
- David Greene
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I have many clients who have not filed a tax return in 10 years or more. These clients do not need to worry about going to jail unless he or she set out to deliberately evade taxes and cheat the…
Does the new tax law eliminate inheritance taxes?
- February 1st, 2018
- David Greene
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With the new Tax Reform beginning to take effect, there is still a large amount of uncertainty when it comes to what changes are taking place and when they come into effect. When it comes to the Estate and Generation…
How good are consumer computer tax preparation programs?
- January 30th, 2018
- David Greene
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I have been asked this question several times already this year, so I am repeating the answer I gave to this question several years ago. However, I must state a disclaimer that no one knows how the new tax program…
Are automatic gratuities charged by restaurants tips or income?
- January 23rd, 2018
- David Greene
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In a recent Fact Sheet (No. 2017-08) the IRS reiterated that mandatory service charges such as automatic gratuities charged for large dining parties and banquet event fees charged by the restaurant are income to the restaurant and not tips. The…
How to get an IRS lien released
- January 19th, 2018
- David Greene
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Once the IRS records a lien against you it is very difficult to get it removed. However, as part of the Fresh Start Program, they have recently made several collection procedure changes designed to help taxpayers. One is that they…
Happy New Year. How to choose a tax preparer
- January 3rd, 2018
- David Greene
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I hope all of my readers had a very relaxing and joyous Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. As you know it looks like we will have a…
How many different ways can the IRS try to collect taxes I owe – Part 2?
- December 27th, 2017
- David Greene
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First, let me say that I hope all my readers had a wonderful Christmas. Two weeks ago. I mentioned several collection methods. This week I will discuss seizure of property in more detail. If the taxpayer still does not pay…