Does using a paid tax preparer guarantee a correct return?
- March 23rd, 2023
- David Greene
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Unfortunately, the answer is “no.” Many preparers make mistakes from time to time for various reasons on both personal and corporate returns. In fact, the IRS recently released a study that found that 71% of S corporations who used paid…
Mistakes In Tax Return Preparation (Part 2)
- March 2nd, 2023
- David Greene
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Recently I stated that I can think of ten mistakes that are most often made when preparing a tax return. In that blog I listed 5 and in this blog I will tell you the remainder. Here they are: (6)…
How many different ways can the IRS try to collect taxes I owe?
- December 29th, 2022
- 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…
How does one dispute payroll taxes assessed by the IRS?
- December 28th, 2022
- David Greene
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There are various ways to dispute the assertion by the IRS that you owe additional payroll taxes. Has the tax actually been assessed or have you simply been notified that you might owe this? Also, if it has been assessed…
What is the likelihood of being audited?
- October 26th, 2022
- David Greene
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This is a difficult question to answer. The IRS computers use several criteria to target returns for audit, including if the current return shows much less income than the past year, an extremely high amount in deductions, or if the…
Is a mistake on a tax return criminal?
- June 8th, 2022
- David Greene
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If you make a mistake on your tax return, that is not criminal. However, filing a wilfully fraudulent return is criminal and can land you in jail. Here are some things you do not want to do that, if done,…
How likely is it for an S-Corporatoin to be audited?
- April 6th, 2022
- David Greene
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It is true that an S-corp or partnership is less likely to be audited than a sole proprietorship. However, the IRS is increasing pass-through entity audits as their computers become more powerefu. Also, several years ago the IRS was directed…
A recent question was: How many different ways can the IRS try to collect taxes I owe?
- December 30th, 2021
- 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…
Headed for divorce? Here are some tax tips.
- November 17th, 2021
- David Greene
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There are several things I recommend you do if you think you might find yourself going through a divorce, both for future tax audit sake and to make sure all assets are revealed. First, copy all of your financial records…
How long should one keep tax documents?
- November 5th, 2021
- David Greene
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The answer is not as simple as you might think. If you have the room, it would be wise to keep those records for at least ten years. In these days it is easy to scan paper documents and store…