Is there a Fresh Start Program for businesses?
- David Greene
- Comments Off on Is there a Fresh Start Program for businesses?
The Fresh Start program for companies is not discussed much, but it is there in a different format. The Fresh Start for business offers an Express Installment Agreement. To qualify, the business must meet the following criteria: (1) the amount…
What is the likelihood of being audited?
- David Greene
- Comments Off on What is the likelihood of being audited?
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…
Are tax refunds kept by the IRS if the taxpayer is in an Installment Agreement?
- David Greene
- Comments Off on Are tax refunds kept by the IRS if the taxpayer is in an Installment Agreement?
Unfortunately, the IRS will take any refund to which you are otherwise entitled until your delinquent tax is paid in full. Since you are in the Installment Agreement, I suggest that you revisit your W-4 form and possibly adjust your…
Can the IRS seize property held in the non-debtor’s name?
- David Greene
- Comments Off on Can the IRS seize property held in the non-debtor’s name?
Yes, they can in certain circumstances. If person A has a tax debt and transfers his property to person B for less than fair market value, the IRS can void that transfer through a court action. This is pursued under…
Is there a fee to set up an Installment Agreement with the IRS?
- David Greene
- Comments Off on Is there a fee to set up an Installment Agreement with the IRS?
Yes, there is an application fee for an Installment Agreement. The IRS used to charge a user fee of $43.00 to set up the account for the Installment Agreement. However, several years ago, this fee was increased to $105.00. Unlike…
Does the IRS ever forgive interest and penalties?
- David Greene
- Comments Off on Does the IRS ever forgive interest and penalties?
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. In fact, there are more than…
What is an “injured spouse” in terms of tax relief?
- David Greene
- Comments Off on What is an “injured spouse” in terms of tax relief?
An injured spouse is a taxpayer who is entitled to recover his refund that was kept by the IRS. Any time a married couple files a joint return and the refund is kept due to only one spouse owing prior…
What is the “Effective Tax Administration” doctrine?
- David Greene
- Comments Off on What is the “Effective Tax Administration” doctrine?
There are three methods under which an Offer In Compromise is considered. The first two are Doubt as to Collectability and Doubt as to Liability. The third (and newest) method under which you can submit an Offer is Effective Tax…
Can criminal charges result from the Trust Fund Penalty?
- David Greene
- Comments Off on Can criminal charges result from the Trust Fund Penalty?
A business owner who has not paid the payroll taxes of his employees will have the trust fund penalty assessed against him. Most trust fund cases are not criminal because the IRS recognizes that the employer failed to pay the…
What to do if you owe on your return but cannot pay.
- David Greene
- Comments Off on What to do if you owe on your return but cannot pay.
First let me remind everyone that Tax Day is getting very close. The deadline to file is April 18 this year due to a Washington, DC holiday. Also, let me make it clear that you always need to file your…