What should you do when you receive a certified letter from the IRS?
- December 6th, 2018
- David Greene
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Many people are afraid to pick up a certified letter from the Post Office and are afraid to open it. However, you cannot help yourself by failing to act. Here is some advice on what to do when you receive…
Can one make one Offer In Compromise to cover both individual and payroll taxes? Part 2.
- November 29th, 2018
- David Greene
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Last time I answered this question for the situation where the company is unincorporated. This week we look at a small corporation where one or two people own all the stock. This analysis will usually also apply to an LLC…
Can one make one Offer In Compromise to cover both personal taxes and payroll taxes?
- November 13th, 2018
- David Greene
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Thank you for your question. I need more information to answer the question fully, but I will answer it for different scenarios in this week’s and a later column. The first situation is if your company is a sole proprietorship…
Does the new tax code affect my withholding because I have dependents?
- October 16th, 2018
- David Greene
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Because the law expanded and made significant changes to the Child Tax Credit, it also suspended the deduction for personal exemptions. The IRS has recommended that parents and caregivers should do a “paycheck checkup” to determine how these changes could…
What is the “Agreement” part of an Installment Agreement?
- October 2nd, 2018
- David Greene
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An Installment Agreement with the IRS is when the taxpayer agrees to pay a set sum of money for a set duration of time until either the liability owed is paid in full, or the collection period for the liability…
Can a wage levy be stopped by agreeing to a voluntary payment plan?
- September 12th, 2018
- David Greene
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The answer depends on who is levying the wages. The South Carolina Department of Revenue will not release a levy after it has attached until the levy is paid in full. They take 25% of the employee’s gross (before taxes)…
Does a divorced person still owe the taxes generated in a previous marriage?
- September 4th, 2018
- David Greene
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I have been asked this question many times before. The general answer is that he owes all of the taxes because he signed the return. For a joint return the signers are jointly and severally liable for the tax. This means…
What are my rights as a taxpayer?
- August 28th, 2018
- David Greene
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The Taxpayer Bill of Rights (TBOR) outlines the 10 fundamental rights taxpayers have when working with the Internal Revenue Service. The IRS wants every taxpayer to be aware of these rights in the event they need to work with the…
When can one discharge delinquent taxes in bankruptcy?
- July 24th, 2018
- David Greene
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The current bankruptcy law is very restrictive and is a “needs-based” law. Some taxes will be dischargeable and some will not. Because it is a “needs-based” law fewer consumers will be able to use Chapter 7 bankruptcy as a quick…
What is the proper way to substantiate unreimbursed business mileage expenses?
- July 18th, 2018
- David Greene
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If you drive your vehicle for work, but your employer does not reimburse you for this expense, you may deduct this as an unreimbursed business expense. You will report this deduction on Schedule A. However, for the IRS to accept…