A recent question was: How many different ways can the IRS try to collect taxes I owe?
- 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…
Can one who owns a business in name only be responsible for delinquent taxes of the business?
- David Greene
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I had a recent client who set up a business in his son’s name. He is now going to close it. It owes over $50,000 in unpaid payroll taxes and has no assets. He wanted to know if his son…
HAPPY THANKSGIVING
- David Greene
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Well, it’s Thanksgiving week and I’m still trying to celebrate the Fourth of July! Do any of you readers feel like I do – that this year is flying by so fast that you can’t keep up? Maybe it’s because…
Headed for divorce? Here are some tax tips.
- 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…
What is a Grantor Trust?
- David Greene
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To be a grantor trust, the trust must meet specific rules set out in the Internal Revenue Code. There are several but the one that is used most frequently is that the grantor retains the right to remove assets from…
How long should one keep tax documents?
- 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…
How can one avoid a will contest?
- David Greene
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It is very hard to be successful in a will or trust contest. However, many disappointed heirs file such contests every year. Here are some planning tips to hopefully avoid that headache and heartache for your heirs. (1) If you…
How can one protect assets held in trust from creditors?
- David Greene
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In my last blog I stated that a revocable trust will not protect against creditors. However, there is a solution: the Irrevocable Trust. In this trust, the maker of the trust generally cannot be the trustee, so a great deal…
Does a trust protect one’s assets against judgment?
- David Greene
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Whether or not assets in a trust are protected from judgment creditors depends on the kind of trust. The most popular trust is the Revocable Living Trust. Usually, the maker of the trust is also the trustee, so he retains…
Here are some tax tips for newlyweds.
- David Greene
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(1) if one spouse takes the other’s name, the one with the name change must report the change to the Social Security Administration on Form SS-5, which is available at www.ssa.gov; (2) your new marital status needs to be reported…