Can one ever settle with the IRS for less that he owes?
- January 19th, 2021
- David Greene
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I get this question is some form at least once a week. I have not answered it in awhile, so here is my answer. The beginning of the new year is a good time to answer this. Many times the…
HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?
- January 13th, 2021
- David Greene
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Well, Christmas is over and we have rung in the New Year. During this past week many people made New Year resolutions. Did you make any? Most of these deal with either working on a healthier and better body or…
New Year Thoughts
- December 29th, 2020
- David Greene
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As most of you know, the majority of my practice is dealing with IRS problems and Estate Planning. Today I want to pass along some thoughts about both of those areas. Even as the COVID-19 pandemic rages on, our problems…
Will IRS taxes follow you if you move to another state?
- December 22nd, 2020
- David Greene
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I have been asked this question before. First there is no question that your federal tax liability will follow you when you move to another state. The IRS can easily find you by several means, such as your W-2, so…
Are there any exceptions to the rule that canceled debt is counted as income?
- December 10th, 2020
- David Greene
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When a taxpayer is unable to pay all of a debt and the creditor cancels the unpaid part, the amount of the canceled debt is generally treated as income to the taxpayer under federal tax law. The creditor reports this…
Should a real estate buyer always require a title search?
- December 1st, 2020
- David Greene
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It is my legal opinion that one should never buy property without a title search. Even though the seller may be sincere in believing that his title is clear, there are several ways that he could be passing title to…
HAPPY THANKSGIVING
- November 25th, 2020
- David Greene
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Many may see the above title and think, “What do I have to be happy about this year in light of the COVID-19 pandemic.” There is no question this plague has affected all of our lives. However, my staff and…
When does the recipient of a gift have to pay the gift tax?
- November 11th, 2020
- David Greene
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The IRS may look to the recipient of the gift to pay the gift tax if the donor did not pay the tax. Usually, the only situation where the IRS pursues the recipient of the gift is after the donor…
How long is the Statute of Limitations for collection of taxes?
- October 20th, 2020
- David Greene
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I have been asked this question countless times. There is a ten year statute of limitations on collection of taxes. This means the IRS has ten years to collect taxes from the time the tax return is filed and assessed,…
What happens to money in a Special Needs Trust when the trust beneficiary dies?
- October 14th, 2020
- David Greene
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There are two kinds of Special Needs Trust, the First Party trust and the Third Party Trust. The First Party Trust contains money and assets in the protected person’s name, e.g. from a car wreck. The Third Party Trust is…