What is the responsibility of non-owners for the Trust Fund penalty?
- October 9th, 2019
- David Greene
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The IRS can pursue any employee of a company if they determine that the person is a “Responsible Party” for the Trust Fund penalty. The trust fund portion of the payroll taxes is all of the federal taxes that are…
How to generate proof of expenses in an audit.
- October 2nd, 2019
- David Greene
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As you know the IRS will not accept your word for expenses. They want to see backup documents and proof of payment. If you did not keep receipts, you can order old bank statements from your bank and then go…
I owed more than $3,000 additional tax on my return this year and didn’t have the money to pay. How can I prevent that from happening next year?
- September 25th, 2019
- David Greene
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This is a good question, but I wish you had asked that question closer to April 15. If you owe more than $1,000 in additional tax on April 15, then, according to the IRS rules, you must make Estimated Tax…
When does an incorrect tax return become criminal, Part 2?
- September 20th, 2019
- David Greene
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Last week I stated that that only fruadulent acts lead to criminal trouble and I listed five things that can cause real trouble. This week I will add four more things you do notwant to do that, if done, can lead…
When does an incorrect tax return become criminal?
- September 10th, 2019
- David Greene
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If you make a mistake on your return, that is not criminal. However, filing a wilfully fraudulent return iscriminal and can land you in jail. Here are some things you do not want to do that, if done, can lead to…
Hints to help new businesses stay out of tax trouble.
- September 4th, 2019
- David Greene
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There are many hints or suggestions I can give a new businessman, but I do not have that much room. I will give you five very important hints to keep you straight with the IRS. First, form your business as…
What are some of the special rules about reporting losses on Schedule C?
- August 28th, 2019
- David Greene
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Schedule C is the most audited of all the tax forms! In order to claim losses based on Schedule C a taxpayer must first prove that the business activity has a clear profit objective. Factors to consider are whether the…
Can a couple file one Offer In Compromise if they have separate tax liabilities?
- August 20th, 2019
- David Greene
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If you retain me to help you I, of course, want to solve both of your problems with the IRS so you can both rest easy. Therefore, I will have to determine the best way to file your Offer. Since…
Can the IRS seize property in a non-liable taxpayer’s name?
- August 15th, 2019
- David Greene
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Yes they can for two reasons. First the Statute of Frauds states that when one transfers property after he has notice of a potential lawsuit or debt, the Court can reverse the transfer as being done to avoid the debt. …
How can I keep my tax preparation program and computer safe from ID theft?
- August 13th, 2019
- David Greene
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Here are five tips to make your computer safer and less vulnerable to cyber attacks that can steal your data and your identity. (1) Be sure to use anti-virus software. There are several on the market, so read their reviews before…