Is a Trust only for the very rich – Part 2?
- August 7th, 2019
- David Greene
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I mentioned that the three primary reasons for forming a trust are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after your…
Is a Trust only for the very rich?
- July 30th, 2019
- David Greene
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Absolutely not! People create trusts for different reasons. The three primary ones are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after…
When does one have to pay Estimated Taxes?
- July 25th, 2019
- David Greene
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The answer depends on how much you owe on your current year’s tax return. However, here are five general tips to help you decide if you should be paying Estimated Taxes. (1) If you have income from self-employment, alimony or…
More Tax Tips for Grads Entering the Work Force
- July 23rd, 2019
- David Greene
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Last week I listed 5 things to consider. Here are some more. (1) Remember that graduation gifts are not taxable to the recipient, so you do not need to be concerned with taxes on them. (2) If you worked a…
Special Tax Tips for Grads Entering the Work Force
- July 16th, 2019
- David Greene
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The transition from college to the work force raises some “flags” of which you should be aware. (1) Coordinate your taxes with your parents for things such as your dependency status. (2) You can still claim student loan interest, but…
Is there any remedy if the IRS threatens to seize a taxpayer’s home?
- July 11th, 2019
- David Greene
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The IRS may foreclose on and seize a taxpayer’s home when settlement negotiations break down. However, there may still be hope. The situation usually is that an Offer In Compromise has been denied and the taxpayer feels that he owes…
Alternatives to the Seizure of your Home for Delinquent Taxes.
- July 9th, 2019
- David Greene
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There are several collection alternatives to seizure that are available to taxpayers. In fact, seizure of your home or other property is the last avenue the IRS will pursue. I am not discussing levies on wages or bank accounts here….
Is there a downside to filing an Offer in Compromise that I know will fail?
- June 27th, 2019
- David Greene
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This is a question that has a simple answer and a correct answer. Yes you can file and appeal an Offer that you know probably will not be accepted. However, I do not do that for my clients. If I…
Does the IRS tax merchandise prize winnings as if it is cash
- June 19th, 2019
- David Greene
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Pursuant to the tax laws, prizes that you win are considered income, whether cash, merchandise or services (e.g. travel) and are taxable as such. Any income from any source is taxable and the tax laws give “income” a very broad…
Can IRS disputes be mediated – Part 2
- June 11th, 2019
- David Greene
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We addressed this question last week. I said that the IRS will mediate a great many cases, such as a disputed Offer in Compromise, Trust Fund Recovery cases and most appeals disputes. However, one cannot use mediation in Collection Due…