What is an ABLE account?
- February 20th, 2019
- David Greene
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ABLE is an acronyn for Achieving a Better Life Experience. ABLE accounts, created by IRC Sec. 529A, are availanble to people who become disabled before age 26. Distributions, including earnings, are tax free to designated beneficiaries if used to pay…
Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?
- February 14th, 2019
- David Greene
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Thank you for your question. The answer is, yes you can designate to which taxes the money you pay to the IRS will be applied as long as it is a “voluntary” payment and not one paid due to forced…
Are divorce related attorney fees ever deductible as a business expense?
- February 12th, 2019
- David Greene
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Under the current law, legal fees incurred during divorce may be deductible if incurred because the spouse is interfering in the taxpayer’s business or if the issue relates to taxable alimony income. In a recent case, the Tax Court held…
Will the interest paid on a home equity loan be deductible under the new tax law?
- February 8th, 2019
- David Greene
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The answer really depends on the purpose for which you used the loan proceeds. The new tax law suspended from 2018 to 2026 the deduction for interest paid on home equity loans, home equity lines of credit and second mortgages. However,…
Can VA disability payments be levied by the IRS?
- January 29th, 2019
- David Greene
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There is a federal statute that generally protects VA disability income from attachment, levy or seizure. However, in a recent federal case from Colorado, the judge ruled that this statute does not apply to levies issued by the IRS so…
Should one retain a professional to represent her in an audit?
- January 16th, 2019
- David Greene
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The answer is definitely “Yes.” The primary thing that needs to be addressed in an audit is to supply the revenue officer with a complete set of documents and information that he requests, but not extraneous information. The professional representative…
Are consumer tax preparation programs right for everyone?
- January 10th, 2019
- David Greene
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Tax season officially opens January 28, 2019, so this is the time to think about preparing your taxes. The answer to the above question depends on the complexity of your tax situation. If you have only W-2 income and claim…
Can a Family Court Order stop the IRS from collecting delinquent taxes?
- January 8th, 2019
- David Greene
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Unfortunately, the answer to your question is no. Since the IRS is a federal agency, it is not bound by a state Family Court order. I assume you and he filed joint returns for the years in question. Therefore, you are…
HAPPY NEW YEAR
- December 31st, 2018
- David Greene
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I hope all of my readers had a very joyous Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. Of course, the way to make those hopes and resolutions come true…
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…