Can one make one Offer In Compromise to cover both individual and payroll taxes? Part 2.
- November 29th, 2018
- David Greene
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Last time I answered this question for the situation where the company is unincorporated. This week we look at a small corporation where one or two people own all the stock. This analysis will usually also apply to an LLC…
Can one make one Offer In Compromise to cover both personal taxes and payroll taxes?
- November 13th, 2018
- David Greene
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Thank you for your question. I need more information to answer the question fully, but I will answer it for different scenarios in this week’s and a later column. The first situation is if your company is a sole proprietorship…
Why Should I bother to vote?
- November 6th, 2018
- David Greene
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I posted this four years ago and have received several requests to repeat it, so here it is. I obviously made up today’s question since it is Election Day. However, it really is a good question that we all should…
Can I be taxed in retirement? How?
- October 31st, 2018
- David Greene
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There are six primary ways you can be taxed in retirement: (1) Traditional IRA or 401(k) withdrawals – this money is always taxed when taken out, no matter at what age; (2) Social Security benefits – whether or not taxed…
Do reimbursements from my employer need to be included in my income?
- October 24th, 2018
- David Greene
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Under the 2017 Tax Cuts and Jobs Act reimbursements for moving expenses paid by an employer for most employees is to be included in income starting in 2018. This makes these amounts taxable for most employees, except for active-duty members…
Does the new tax code affect my withholding because I have dependents?
- October 16th, 2018
- David Greene
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Because the law expanded and made significant changes to the Child Tax Credit, it also suspended the deduction for personal exemptions. The IRS has recommended that parents and caregivers should do a “paycheck checkup” to determine how these changes could…
Do employers get credit for providing benefits to employees?
- October 9th, 2018
- David Greene
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Typically when an employer pays for things such as insurance for their employees, this amount is considered to be a business expense. Additionally, this year the IRS announced that eligible employers who provide paid family and medical leave to their…
What is the “Agreement” part of an Installment Agreement?
- October 2nd, 2018
- David Greene
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An Installment Agreement with the IRS is when the taxpayer agrees to pay a set sum of money for a set duration of time until either the liability owed is paid in full, or the collection period for the liability…
How do you transfer a piece of property after the probate estate of the owner is closed?
- September 25th, 2018
- David Greene
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The only way to transfer real property owned by a deceased person who died less than ten years ago is to go through probate and obtain a Deed of Distribution. If the deceased died more than ten years ago, a…
How do you revoke a power of Attorney?
- September 18th, 2018
- David Greene
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First let me point out that even though one has the Power of Attorney, he does not have to act pursuant to its authority. However, there can only be one valid Power of Attorney at a time so it would be…