What should you do when you receive a certified letter from the IRS?
- David Greene
- Comments Off on What should you do when you receive a certified letter from the IRS?
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…
Can one make one Offer In Compromise to cover both individual and payroll taxes? Part 2.
- David Greene
- Comments Off on Can one make one Offer In Compromise to cover both individual and payroll taxes? Part 2.
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?
- David Greene
- Comments Off on Can one make one Offer In Compromise to cover both personal taxes and payroll taxes?
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?
- David Greene
- Comments Off on Why Should I bother to vote?
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?
- David Greene
- Comments Off on Can I be taxed in retirement? How?
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?
- David Greene
- Comments Off on Do reimbursements from my employer need to be included in my income?
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?
- David Greene
- Comments Off on Does the new tax code affect my withholding because I have dependents?
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?
- David Greene
- Comments Off on Do employers get credit for providing benefits to employees?
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?
- David Greene
- Comments Off on What is the “Agreement” part of an Installment Agreement?
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?
- David Greene
- Comments Off on How do you transfer a piece of property after the probate estate of the owner is closed?
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…