Can a taxpayer file more than one Offer in Compromise?
- David Greene
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Yes a taxpayer can certainly file a second Offer, especially when there is a change in his financial circumstances. However, we should look at another possibility first. When an Offer is rejected, the taxpayer has 30 days from the date of the official rejection…
What if you can’t pay what you owe on your tax return?
- David Greene
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First let me remind everyone that Tax Day is getting very close. The deadline to file is April 18 this year due to a Washington, DC holiday. Also, let me make it clear that you always need to file your…
What steps can you take to avoid an audit?
- David Greene
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There is nothing you can do to guarantee that you will never be audited. However, by following three simple rules, you can minimize your chances of being audited and, if you are audited, minimize your chances of having to pay…
How is a tax levy different from a lien?
- David Greene
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This week I want to discuss how a levy differs from a lien. While a lien is simply recorded at the courthouse and is therefore a “passive” collection action (nothing happens until the taxpayer sells property), a levy is an…
Can a tax lien be used to seize your home?
- David Greene
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No, the IRS will not seize your home as a result of this Lien. They would have to start a legal proceeding to reduce the lien to a judgment. However, this lien does affect your property. You can think of…
The IRS has a new Private Debt Collector program.
- David Greene
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Any time you owe back taxes you should be worried and it is always better to be proactive. You should be even more worried now because the IRS is implementing a new Private Debt Collection program. The first one lasted…
What are the most common mistakes made on a tax return?
- David Greene
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Here are the most common mistakes the IRS sees from self-prepared returns: (1) Math errors – be sure to check your math twice; (2) Misspelled name or changed name not updated (be sure the name on the return matches the…
Examples of stupid deductions that the IRS disallows
- David Greene
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Unfortunately the IRS is not lenient when you try to deduct expenses for which there is no valid reason. Here are a few examples of deductions that have been tried and “shot down” by the IRS. (1) A real estate…
How to tell if your worker is an employee or independent contractor
- David Greene
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Many small businesses are audited by the IRS each year to determine if their workers are truly independent contractors or really employees. If they are found to be statutory employees, large fines and delinquent payroll taxes can result. If your…
Is there anything wrong with buying a fill-in-the-blank will or trust from the office supply store?
- David Greene
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I highly discourage buying and using these kinds of packages. Why? First, they may or may not contain all of the language and signing requirements necessary in South Carolina. Second, they do not give you the latitude in making your…