How does the IRS use your excess monthly income in calculatiing an Offer in Compromise?
- David Greene
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The Offer guidelines state that the IRS will look at either 12 or 24 months of net excess earnings when evaluating an Offer In Compromise. However, first the Offer Specialist must look at the sum of the monthly net excess…
A warning to small business owners to be careful in claiming business credits.
- David Greene
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A “dirty dozen” scam is currently circulating in which unscrupulous preparers urge the business owner to take improper tax credits, primarily in two areas. The first is the fuel tax credit. This is only allowed for fuel used in off-road…
How can I protect myself from Identity Theft?
- David Greene
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Here are some tips to help you protect your sensitive data from Identity Theft. (1) If you get an email asking you to go to an “official” web site, check to see if it is a “spoofed” site, i.e. one…
How can the IRS levy a self-employed person?
- David Greene
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Although the IRS cannot levy a self-employed person’s income in the usual way, i.e. sending the Notice to his employer to withhold money from his paycheck, they can still levy that person. One way is to send a levy notice…
How do you revoke a power of Attorney?
- 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…
What’s the difference in a Health Care POA and Living Will?
- David Greene
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Although the Living Will and Health Care Power of Attorney are similar in many ways, they are also distinctly different. I like to think of the Living Will (also known as a Declaration of a Desire for a Natural Death)…
Is it legal to have a personal foreign bank account?
- David Greene
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It’s amazing the rumors that abound about the IRS. An individual will not get in trouble for merely having a foreign bank account, so long as he reports it properly on his tax return. Many people and businesses have such…
Are small business entities being audited more frequently by the IRS?
- David Greene
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It is still true that an S-corporation or partnership is less likely to be audited than a sole proprietorship. However, the IRS has recently increased pass-through entity audits and decreased audits of large C corporations. From 2014 to 2015 S-corporation…
Learn what to do if you can’t pay the tax due on your return.
- David Greene
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First you should file your return on time even if you cannot pay the amount due. What you do not want to do is ignore the tax due. There are several ways you can arrange to pay the tax to…
Can a wage levy be stopped by agreeing to a voluntary payment plan?
- David Greene
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The answer depends on who is levying the wages. The South Carolina Department of Revenue will not release a levy after it has attached until the levy is paid in full. They take 25% of the employee’s gross (before taxes)…