Posts Tagged ‘IRS’

How soon can one submit a seccond Offer in Compromise?

  • February 20th, 2024
  • David Greene
  • Comments Off on How soon can one submit a seccond Offer in Compromise?

There is no minimum wait time between Offer submissions.  However, a better question is, “Is there any hope if I submit another Offer after my first one was denied?”  Yes there might be, depemnding on the length of time between…

Can I go to jail for not filing taxes?

  • February 12th, 2024
  • David Greene
  • Comments Off on Can I go to jail for not filing taxes?

I have a lot of clients that have failed to file returns for several years, in fact, a gentleman came in last week who has not filed in 15 years.  First, you should not worry about going to jail unless…

How can you track your 2022 missing refund?

  • February 2nd, 2024
  • David Greene
  • Comments Off on How can you track your 2022 missing refund?

Every year I get several questions along the same line.  The IRS recently reported that they have over $200 million in undelivered tax refunds.  These are for more than 100,000 taxpayers.  You may be one of them.  The failure in…

New Year Resolutions

  • January 29th, 2024
  • David Greene
  • Comments Off on New Year Resolutions

Well, Christmas is over and we have rung in the New Year.  During this past week many people made New Year resolutions.  Did you make any?  Most of these deal with either working on a healthier and better body or…

What is the difference in a levy and a lien?

  • December 1st, 2023
  • David Greene
  • Comments Off on What is the difference in a levy and a lien?

A tax lien is a document recorded at the county register of deeds office which simply states that the individual owes the IRS the amount of money stated on the lien.  If the person named sells real property, that lien…

Is an LLC automatically taxed as an S-Corporation?

  • November 29th, 2023
  • David Greene
  • Comments Off on Is an LLC automatically taxed as an S-Corporation?

The answer to this question is no, you have a choice.  When the LLC is formed, you choose how the LLC is to be taxed.  A single member LLC can be taxed either as an S-Corporation or as a Sole…

Can I be taxed in retirement? How?

  • November 21st, 2023
  • 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 as ordinary income when taken out; (2) Social Security benefits – whether or not taxed depends on…

Does the donee of a gift ever have to pay gift tax?

  • November 13th, 2023
  • David Greene
  • Comments Off on Does the donee of a gift ever have to pay gift tax?

Unfortunately, the answer is sometimes yes. This happens if the donor does not pay the tax or properly file a gift tax return.  This usually happens when is deceased because that is usually the only situation where the IRS pursues…

Does refusing an IRS certified letter cancel it?

  • October 10th, 2023
  • David Greene
  • Comments Off on Does refusing an IRS certified letter cancel it?

Unfortunately, the tactic you propose will not work.  In state court, I must serve a defendant either in person or through certified mail restricted delivery.  If by mail, the defendant must sign the receipt or the service is not valid. …

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