When does an incorrect tax return become criminal?
- September 10th, 2019
- David Greene
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If you make a mistake on your return, that is not criminal. However, filing a wilfully fraudulent return iscriminal and can land you in jail. Here are some things you do not want to do that, if done, can lead to…
Hints to help new businesses stay out of tax trouble.
- September 4th, 2019
- David Greene
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There are many hints or suggestions I can give a new businessman, but I do not have that much room. I will give you five very important hints to keep you straight with the IRS. First, form your business as…
What are some of the special rules about reporting losses on Schedule C?
- August 28th, 2019
- David Greene
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Schedule C is the most audited of all the tax forms! In order to claim losses based on Schedule C a taxpayer must first prove that the business activity has a clear profit objective. Factors to consider are whether the…
Can a couple file one Offer In Compromise if they have separate tax liabilities?
- August 20th, 2019
- David Greene
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If you retain me to help you I, of course, want to solve both of your problems with the IRS so you can both rest easy. Therefore, I will have to determine the best way to file your Offer. Since…
Can the IRS seize property in a non-liable taxpayer’s name?
- August 15th, 2019
- David Greene
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Yes they can for two reasons. First the Statute of Frauds states that when one transfers property after he has notice of a potential lawsuit or debt, the Court can reverse the transfer as being done to avoid the debt. …
Is a Trust only for the very rich – Part 2?
- August 7th, 2019
- David Greene
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I mentioned that the three primary reasons for forming a trust are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after your…
When does one have to pay Estimated Taxes?
- July 25th, 2019
- David Greene
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The answer depends on how much you owe on your current year’s tax return. However, here are five general tips to help you decide if you should be paying Estimated Taxes. (1) If you have income from self-employment, alimony or…
More Tax Tips for Grads Entering the Work Force
- July 23rd, 2019
- David Greene
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Last week I listed 5 things to consider. Here are some more. (1) Remember that graduation gifts are not taxable to the recipient, so you do not need to be concerned with taxes on them. (2) If you worked a…
Special Tax Tips for Grads Entering the Work Force
- July 16th, 2019
- David Greene
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The transition from college to the work force raises some “flags” of which you should be aware. (1) Coordinate your taxes with your parents for things such as your dependency status. (2) You can still claim student loan interest, but…
Is there any remedy if the IRS threatens to seize a taxpayer’s home?
- July 11th, 2019
- David Greene
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The IRS may foreclose on and seize a taxpayer’s home when settlement negotiations break down. However, there may still be hope. The situation usually is that an Offer In Compromise has been denied and the taxpayer feels that he owes…