Alternatives to the Seizure of your Home for Delinquent Taxes.
- July 9th, 2019
- David Greene
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There are several collection alternatives to seizure that are available to taxpayers. In fact, seizure of your home or other property is the last avenue the IRS will pursue. I am not discussing levies on wages or bank accounts here….
Is there a downside to filing an Offer in Compromise that I know will fail?
- June 27th, 2019
- David Greene
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This is a question that has a simple answer and a correct answer. Yes you can file and appeal an Offer that you know probably will not be accepted. However, I do not do that for my clients. If I…
Does the IRS tax merchandise prize winnings as if it is cash
- June 19th, 2019
- David Greene
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Pursuant to the tax laws, prizes that you win are considered income, whether cash, merchandise or services (e.g. travel) and are taxable as such. Any income from any source is taxable and the tax laws give “income” a very broad…
Can IRS disputes be mediated – Part 2
- June 11th, 2019
- David Greene
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We addressed this question last week. I said that the IRS will mediate a great many cases, such as a disputed Offer in Compromise, Trust Fund Recovery cases and most appeals disputes. However, one cannot use mediation in Collection Due…
How does the IRS determine who owes the Trust Fund Penalty?
- June 6th, 2019
- David Greene
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The Trust Fund Penalty (TFP) is not really a penalty but is instead a portion of the payroll taxes a company is required to collect from employees and pay to the IRS. The employer withholds federal, social security and Medicare…
Can mediation be used in IRS disputes?
- June 4th, 2019
- David Greene
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Yes the IRS will mediate certain cases and we will discuss some of those next week. However, I first want to explain what mediation is and why it works in many cases. Mediation, or Alternative Dispute Resolution, is simply a…
Is this a good time to file an Offer In Compromise?
- May 14th, 2019
- David Greene
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The answer is both yes and no. In general, i.e. in terms of “now” as opposed to several years ago, this is a good time to deal with the IRS. They have generally been more willing to compromise and make…
Requirement for a non-custodial parent to claim child.
- May 6th, 2019
- David Greene
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If a taxpayer seeks to claim dependent children after a divorce but is not the custodial parent, he must file Form 8332 with his return. This form must be signed by the custodial parent. Otherwise the dependency claim will be denied. …
When a payroll company fails to pay taxes for its customer is the customer company responsible for payment?
- May 3rd, 2019
- David Greene
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Thank you for your question. If you deposit your payments into the payroll company’s account to be paid by them then, yes, they are responsible for interest and penalties you will have to pay, but the IRS looks to you…
What proof is needed to support charitable deductions?
- April 30th, 2019
- David Greene
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Here are the rules: (1) You must have a written statement from the charity for a gift over $250 or at least a bank or credit card statement for any monetary donation; (2) gifts are deductible in the year made,…