Suggestions for Recovering Lost Financial Records
- November 7th, 2017
- David Greene
- Comments Off on Suggestions for Recovering Lost Financial Records
Here are some suggestions for recovering your financial records if they are lost or destroyed in a hurricane or other natural disaster: (1) get a copy of your tax transcript from the IRS; (2) Request copies of records (bank statements,…
Does the Frersh Start program work for companies?
- October 17th, 2017
- David Greene
- Comments Off on Does the Frersh Start program work for companies?
The Fresh Start program for companies is not discussed much, but it is there in a different format. The Fresh Start for business offers an Express Installment Agreement. To qualify, the business must meet the following criteria: (1) the amount…
What is the Expanded Fresh Start Program?
- October 10th, 2017
- David Greene
- Comments Off on What is the Expanded Fresh Start Program?
The Fresh Start program has been expanded. It was recently expanded to help taxpayers who owe up to $100,000 in delinquent taxes. They will be able to enter into an Expedited Installment Agreement if they can pay the balance due…
Here are some important tax tips for new start-up companies.
- October 3rd, 2017
- David Greene
- Comments Off on Here are some important tax tips for new start-up companies.
Here are some tips relative to the financial and tax implications of a new business. To make the best decisions, you should consult with an attorney or accountant when implementing these tips. (1) Pick a business structure – S or C…
How can you prove expenses in an audit if you did not keep good records?
- September 19th, 2017
- David Greene
- Comments Off on How can you prove expenses in an audit if you did not keep good records?
As you know, if you are audited the IRS will not accept your word for income or expenses. If they think you underreported income, they will go through all of your financial accounts and add deposits to determine income. It…
Learn what the IRS charges to set up an Installment Agreement.
- August 29th, 2017
- David Greene
- Comments Off on Learn what the IRS charges to set up an Installment Agreement.
The IRS charges a user fee to set up an Installment Agreement for a taxpayer. The IRS used to charge a user fee of $43.00 to set up the account for the Installment Agreement. However, several years ago, this fee…
Why should you voluntarily increase your monthly tax Installmant Agreement payments?
- August 22nd, 2017
- David Greene
- Comments Off on Why should you voluntarily increase your monthly tax Installmant Agreement payments?
If you are in an Installment Agreement and find that you could easily be paying more per month you should consider doing so, for by increasing your payment you will pay off the Agreement early and save interest. You do…
What is the Fresh Start progran for those who owe delinquent taxes?
- August 15th, 2017
- David Greene
- Comments Off on What is the Fresh Start progran for those who owe delinquent taxes?
The Fresh Start program helps many taxpayers but not all. It is designed to help those with smaller amounts owing in delinqueat taxes. Basically the program provides a simple way for taxpayers owing less than $25,000 in delinquent taxes to…
Will the IRS keep your tax refund even after you successfully negotiate an Offer in Compromise?
- August 8th, 2017
- David Greene
- Comments Off on Will the IRS keep your tax refund even after you successfully negotiate an Offer in Compromise?
The Offer in Compromise is a contract between the taxpayer and the IRS. The taxpayer promise to do certain things and the IRS promises to do (write off part of the debt) or not do (levy assets) certain things. One…
Is a monetary award for job discriminstion taxable as income?
- August 1st, 2017
- David Greene
- Comments Off on Is a monetary award for job discriminstion taxable as income?
Unfortuantely, a monetary award of this tyupe is considered income by the IRS. When someone is physically injured and gets a money award from settlemenet or trial, that money is not taxable. The key words here are “physical injury.” Emotional…