Can the IRS seize property in a non-liable taxpayer’s name?
- May 20th, 2016
- 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….
How does the IRS use your excess monthly income in calculatiing an Offer in Compromise?
- May 17th, 2016
- 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.
- May 10th, 2016
- 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?
- May 4th, 2016
- 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?
- April 26th, 2016
- 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…
Is it legal to have a personal foreign bank account?
- April 12th, 2016
- 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?
- April 6th, 2016
- 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.
- March 29th, 2016
- 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…
What are common mistakes made in S-Corporation tax returns?
- March 22nd, 2016
- David Greene
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Although many Form 1120 S-Corporation tax returns are prepared by paid tax preparers, many also run into audit trouble. Many preparers make mistakes from time to time for various reasons. In fact the IRS just released a study that found…
Is there any truth to the argument that personal income taxes are illegal?
- March 15th, 2016
- David Greene
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I get this kind of inquiry every couple of years. The argument is that the IRS only has authority to collect taxes from corporations, not individuals. Over the course of my practice, I have represented several individuals who tried to…