How to fight IRS denial of your Earned Income Credit and exemptions.
- January 26th, 2016
- David Greene
- Comments Off on How to fight IRS denial of your Earned Income Credit and exemptions.
Many people find their Earned Income creit and/or claim for exemptions for relatives denied by the IRS each year. This usually arises in the context of recently separated or divorced parents. Both will claim the exemption and credit and the…
When can the 10% early withdrawal penalty for IRAs be avoided?
- January 21st, 2016
- David Greene
- Comments Off on When can the 10% early withdrawal penalty for IRAs be avoided?
Money can be withdrawn from an IRA at any time for any reason, but if it is withdrawn before the owner reaches 59 ½ a 10% penalty will generally be imposed. However, there are certain circumstances where the 10% penalty…
Ever hear taxes are illegal? Don’t buy it and stop filing or face criminal charges!
- January 20th, 2016
- David Greene
- Comments Off on Ever hear taxes are illegal? Don’t buy it and stop filing or face criminal charges!
This is an area that the IRS pursues very vigorously, so there are many people who try this and get caught. These people and groups generally fall into two categories: the promoters and the victims. The promoters are willful violators…
HAPPY NEW YEAR
- December 29th, 2015
- David Greene
- Comments Off on HAPPY NEW YEAR
I hope everyone reading this had a very nice Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. Of course the way to make those hopes and resolutions come true is…
MERRY CHRISTMAS
- December 24th, 2015
- David Greene
- Comments Off on MERRY CHRISTMAS
Dear Readers, For this Christmas week edition of my blog, I would like to pay honor to this most wonderful season of the year. My favorite cartoon character is Snoopy from the Peanuts cartoon. He went on many imaginary adventures,…
Is an Offer in Compromise ever a solution if the taxpayer has enough funds to pay in full?
- December 8th, 2015
- David Greene
- Comments Off on Is an Offer in Compromise ever a solution if the taxpayer has enough funds to pay in full?
There is a type of Offer that can be used in certain situations. I am referring to the Offer based on Effective Tax Administration. It is appropriate when the taxpayer has the funds or assets to pay the amount owed,…
What’s the difference between a Power of Attorney and a Conservatorship?
- November 21st, 2015
- David Greene
- Comments Off on What’s the difference between a Power of Attorney and a Conservatorship?
As I stated in my last blog these are two legal powers that accomplish the same purpose in two completely different ways. I discussed the Power of Attorney in my last blog and will cover the Conservatorship in this blog….
How to sell co-owned property if one owner does not want to sell.
- October 29th, 2015
- David Greene
- Comments Off on How to sell co-owned property if one owner does not want to sell.
The law provides a way out of this common dilemma that usually arises following an inheritance by several siblings. One or more want to sell and get the money while the others want to keep the property. It is called…
When does one have to pay gift tax?
- October 12th, 2015
- David Greene
- Comments Off on When does one have to pay gift tax?
One who is the recipient of a monetary gift does not pay the gift tax on the money received. The donor pays the tax. However, anyone can give a monetary gift of up to $14,000 per year without having to…
What if the IRS tries to collect taxes you do not owe.
- September 23rd, 2015
- David Greene
- Comments Off on What if the IRS tries to collect taxes you do not owe.
If you receive collection letters stating that you owe taxes for years that you do not think you owe, you need to proceed under the approach to compromising tax liability known as the “Doubt As To Liability” doctrine. As the…