Is a Personal Representative responsible for estate tax debts?
- March 28th, 2023
- David Greene
- Comments Off on Is a Personal Representative responsible for estate tax debts?
Before I answer this question, I want to remind everyone that spammers are sending out emails saying they are the IRS and asking for your Social Security number. The IRS never communicates with taxpayers by email. Throw these emails in…
Do I need to report the sale of stock on my tax return?
- March 27th, 2023
- David Greene
- Comments Off on Do I need to report the sale of stock on my tax return?
The short and simple answer is yes. When you purchase stock or any type of security, you are doing so with the money you have earned after taxes. This type of investment creates a basis in the new asset you have acquired….
Does using a paid tax preparer guarantee a correct return?
- March 23rd, 2023
- David Greene
- Comments Off on Does using a paid tax preparer guarantee a correct return?
Unfortunately, the answer is “no.” Many preparers make mistakes from time to time for various reasons on both personal and corporate returns. In fact, the IRS recently released a study that found that 71% of S corporations who used paid…
Is a spouse responsible for the partner’s pre-marital tax debt?
- March 21st, 2023
- David Greene
- Comments Off on Is a spouse responsible for the partner’s pre-marital tax debt?
If one is single when the unpaid tax liability accrued, only the one who incurred the tax debt is responsible for paying those taxes. The IRS cannot take the other spouse’s property or levy her income to pay those taxes. …
Mistakes In Tax Return Preparation (Part 2)
- March 2nd, 2023
- David Greene
- Comments Off on Mistakes In Tax Return Preparation (Part 2)
Recently I stated that I can think of ten mistakes that are most often made when preparing a tax return. In that blog I listed 5 and in this blog I will tell you the remainder. Here they are: (6)…
I was awarded our home in my divorce two years ago. Then last year the IRS assessed a large back tax debt against my husband and placed a lien on my house. Can they do this?
- March 2nd, 2023
- David Greene
- Comments Off on I was awarded our home in my divorce two years ago. Then last year the IRS assessed a large back tax debt against my husband and placed a lien on my house. Can they do this?
I think we might be able fight this. If he had to transfer the house to you by Court Order and the tax wasn’t assessed against him until after the divorce, then the lien does not attach to your house. …
How To Choose A Tax Return Preparer
- February 24th, 2023
- David Greene
- Comments Off on How To Choose A Tax Return Preparer
I have more than a few clients each year who are audited and when I review their returns I can see where the tax preparer made mistakes because he/she did not understand the application of the rules. The IRS has…
What is Innocent Spouse relief in terms of IRS tax collections?
- February 10th, 2023
- David Greene
- Comments Off on What is Innocent Spouse relief in terms of IRS tax collections?
In order to ascertain whether you are eligible for Innocent Spouse relief, we must look closely at the years in question. Were the unpaid returns filed as joint returns? You are responsible for taxes owed on any return you sign. …
Mistakes In Tax Return Preparation
- February 7th, 2023
- David Greene
- Comments Off on Mistakes In Tax Return Preparation
There are ten mistakes that are most often made when preparing a tax return. I’ll list 5 in this blog and 5 in my next one. The first five are: (1) forgetting to report all of your income (even if…
Can there IRS levy VA disability payments?
- February 2nd, 2023
- David Greene
- Comments Off on Can there IRS levy VA disability payments?
There is a federal statute that generally protects VA disability income from attachment, levy or seizure. However, in a recent federal case from Colorado, the judge ruled that this statute does not apply to levies issued by the IRS so…