Can criminal charges result from the Trust Fund Penalty?
- David Greene
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A business owner who has not paid the payroll taxes of his employees will have the trust fund penalty assessed against him. Most trust fund cases are not criminal because the IRS recognizes that the employer failed to pay the…
What to do if you owe on your return but cannot pay.
- David Greene
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First let me remind everyone that Tax Day is getting very close. The deadline to file is April 18 this year due to a Washington, DC holiday. Also, let me make it clear that you always need to file your…
How likely is it for an S-Corporatoin to be audited?
- David Greene
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It is true that an S-corp or partnership is less likely to be audited than a sole proprietorship. However, the IRS is increasing pass-through entity audits as their computers become more powerefu. Also, several years ago the IRS was directed…
What are acceptable proofs of filing a tax return?
- David Greene
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There are five ways to file that the IRS recognizes as providing proof of time of filing. 1. USPS Registered mail – You must keep your receipt to prove time of mailing. 2. USPS Certified mail – You must keep…
HAPPY NEW YEAR
- David Greene
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I hope all of my readers 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…
A recent question was: How many different ways can the IRS try to collect taxes I owe?
- David Greene
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First, let me say that I hope all my readers had a wonderful Christmas. Two weeks ago I mentioned several collection methods. This week I will discuss seizure of property in more detail. If the taxpayer still does not pay…
Can one who owns a business in name only be responsible for delinquent taxes of the business?
- David Greene
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I had a recent client who set up a business in his son’s name. He is now going to close it. It owes over $50,000 in unpaid payroll taxes and has no assets. He wanted to know if his son…
Headed for divorce? Here are some tax tips.
- David Greene
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There are several things I recommend you do if you think you might find yourself going through a divorce, both for future tax audit sake and to make sure all assets are revealed. First, copy all of your financial records…
How long should one keep tax documents?
- David Greene
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The answer is not as simple as you might think. If you have the room, it would be wise to keep those records for at least ten years. In these days it is easy to scan paper documents and store…
Here are some tax tips for newlyweds.
- David Greene
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(1) if one spouse takes the other’s name, the one with the name change must report the change to the Social Security Administration on Form SS-5, which is available at www.ssa.gov; (2) your new marital status needs to be reported…