How long should one keep tax documents?
- November 5th, 2021
- 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.
- October 13th, 2021
- 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…
What are the most important factors to consider in an Offer in Compromise?
- October 7th, 2021
- David Greene
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Recently I promised to further discuss requirements for having an Offer accepted and not later revoked. We assume the technical requirements discussed last time have neem met. To accept an Offer In Compromise, the IRS must be convinced that your…
Are all partners responsible for the tax debt of a partnership?
- October 5th, 2021
- David Greene
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The rule is that, in a general partnership, every partner is liable for all debts of the partnership. If you wanted to be shielded from liability, the partnership should have been set up as a limited partnership with a general…
What is the IRS program Currently Not Collectible?
- September 29th, 2021
- David Greene
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You may qualify for Currently Not Collectible Status. To qualify for that status you do not have to be destitute with no assets and no job. However, you do need to be in such a financial position that all or…
Who has to pay gift tax – donor or recipient?
- September 16th, 2021
- David Greene
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That is a good question, with an easy answer. The receiver of the gift does not pay the gift tax. The donor pays the tax. However, anyone can give an individual a gift of money, property or any other asset…
When can an Offer in Compromise be returned without considering the merits?
- September 14th, 2021
- David Greene
- Comments Off on When can an Offer in Compromise be returned without considering the merits?
An Offer can be “returned,” i.e. not even considered, for technical reasons. This does not mean it was denied. When an Offer is first received, it must pass several tests to be considered. If it fails these technical requirements, it…
How Are Taxes Handled In Probate?
- September 9th, 2021
- David Greene
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Two kinds of taxes can arise during probate. One is the estate tax which does not come into play unless the estate is worth more than $11 million. These taxes, which can be at a rate of 50% or more,…
Can one pay more on an Installment Agreement than the negotiated amount?
- August 31st, 2021
- David Greene
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You are on the right track wanting to pay off the IRS sooner, for by doing so you pay off the Agreement early and will save interest. You do not have to renegotiate a new Installlment Agreement, although you can…
Can the IRS seize and sell jointly owned property?
- August 10th, 2021
- David Greene
- Comments Off on Can the IRS seize and sell jointly owned property?
Unfortunately they can in certain circumstances. There is a recent case that ended up going to the Seventh Circuit Court of Appeals. In that situation a father and son owned the land jointly and the father owed the tax. The…