I owed more than $3,000 additional tax on my return this year and didn’t have the money to pay. How can I prevent that from happening next year?
- September 25th, 2019
- David Greene
- Comments Off on I owed more than $3,000 additional tax on my return this year and didn’t have the money to pay. How can I prevent that from happening next year?
This is a good question, but I wish you had asked that question closer to April 15. If you owe more than $1,000 in additional tax on April 15, then, according to the IRS rules, you must make Estimated Tax…
When does an incorrect tax return become criminal?
- September 10th, 2019
- David Greene
- Comments Off on When does an incorrect tax return become criminal?
If you make a mistake on your return, that is not criminal. However, filing a wilfully fraudulent return iscriminal and can land you in jail. Here are some things you do not want to do that, if done, can lead to…
Alternatives to the Seizure of your Home for Delinquent Taxes.
- July 9th, 2019
- David Greene
- Comments Off on Alternatives to the Seizure of your Home for Delinquent Taxes.
There are several collection alternatives to seizure that are available to taxpayers. In fact, seizure of your home or other property is the last avenue the IRS will pursue. I am not discussing levies on wages or bank accounts here….
How does the IRS determine who owes the Trust Fund Penalty?
- June 6th, 2019
- David Greene
- Comments Off on How does the IRS determine who owes the Trust Fund Penalty?
The Trust Fund Penalty (TFP) is not really a penalty but is instead a portion of the payroll taxes a company is required to collect from employees and pay to the IRS. The employer withholds federal, social security and Medicare…
When a payroll company fails to pay taxes for its customer is the customer company responsible for payment?
- May 3rd, 2019
- David Greene
- Comments Off on When a payroll company fails to pay taxes for its customer is the customer company responsible for payment?
Thank you for your question. If you deposit your payments into the payroll company’s account to be paid by them then, yes, they are responsible for interest and penalties you will have to pay, but the IRS looks to you…
Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?
- February 14th, 2019
- David Greene
- Comments Off on Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?
Thank you for your question. The answer is, yes you can designate to which taxes the money you pay to the IRS will be applied as long as it is a “voluntary” payment and not one paid due to forced…
Can a Family Court Order stop the IRS from collecting delinquent taxes?
- January 8th, 2019
- David Greene
- Comments Off on Can a Family Court Order stop the IRS from collecting delinquent taxes?
Unfortunately, the answer to your question is no. Since the IRS is a federal agency, it is not bound by a state Family Court order. I assume you and he filed joint returns for the years in question. Therefore, you are…
What should you do when you receive a certified letter from the IRS?
- December 6th, 2018
- David Greene
- Comments Off on What should you do when you receive a certified letter from the IRS?
Many people are afraid to pick up a certified letter from the Post Office and are afraid to open it. However, you cannot help yourself by failing to act. Here is some advice on what to do when you receive…
How to get an IRS lien released
- January 19th, 2018
- David Greene
- Comments Off on How to get an IRS lien released
Once the IRS records a lien against you it is very difficult to get it removed. However, as part of the Fresh Start Program, they have recently made several collection procedure changes designed to help taxpayers. One is that they…
How many different ways can the IRS try to collect taxes I owe – Part 2?
- December 27th, 2017
- David Greene
- Comments Off on How many different ways can the IRS try to collect taxes I owe – Part 2?
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…