If a student loan is discharged, is the discharged amount taxable?
- April 28th, 2020
- David Greene
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Not in all cases. The general rule is that, if a debt you owe is discharged, the amount discharged now becomes income to you because you do not have to pay back the debt. I.e., you received money and used…
Is the taxing of individuals by the IRS illegal?
- April 14th, 2020
- David Greene
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I get this kind of inquiry every couple of years. Over the course of my practice, I have represented several individuals who tried to take this stand with the IRS. None of them were successful and the few who did…
Does the July 15 extension apply to other types of tax payments?
- April 9th, 2020
- David Greene
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The extension to July 15 for filing and paying federal and state income taxes only applies to income taxes. As of the writing of this answer, this extension does not apply to filing and paying payroll taxes, making installment agreement…
The PEOPLE FIRST INITIATIVE from the IRS
- April 3rd, 2020
- David Greene
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In conjunction with the CARES Act and other directives from the President, the IRS has begun a new initiative called the People First Initiative. The highlights are as follows: If you are in an existing Installment Agreement, payments due between…
Can one file a separate Offer in Compromise if separated from the spouse?
- April 2nd, 2020
- David Greene
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The answer is that a couple can each an Offer if they are separated; however, you can still file a joint Offer if you cooperate. To do that all of the assets, income and expenses of both parties would be…
Correction to March 19 post
- March 20th, 2020
- David Greene
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Last night President Trump tweeted that he has directed the Treasury Secretary to extend the filing deadline (in addition to the payment deadline) for personal and corporate tax returns to July 15. Now you have until July 15, 2020 to…
Does the new July 15 deadline for paying your federal taxes also apply to filing your 2019 return? What about South Carolina taxes?
- March 19th, 2020
- David Greene
- Comments Off on Does the new July 15 deadline for paying your federal taxes also apply to filing your 2019 return? What about South Carolina taxes?
The IRS has just announced that the payment deadline for all income taxes due on April 15 has now been extended to July 15. Please note that this is an extension for paying only, NOT FILING. You must still file…
Which people get in tax trouble the most?
- March 12th, 2020
- David Greene
- Comments Off on Which people get in tax trouble the most?
I can’t say that there is any one group that tends to get in trouble more than any other, but there is one type of taxpayer who tends to get in trouble frequently. Self employed people tend to find themselves…
Refusing an IRS certified letter will not defeat service of the Notice.
- February 27th, 2020
- David Greene
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The refusal of a certified Notice of Levy or other letter from the IRS does not mean the IRS has failed to serve you. In state court, I must serve a defendant either in person or through certified mail restricted…
How to deal with a missing W-2.
- February 18th, 2020
- David Greene
- Comments Off on How to deal with a missing W-2.
You should have received your W-2 by January 31. If you did not, you should take these steps: (1) Contact your former employer and verify whether your address is correct and request a resubmission of the W-2. (2) If not…