How To Choose A Tax Return Preparer
- February 24th, 2023
- David Greene
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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
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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
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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
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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…
When can the 60 day IRA rollover limit be waived?
- January 5th, 2023
- David Greene
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There are procedures (in addition to those in the CARES Act) that can be used to get relief from the 60 day limit to rollover an IRA without taxes if certain criteria are met. They are: (1) An error was…
Are Social Security benefits non-taxable in all situations?
- December 30th, 2022
- David Greene
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The answer is both “yes and “no.” Here’s what I mean. If your Social Security is truly your only income, it is not taxable. This is true whether it is Social Security Disability or your entitlement based on your age. …
Is there a Fresh Start Program for businesses?
- October 31st, 2022
- David Greene
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The Fresh Start program for companies is not discussed much, but it is there in a different format. The Fresh Start for business offers an Express Installment Agreement. To qualify, the business must meet the following criteria: (1) the amount…
Are tax refunds kept by the IRS if the taxpayer is in an Installment Agreement?
- October 25th, 2022
- David Greene
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Unfortunately, the IRS will take any refund to which you are otherwise entitled until your delinquent tax is paid in full. Since you are in the Installment Agreement, I suggest that you revisit your W-4 form and possibly adjust your…
Tax tips for Start-ups
- October 4th, 2022
- David Greene
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Here are some tips relative to the financial and tax implications of a new business. To make the best decisions, you should consult with an attorney or accountant when implementing these tips. (1) Pick a business structure – S or…
Is there a fee to set up an Installment Agreement with the IRS?
- August 16th, 2022
- David Greene
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Yes, there is an application fee for an Installment Agreement. The IRS used to charge a user fee of $43.00 to set up the account for the Installment Agreement. However, several years ago, this fee was increased to $105.00. Unlike…