Is there a Fresh Start Program for businesses?
- October 31st, 2022
- David Greene
- Comments Off on Is there a Fresh Start Program for businesses?
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
- Comments Off on Are tax refunds kept by the IRS if the taxpayer is in an Installment Agreement?
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
- Comments Off on Tax tips for Start-ups
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
- Comments Off on Is there a fee to set up an Installment Agreement with the IRS?
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…
Can one who withdrew funds from his retirement account in 2020 due to COVID pay the money back without paying taxes?
- July 15th, 2022
- David Greene
- Comments Off on Can one who withdrew funds from his retirement account in 2020 due to COVID pay the money back without paying taxes?
Section 2202 of the CARES Act, enacted on March 27, 2020, provided for some special rules for paying back distributions from retirement plans and IRAs if the withdrawal was related to COVID. One new provision is that the amount withdrawn…
What is an “injured spouse” in terms of tax relief?
- June 23rd, 2022
- David Greene
- Comments Off on What is an “injured spouse” in terms of tax relief?
An injured spouse is a taxpayer who is entitled to recover his refund that was kept by the IRS. Any time a married couple files a joint return and the refund is kept due to only one spouse owing prior…
Here are some tips to help lower next year’s taxes.
- June 21st, 2022
- David Greene
- Comments Off on Here are some tips to help lower next year’s taxes.
Here are a few suggestions I can give you: (1) The standard dedction has been raised very high, so most people will benefit more by taking the standard deduction. However, itemizing will stil benefit some taxpayers so, if you decide…
What is the “Effective Tax Administration” doctrine?
- May 13th, 2022
- David Greene
- Comments Off on What is the “Effective Tax Administration” doctrine?
There are three methods under which an Offer In Compromise is considered. The first two are Doubt as to Collectability and Doubt as to Liability. The third (and newest) method under which you can submit an Offer is Effective Tax…
What to do if you owe on your return but cannot pay.
- April 13th, 2022
- David Greene
- Comments Off on What to do if you owe on your return but cannot pay.
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?
- April 6th, 2022
- David Greene
- Comments Off on How likely is it for an S-Corporatoin to be audited?
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…