I would like to set up an Installment Agreement to pay my delinquent taxes. Does the IRS have to accept my Agreement at whatever amount I am willing to pay per month?
- David Greene
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The IRS will accept your Installment Agreement request without your furnishing your financial information only if the following conditions are met: 1) the total owed is less than $50,000.00; 2) the taxpayer has filed all required returns for the past…
What are the most common mistakes made on a tax return?
- David Greene
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Here are the most common mistakes the IRS sees from self-prepared returns: (1) Math errors – be sure to check your math twice; (2) Misspelled name or changed name not updated (be sure the name on the return matches the…
Can one go to jail for not filing returns and can he receive refunds when filing delinquent returns?
- David Greene
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Let me answer your last question first. You will not go to jail for not filing under the situation you have described. You only go to jail for a criminal offense, such as fraudulently evading your tax obligation. If you…
Are stimulus checks taxable? What if you don’t receive it?
- David Greene
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If you have not received your check, first be sure you are eligible. Eligibility is based on your earnings as shown on your 2019 return. For a single person, if your Adjusted Gross Income is more than $87,000, you are…
What are the IRA contribution and withdrawal rules for 2020?
- David Greene
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First I want to let everyone know that the 2020 tax return filing deadline has been extended until May 17. The CARES Act changed many rules related to IRAs for 2020. First one can withdraw up to $100,000 without incurring…
Highlights of the relief bill signed by President Trump in December.
- David Greene
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The Consolidated Appropriations Act, 2021 signed by the President on December 27 is a very comprehensive relief law but here are some of the highlights: (1) It provides a $600 stimulus check for eligible individuals, which have already been issued;…
What to know about gifting stock to a charity.
- David Greene
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There are many alternative ways to donate other than money. One I want to discuss today is the gift of stocks. If you have been holding some stocks for a good while they have probably increased in value with substantial…
Is cryptocurrency taxable? How is it taxed?
- David Greene
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Cryptocurrency is a new medium of exchange that is rapidly growing in popularity. Before investing in any one of the types of cryptocurrency (bitcoin being the most popular) you should realize that it is not backed by or protected by…
Can a taxpayer submit more than one Offer in Compromise?
- David Greene
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Yes, one can certainly file a second Offer after a rejection, especially when there is a change in your circumstances. However, we should look at another possibility first. When an Offer is rejected, you have 30 days from the date of…
Can one ever settle with the IRS for less that he owes?
- David Greene
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I get this question is some form at least once a week. I have not answered it in awhile, so here is my answer. The beginning of the new year is a good time to answer this. Many times the…