New Year Thoughts
- December 29th, 2020
- David Greene
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As most of you know, the majority of my practice is dealing with IRS problems and Estate Planning. Today I want to pass along some thoughts about both of those areas. Even as the COVID-19 pandemic rages on, our problems…
Will IRS taxes follow you if you move to another state?
- December 22nd, 2020
- David Greene
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I have been asked this question before. First there is no question that your federal tax liability will follow you when you move to another state. The IRS can easily find you by several means, such as your W-2, so…
Are there any exceptions to the rule that canceled debt is counted as income?
- December 10th, 2020
- David Greene
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When a taxpayer is unable to pay all of a debt and the creditor cancels the unpaid part, the amount of the canceled debt is generally treated as income to the taxpayer under federal tax law. The creditor reports this…
When does the recipient of a gift have to pay the gift tax?
- November 11th, 2020
- David Greene
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The IRS may look to the recipient of the gift to pay the gift tax if the donor did not pay the tax. Usually, the only situation where the IRS pursues the recipient of the gift is after the donor…
How long is the Statute of Limitations for collection of taxes?
- October 20th, 2020
- David Greene
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I have been asked this question countless times. There is a ten year statute of limitations on collection of taxes. This means the IRS has ten years to collect taxes from the time the tax return is filed and assessed,…
Are foreign bank accounts illegal for American citizens?
- October 8th, 2020
- David Greene
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It’s amazing the rumors that abound about the IRS. You will not get in trouble for merely having a foreign bank account, so long as you report it properly on your tax return. Many people and businesses have such accounts…
Will Social Security payroll taxes deferred in 2020 have to be repaid?
- October 6th, 2020
- David Greene
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This new memo from our president concerning deferring certain payroll taxes, which was issued in August 2020, is still being implemented, so the answer is not clear. However, at this time, the taxes deferred in 2020 will have to be…
When a military member files a late return, is she penalized?
- September 30th, 2020
- David Greene
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The answer to this question depends on where the she is actively serving. If she is serving in the US or in a non-combat zone, there is no special relief for late filing. She will be charged the usual late…
Are offshore bank accounts illegal?
- September 24th, 2020
- David Greene
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As I have mentioned previously in this column, the IRS has launched an aggressive offensive campaign against people who have offshore bank accounts. It is certainly not illegal to have an offshore account or credit card and there are many…
What is my process for resolving delinquent taxes for clients?
- September 23rd, 2020
- David Greene
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Since each case is unique to its own set of facts, I can only discuss general guidelines of our process. When one retains me, he will sign a Form 2848 Limited Power of Attorney that allows me to represent him…