Can I use my unreimbursed employee mileage expense as a deduction in 2020?
- February 4th, 2020
- David Greene
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Unfortunately, you can no longer use mileage on the job as an unreimbursed business expense when you itemize deductions. In my practice I have found that, most of the time, those expenses were disallowed in an audit because the taxpayer…
What does a Form 1099-C mean?
- January 29th, 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. Unfortunately, this is what…
Is refusing to file taxes a criminal offense?
- January 22nd, 2020
- David Greene
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This is an area that the IRS pursues very vigorously, so there are more people than one might think who do this. Here I’m talking about people who take the position that taxes are illegal and do not need to…
Can one withdraw money from an IRA without incurring the 10% penalty?
- January 15th, 2020
- David Greene
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Money can be withdrawn from an IRA at any time for any reason, but if it is withdrawn before the owner reaches 59 ½ a 10% penalty will generally be imposed. However, there are certain circumstances where the 10% penalty…
Happy New Year ( a few days late)
- January 6th, 2020
- David Greene
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I hope all of my readers had a very relaxing and joyous Christmas holiday and I hope you are looking forward to a New Year filled with hope and promise. Of course, the way to make those hopes and resolutions…
When is a theft or bad debt loss not deductible?
- January 2nd, 2020
- David Greene
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You can claim a theft loss as a deduction only if there is no chance of recovering any of the amount stolen. Here the IRS is probably lookiong at the possibility that the owner will have to pay restitution as…
What kind of documents do I have to submit to the IRS when I submit an Offer In Compromise?
- December 19th, 2019
- David Greene
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The Offer In Compromise program is a voluntary program that is offered to taxpayers who are delinquent in their taxes. Not everyone qualifies, but if you think you do and want to make an Offer you must disclose some private…
Can an employee still deduct unreimbursed business expenses?
- December 9th, 2019
- David Greene
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Since the new tax law came into effect, employee itemized deductions for unreimbursed business expenses, including mileage, have been suspended. However, self-employed individuals and certain employees (e.g. armed-forces reservists, certain state or local government officials, educators and performing artists) may…
Is the Offer In Compromise program a scam?
- November 20th, 2019
- David Greene
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I’m happy to say that the Offer In Compromise program is not a scam and still works in the right circumstances. In fact, I have already had several Offers accepted in 2019! However, some unscrupulous people will take your money…
What is the Taxpayer Advocate Service and what does he or she do?
- November 12th, 2019
- David Greene
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The Taxpayer Advocate’s office is a special position set up after the congressional hearings on the IRS revealed problems in how the IRS sometimes treats taxpayers. There is a national taxpayer advocate office and also one in each state. In…