When a payroll company fails to pay taxes for its customer is the customer company responsible for payment?
- May 3rd, 2019
- David Greene
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Thank you for your question. If you deposit your payments into the payroll company’s account to be paid by them then, yes, they are responsible for interest and penalties you will have to pay, but the IRS looks to you…
What proof is needed to support charitable deductions?
- April 30th, 2019
- David Greene
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Here are the rules: (1) You must have a written statement from the charity for a gift over $250 or at least a bank or credit card statement for any monetary donation; (2) gifts are deductible in the year made,…
What are some options for paying your taxes?
- April 10th, 2019
- David Greene
- Comments Off on What are some options for paying your taxes?
Tax Day is in just a few days away and I hope all of my readers will file their returns by midnight on April 15. Even if you can’t pay, you should still file the return. If you can’t file…
What does “Not Processible” mean in terms of an Offer In Compromise?
- March 27th, 2019
- David Greene
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“Not processible” means that you failed to fulfill at least one of the many technical requirements to have to be met when filing an Offer, e.g. one is putting your initials and date in the bottom right corner on every…
Will it help to itemize deductions – Part 2?
- March 19th, 2019
- David Greene
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Last week I discussed the standard deduction changes and this week we’ll take a brief look at itemized deductions. Many deductions are still allowed but limited. Foreign income taxes, state and local real and personal property taxes, and state and…
Will it help to itemize deductions for 2018?
- March 14th, 2019
- David Greene
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That is a question that has to be answered on an individual basis. The new law in general will help many people and hurt many other “middle class” people. We have already seen that many are upset because their refunds…
What are the odds of being audited.
- March 5th, 2019
- David Greene
- Comments Off on What are the odds of being audited.
I get similar questions to this quite frequently. Here are some statistics from 2017. Out of 150 million tax filers in 2017, here are some stats based on gross income and other factors: Returns audited (a) for international taxpayers – 1…
Which tax form should I use to prepare my 2018 return, Form 1040, 1040A or 1040EZ?
- February 26th, 2019
- David Greene
- Comments Off on Which tax form should I use to prepare my 2018 return, Form 1040, 1040A or 1040EZ?
In prior years one had to choose one of the above forms based on the amount and kind of income you made, whether or not you itemize deductions, etc. However, pursuant to our new tax law, the IRS now states…
What is an ABLE account?
- February 20th, 2019
- David Greene
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ABLE is an acronyn for Achieving a Better Life Experience. ABLE accounts, created by IRC Sec. 529A, are availanble to people who become disabled before age 26. Distributions, including earnings, are tax free to designated beneficiaries if used to pay…
Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?
- February 14th, 2019
- David Greene
- Comments Off on Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?
Thank you for your question. The answer is, yes you can designate to which taxes the money you pay to the IRS will be applied as long as it is a “voluntary” payment and not one paid due to forced…