Why should you voluntarily increase your monthly tax Installmant Agreement payments?
- August 22nd, 2017
- David Greene
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If you are in an Installment Agreement and find that you could easily be paying more per month you should consider doing so, for by increasing your payment you will pay off the Agreement early and save interest. You do…
What is the Fresh Start progran for those who owe delinquent taxes?
- August 15th, 2017
- David Greene
- Comments Off on What is the Fresh Start progran for those who owe delinquent taxes?
The Fresh Start program helps many taxpayers but not all. It is designed to help those with smaller amounts owing in delinqueat taxes. Basically the program provides a simple way for taxpayers owing less than $25,000 in delinquent taxes to…
Will the IRS keep your tax refund even after you successfully negotiate an Offer in Compromise?
- August 8th, 2017
- David Greene
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The Offer in Compromise is a contract between the taxpayer and the IRS. The taxpayer promise to do certain things and the IRS promises to do (write off part of the debt) or not do (levy assets) certain things. One…
Is a monetary award for job discriminstion taxable as income?
- August 1st, 2017
- David Greene
- Comments Off on Is a monetary award for job discriminstion taxable as income?
Unfortuantely, a monetary award of this tyupe is considered income by the IRS. When someone is physically injured and gets a money award from settlemenet or trial, that money is not taxable. The key words here are “physical injury.” Emotional…
Can one submit a second Offer in Compromise after his first one has been denied?
- July 26th, 2017
- David Greene
- Comments Off on Can one submit a second Offer in Compromise after his first one has been denied?
The easy answer to the question is that, “yes”, one can submit another Offer. There is no minimum wait time between Offer submissions. However, I expect that the real question is, “Is there any hope if I submit another Offer?” …
How long should you keep your tax return preparation documents?
- July 11th, 2017
- David Greene
- Comments Off on How long should you keep your tax return preparation documents?
The answer is not as simple as you might think. If you have the room, it would be wise to keep those records for at least ten years. In these days it is easy to scan paper documents and store…
When are job search expenses deductible?
- June 28th, 2017
- David Greene
- Comments Off on When are job search expenses deductible?
Some, but not all, job-hunting expenses are deductible, according to the IRS. To determine deductibility, keep in mind the following criteria: The expenses must be spent on a job search in your current occupation; expenses looking for a job for…
Here are the basics about the passport restrictions for delinquent taxpayers
- June 15th, 2017
- David Greene
- Comments Off on Here are the basics about the passport restrictions for delinquent taxpayers
In general, anyone who owes more than $50,000 in delinquent taxes, plus has a lien filed and a levy issued against him with no relief having been attempted or granted may have their passport restricted so that he cannot travel…
What factors trigger a business audit?
- June 6th, 2017
- David Greene
- Comments Off on What factors trigger a business audit?
There are two basic ways the IRS chooses a Form 941 Employment tax return to audit: 1. A computer program detects a return that has incorrect amounts or 2. Information from compliance projects (news media, public records, etc.) suggests the…
What Document Support Is Needed for Charitable Contributions
- May 23rd, 2017
- David Greene
- Comments Off on What Document Support Is Needed for Charitable Contributions
Here are the rules for deducting charitable contributions and the supporting documents needed. Any contribution of $250.00 or more must be substantiated by a contemporaneous written receipt by the donee organization. This receipt must state whether or not the donee…