Can gift taxes be paid pver time?
- June 29th, 2016
- David Greene
- Comments Off on Can gift taxes be paid pver time?
The overwhelming majority of tax problems originate with unpaid income taxes and deals are made on those every day. However, the IRS does indeed make deals on other kinds of taxes. Payroll, corporate and certain excise taxes are the next…
Learn about important tax considerations following a spouse’s death.
- June 23rd, 2016
- David Greene
- Comments Off on Learn about important tax considerations following a spouse’s death.
There are four important tax considerations one needs to consider following the death of a spouse. First, if you haven’t already filed your income tax return, you can still file a joint tax return for the year in which the…
Which is better, an Offer in Compromise or Installment Agreement – Part 2
- June 21st, 2016
- David Greene
- Comments Off on Which is better, an Offer in Compromise or Installment Agreement – Part 2
In my last blog I stated that if the taxpayer does not qualify for an Offer in Compromise, then we look at an Installment Agreement that is intended to pay the debt in full. However, sometimes the IRS will accept…
Which is better, an Offer in Compromise or Installment Agreement?
- June 14th, 2016
- David Greene
- Comments Off on Which is better, an Offer in Compromise or Installment Agreement?
If you qualify for an Offer In Compromise due to your current financial situation, then it is always better to do the Offer. Often we can offer the IRS a small fraction of the total amount you owe. If the…
Can criminal charges be brought for not paying payroll taxes?
- June 1st, 2016
- David Greene
- Comments Off on Can criminal charges be brought for not paying payroll taxes?
A business owner who has not paid the payroll taxes of his employees will usually have the trust fund penalty assessed against him, making him personally liable for the federal taxes withheld. Most trust fund cases are not criminal because…
Can the IRS seize property in a non-liable taxpayer’s name?
- May 20th, 2016
- David Greene
- Comments Off on Can the IRS seize property in a non-liable taxpayer’s name?
Yes they can for two reasons. First the Statute of Frauds states that when one transfers property after he has notice of a potential lawsuit or debt, the Court can reverse the transfer as being done to avoid the debt….
How does the IRS use your excess monthly income in calculatiing an Offer in Compromise?
- May 17th, 2016
- David Greene
- Comments Off on How does the IRS use your excess monthly income in calculatiing an Offer in Compromise?
The Offer guidelines state that the IRS will look at either 12 or 24 months of net excess earnings when evaluating an Offer In Compromise. However, first the Offer Specialist must look at the sum of the monthly net excess…
A warning to small business owners to be careful in claiming business credits.
- May 10th, 2016
- David Greene
- Comments Off on A warning to small business owners to be careful in claiming business credits.
A “dirty dozen” scam is currently circulating in which unscrupulous preparers urge the business owner to take improper tax credits, primarily in two areas. The first is the fuel tax credit. This is only allowed for fuel used in off-road…
How can I protect myself from Identity Theft?
- May 4th, 2016
- David Greene
- Comments Off on How can I protect myself from Identity Theft?
Here are some tips to help you protect your sensitive data from Identity Theft. (1) If you get an email asking you to go to an “official” web site, check to see if it is a “spoofed” site, i.e. one…
How can the IRS levy a self-employed person?
- April 26th, 2016
- David Greene
- Comments Off on How can the IRS levy a self-employed person?
Although the IRS cannot levy a self-employed person’s income in the usual way, i.e. sending the Notice to his employer to withhold money from his paycheck, they can still levy that person. One way is to send a levy notice…