Posts Tagged ‘taxes’

What is the status of tax credits for tax year 2015?

  • David Greene
  • Comments Off on What is the status of tax credits for tax year 2015?

Will any of the tax credits we had in tax year 2014 still be available for tax year 2015?            Yes, I’m happy to say that the Protecting Americans from Tax Hikes (PATH) Act of 2015 preserved many of the consumer…

What exactly is the Trust Fund Penalty?

  • David Greene
  • Comments Off on What exactly is the Trust Fund Penalty?

First let me clarify that the Trust Fund Penalty is not really a penalty added to tax owed but is a portion of the payroll taxes owed by a corporation. The Trust Fund Penalty only applies to corporations, not to…

How long does the Offer in Compromise process take?

  • David Greene
  • Comments Off on How long does the Offer in Compromise process take?

Let me make one thing clear at the outset, dealing with the IRS is not like dealing with your neighbor down the street or a local business. A submitted Offer will not be resolved in a matter of a few…

When can a business deduct gifts to Charities?

  • David Greene
  • Comments Off on When can a business deduct gifts to Charities?

Gifts to charities by a business are not alweays deductible, but in some cases they are. The IRS Chief Counsel recently issued an Advice Ruling in which he said that when a business conducts a promotion where it advertises that…

Are consumer tax return preparation programs right for everyone?

  • David Greene
  • Comments Off on Are consumer tax return preparation programs right for everyone?

The answer depends on the complexity of your tax situation. If you have only W-2 income and claim the standard deduction, you can probably prepare your own tax return or the available programs would be fine. However, if you claim…

How the IRS deals with Offshore Accounts

  • David Greene
  • Comments Off on How the IRS deals with Offshore Accounts

If you receive a letter from a revenue agent about an offshore bank account or credit card you need to be very concerned. The fact that this letter comes from a revenue agent (as opposed to a revenue officer) means…

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