How to fight IRS denial of your Earned Income Credit and exemptions.
- David Greene
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Many people find their Earned Income creit and/or claim for exemptions for relatives denied by the IRS each year. This usually arises in the context of recently separated or divorced parents. Both will claim the exemption and credit and the…
When can the 10% early withdrawal penalty for IRAs be avoided?
- 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Money can be withdrawn from an IRA at any time for any reason, but if it is withdrawn before the owner reaches 59 ½ a 10% penalty will generally be imposed.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…
Ever hear taxes are illegal? Don’t buy it and stop filing or face criminal charges!
- David Greene
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This is an area that the IRS pursues very vigorously, so there are many people who try this and get caught. These people and groups generally fall into two categories: the promoters and the victims. The promoters are willful violators…
HAPPY NEW YEAR
- David Greene
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I hope everyone reading this had a very nice 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 come true is…
MERRY CHRISTMAS
- David Greene
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Dear Readers, For this Christmas week edition of my blog, I would like to pay honor to this most wonderful season of the year. My favorite cartoon character is Snoopy from the Peanuts cartoon. He went on many imaginary adventures,…
Is an Offer in Compromise ever a solution if the taxpayer has enough funds to pay in full?
- David Greene
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There is a type of Offer that can be used in certain situations. I am referring to the Offer based on Effective Tax Administration. It is appropriate when the taxpayer has the funds or assets to pay the amount owed,…
What’s the difference between a Power of Attorney and a Conservatorship?
- David Greene
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As I stated in my last blog these are two legal powers that accomplish the same purpose in two completely different ways. I discussed the Power of Attorney in my last blog and will cover the Conservatorship in this blog….
How to sell co-owned property if one owner does not want to sell.
- David Greene
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The law provides a way out of this common dilemma that usually arises following an inheritance by several siblings. One or more want to sell and get the money while the others want to keep the property. It is called…
When does one have to pay gift tax?
- David Greene
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One who is the recipient of a monetary gift does not pay the gift tax on the money received. The donor pays the tax. However, anyone can give a monetary gift of up to $14,000 per year without having to…
What if the IRS tries to collect taxes you do not owe.
- David Greene
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If you receive collection letters stating that you owe taxes for years that you do not think you owe, you need to proceed under the approach to compromising tax liability known as the “Doubt As To Liability” doctrine. As the…