Posts Tagged ‘taxes’

When can the 60 day IRA rollover limit be waived?

  • David Greene
  • Comments Off on When can the 60 day IRA rollover limit be waived?

There are procedures (in addition to those in the CARES Act) that can be used to get relief from the 60 day limit to rollover an IRA without taxes if certain criteria are met.  They are: (1) An error was…

What is an Offer In Compromise based on Doubt as to Liability?

  • David Greene
  • Comments Off on What is an Offer In Compromise based on Doubt as to Liability?

The Offer based on doubt as to liability is not very common, but is very useful in certain situations.  To make an Offer on this basis, there must be a genuine dispute as to the validity of the taxpayer’s liability. …

Are Social Security benefits non-taxable in all situations?

  • David Greene
  • Comments Off on Are Social Security benefits non-taxable in all situations?

The answer is both “yes and “no.”  Here’s what I mean.  If your Social Security is truly your only income, it is not taxable.  This is true whether it is Social Security Disability or your entitlement based on your age. …

How does one dispute payroll taxes assessed by the IRS?

  • David Greene
  • Comments Off on How does one dispute payroll taxes assessed by the IRS?

There are various ways to dispute the assertion by the IRS that you owe additional payroll taxes. Has the tax actually been assessed or have you simply been notified that you might owe this?  Also, if it has been assessed…

Is there a Fresh Start Program for businesses?

  • David Greene
  • Comments Off on Is there a Fresh Start Program for businesses?

The Fresh Start program for companies is not discussed much, but it is there in a different format.  The Fresh Start for business offers an Express Installment Agreement.  To qualify, the business must meet the following criteria: (1) the amount…

What is the likelihood of being audited?

  • David Greene
  • Comments Off on What is the likelihood of being audited?

This is a difficult question to answer.  The IRS computers use several criteria to target returns for audit, including if the current return shows much less income than the past year, an extremely high amount in deductions, or if the…

Can the IRS seize property held in the non-debtor’s name?

  • David Greene
  • Comments Off on Can the IRS seize property held in the non-debtor’s name?

Yes, they can in certain circumstances.  If person A has a tax debt and transfers his property to person B for less than fair market value, the IRS can void that transfer through a court action.  This is pursued under…

Tax tips for Start-ups

  • David Greene
  • Comments Off on Tax tips for Start-ups

Here are some tips relative to the financial and tax implications of a new business.  To make the best decisions, you should consult with an attorney or accountant when implementing these tips. (1) Pick a business structure – S or…

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