A recent question was: How many different ways can the IRS try to collect taxes I owe?
- David Greene
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First, let me say that I hope all my readers had a wonderful Christmas. Two weeks ago I mentioned several collection methods. This week I will discuss seizure of property in more detail. If the taxpayer still does not pay…
Can one who owns a business in name only be responsible for delinquent taxes of the business?
- David Greene
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I had a recent client who set up a business in his son’s name. He is now going to close it. It owes over $50,000 in unpaid payroll taxes and has no assets. He wanted to know if his son…
Headed for divorce? Here are some tax tips.
- David Greene
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There are several things I recommend you do if you think you might find yourself going through a divorce, both for future tax audit sake and to make sure all assets are revealed. First, copy all of your financial records…
How long should one keep tax documents?
- David Greene
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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…
Here are some tax tips for newlyweds.
- David Greene
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(1) if one spouse takes the other’s name, the one with the name change must report the change to the Social Security Administration on Form SS-5, which is available at www.ssa.gov; (2) your new marital status needs to be reported…
What are the most important factors to consider in an Offer in Compromise?
- David Greene
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Recently I promised to further discuss requirements for having an Offer accepted and not later revoked. We assume the technical requirements discussed last time have neem met. To accept an Offer In Compromise, the IRS must be convinced that your…
Are all partners responsible for the tax debt of a partnership?
- David Greene
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The rule is that, in a general partnership, every partner is liable for all debts of the partnership. If you wanted to be shielded from liability, the partnership should have been set up as a limited partnership with a general…
What is the IRS program Currently Not Collectible?
- David Greene
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You may qualify for Currently Not Collectible Status. To qualify for that status you do not have to be destitute with no assets and no job. However, you do need to be in such a financial position that all or…
Who has to pay gift tax – donor or recipient?
- David Greene
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That is a good question, with an easy answer. The receiver of the gift does not pay the gift tax. The donor pays the tax. However, anyone can give an individual a gift of money, property or any other asset…
When can an Offer in Compromise be returned without considering the merits?
- David Greene
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An Offer can be “returned,” i.e. not even considered, for technical reasons. This does not mean it was denied. When an Offer is first received, it must pass several tests to be considered. If it fails these technical requirements, it…