Can one pay more on an Installment Agreement than the negotiated amount?
- August 31st, 2021
- David Greene
- Comments Off on Can one pay more on an Installment Agreement than the negotiated amount?
You are on the right track wanting to pay off the IRS sooner, for by doing so you pay off the Agreement early and will save interest. You do not have to renegotiate a new Installlment Agreement, although you can…
Can the IRS seize and sell jointly owned property?
- August 10th, 2021
- David Greene
- Comments Off on Can the IRS seize and sell jointly owned property?
Unfortunately they can in certain circumstances. There is a recent case that ended up going to the Seventh Circuit Court of Appeals. In that situation a father and son owned the land jointly and the father owed the tax. The…
How have child tax credit ruleds changed?
- August 5th, 2021
- David Greene
- Comments Off on How have child tax credit ruleds changed?
Thank you for your question. There have been quite a few changes to the child tax credit. Here are a few: (1) The credit is higher than last year. (2) There are now automatic advance payments of one-half of your…
Are offshore credit cards illegal?
- July 29th, 2021
- David Greene
- Comments Off on Are offshore credit cards illegal?
Americans can do business in any country as long as such business is allowed by that country. Therefore, having an offshore credit card is not illegal. However, most of these cards are designed to evade income tax and that is…
What is a hobby loss vs. a deductible business loss?
- June 17th, 2021
- David Greene
- Comments Off on What is a hobby loss vs. a deductible business loss?
A hobby loss is not deductible, but a business loss is. An IRS audit is usually where the question arises: Is this “business” really a business or merely a hobby which continuously loses money? The IRS looks at several factors…
What can I do to avoid being audited?
- May 27th, 2021
- David Greene
- Comments Off on What can I do to avoid being audited?
I often get this question during tax season. There is nothing you can do to guarantee that you will never be audited. However, by following three simple rules, you can minimize your chances of being audited and, if you are…
Is the Offer In Compromise program a tax scam?
- May 25th, 2021
- David Greene
- Comments Off on Is the Offer In Compromise program a tax scam?
The Offer in Compromise program is not a scam. However, scammers use the promise of an Offer to scam you. There are a lot of scams being run today, one of which states that the promoter can settle your back…
Does working from home change tax implications for businesses and employees?
- May 11th, 2021
- David Greene
- Comments Off on Does working from home change tax implications for businesses and employees?
An employee’s work from home status will change certain tax implications for both employer and employee. While home office expenses have not been allowed as a deduction for employees since 2018, this year employers can help employees by buying equipment…
Will my severance pay from my employer be taxed?
- May 4th, 2021
- David Greene
- Comments Off on Will my severance pay from my employer be taxed?
Severance pay is generally treated the same as ordinary income, i.e. wages or salary. This is because the IRS treats it as final payment of income due to the employee or sometimes unused vacation day or sick day pay. However,…
I would like to set up an Installment Agreement to pay my delinquent taxes. Does the IRS have to accept my Agreement at whatever amount I am willing to pay per month?
- April 28th, 2021
- David Greene
- Comments Off on I would like to set up an Installment Agreement to pay my delinquent taxes. Does the IRS have to accept my Agreement at whatever amount I am willing to pay per month?
The IRS will accept your Installment Agreement request without your furnishing your financial information only if the following conditions are met: 1) the total owed is less than $50,000.00; 2) the taxpayer has filed all required returns for the past…