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New Haven, CT Real Estate News

By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
I am a tax attorney in New Haven, Connecticut that help taxpayers dealing with IRS audits and back balances all over the country. For S Corporation owners having a grasp and making the right call on compensation is not just smart business practice—it's a vital part of following IRS rules. Reasonable compensation ensures that shareholder employees are fairly paid for their efforts while steering clear of tax complications. In this piece we'll delve into what reasonable compensation involves, its importance and how S Corporation owners can smoothly navigate IRS guidelines.Reasonable compensation as defined by the IRS refers to the pay that would typically be given for services in circumstances by comparable businesses. Essentially it's the salary a shareholder employee would earn for thei...
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By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
I represent taxpayers with tax issues in New Haven, Connecticut as well as all over the country before the IRS, Department of Justice Tax Division and State Departments of Revenue.  The IRS knows there are more than 10 million non-filers and has known who they are for several years now.  Last week the IRS announced the long awaited move against the top 125,000 high-income non-filers is starting. For those who haven't filed their taxes there are a few initial considerations: How many years must they file? Should they just file or should they request Voluntary Disclosure? Compliance with tax regulations goes beyond avoiding penalties; it involves maintaining your filing and payment compliance and working out an arrangement on any back-taxes owed. Submitting tax returns on time is vital—ev...
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By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
I am a tax attorney in New Haven, Connecticut that helps taxpayers struggling with tax debt all over the country.  Dealing with tax matters can feel overwhelming, for any taxpayer. Whether its dealing with mounting debts or the looming threat of IRS enforcement actions the financial strain can be quite daunting. Fortunately there are options to help individuals facing challenges one being the option to acquire Uncollectible Status, also known as Currently Not Collectible (CNC) status from the IRS.Uncollectible status offers a relief for taxpayers experiencing hardship and unable to fulfill their tax obligations. When granted status the IRS puts a pause on collection activities providing some respite from asset or income levies. Despite the tax debt remaining in place there are advantage...
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By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
I am a tax attorney in New Haven, Connecticut that helps taxpayers struggling with tax debt all over the country.  Facing a tax debt can be a daunting experience, but the IRS offers options for taxpayers to manage their obligations through installment agreements. However, these agreements come with their own set of rules and considerations that taxpayers and practitioners must understand to navigate effectively.An installment agreement is essentially a structured payment plan between the IRS and a taxpayer to settle back taxes over a period of time, typically in monthly installments. While it offers relief by spreading out the payments, there are key points to grasp before initiating negotiations.Firstly, it's crucial to acknowledge the IRS's stance on installment agreements. The IRS ai...
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By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
I am a tax attorney in New Haven, Connecticut that helps taxpayers struggling with tax debt all over the country.  If you are feeling overwhelmed by mounting tax obligations, you're not alone. Luckily there's a solution that could ease your burden; the IRS Offer in Compromise (OIC) program. This program offers hope to those facing hardship by providing a way to settle tax liabilities for less than the amount owed. In this article we'll take a look at the IRS OIC program discussing its eligibility requirements, application process and important factors to consider.The IRS OIC program is designed for taxpayers who may not have the ability to repay their tax debts in full. It allows qualifying individuals to negotiate a reduced settlement amount with the IRS under conditions. A key aspect ...
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By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
The focus of my practice is civil and criminal tax representation, including helping taxpayers seek innocent spouse relief from the IRS.Navigating the complexities of tax law can be a daunting task, especially when it comes to joint tax returns and the potential liabilities they entail. Married taxpayers who file jointly with their spouses often find themselves in situations where they are unfairly held responsible for tax liabilities that they believe should not be their burden to bear. However, relief may be available through the IRS Innocent Spouse Relief provisions outlined in Internal Revenue Code (IRC) Section 6015.When considering Innocent Spouse Relief, the first crucial step is determining whether a joint tax return was filed. This seemingly simple question can sometimes lead t...
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By Jon Sigler, Sigler Sold Another! 860-306-8029
(Coldwell Banker Realty)
Welcome, pizza aficionados! If you're on the hunt for the most outstanding pizza places in New Haven, CT, you're in luck. In this article, we reveal five must-visit pizzerias that have secured spots among the best pizzas in America. Believe us, these heavenly slices are not to be missed! Having experienced all these pizzerias personally, we can attest to their exceptional quality, with Pepe's topping our list of favorites.1. Frank Pepe Pizzeria Napoletana: The Undisputed ChampionFrank Pepe Pizzeria Napoletana holds the crown for the best pizza in the United States. Established in 1925, this legendary pizzeria has delighted taste buds with its mouth-watering pies for nearly a century. Their most renowned creation is the white clam pizza, an unconventional yet delectable treat that's a mu...
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By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
Whether you are in New Haven, Connecticut or not, what is "Reasonable Compensation" is a critical issue for S Corporation owners.  We have defended both taxpayers and tax preparers on this issue before the IRS.  The answer to this question depends on a variety of factors and can be complicated. This blog post will explore the concept of reasonable compensation for an S-Corp owner and provide some basic guidelines to help you better understand how to support the wage number on that 1120-S Return.Tax ImplicationsThe Internal Revenue Service (IRS) requires that S-Corporations pay their owners “reasonable” compensation" in order to avoid tax penalties. Reasonable compensation is defined as any amount that is considered fair and consistent with the industry standard for similar services prov...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
As an estate planning attorney in New Haven, Connecticut, clients often come to me and say they want to avoid probate. This usually occurs after they have been through the probate process for a parent or other family member and have learned the hard way just how much of a nightmare it can be.  Fortunately, with proper planning, much of the probate process can be simplified or avoided entirely with the use of trusts. In Connecticut, the probate process is used to settle estates and transfer a decedent’s property. The use of a will does not avoid going through the probate court. To the contrary, if the decedent had a will, the will must be “probated” through the probate court.  Some people make the mistake of thinking that titling their assets jointly will solve the problem. While holding...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
I am an estate administration legal assistant in New Haven, Connecticut, and frequently help clients probate estates. In my last post I provided an overview of the probate process. This may have compelled some of you to start thinking about whether you need to retain a probate attorney. If you have been appointed the fiduciary of an estate, navigating the probate process alone can be particularly difficult after just losing a loved one, as well as stressful and time consuming. As a fiduciary the probate process can become even more complicated if the decedent owned numerous assets, and by the involvement of potential creditors and possible disputes with beneficiaries. If you have decided that retaining a probate attorney is the right decision for you, successful planning for your first ...
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By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
My latest column is out on Bloomberg Tax: Are You a Non-Filer? How to Come in From the Cold With the IRSIn it I walk you through whether the tax returns can just be filed, how many years to file, and when the taxpayer should consider making a voluntary disclosure with the IRS.Check out the column here and let me know if you have any questions or comments: https://news.bloombergtax.com/tax-insights-and-commentary/are-you-a-non-filer-how-to-come-in-from-the-cold-with-the-irs Thanks, EricEric L. Green, JD, LL.M.Green & Sklarz LLC1 Audubon Street, 3rd FlNew Haven, CT 06511egreen@gs-lawfirm.comhttps://gs-lawfirm.com 
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By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
My most recent column on the new enforcement focus on unpaid payroll taxes is out on Bloomberg Tax:https://news.bloombergtax.com/tax-insights-and-commentary/unpaid-payroll-taxes-just-became-more-dangerous-for-ownersIf you or your client has a payroll tax problem please contact me at either (203) 285-8545 or by email at egreen@gs-lawfirm.com.   
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
I am a legal assistant in our tax practice in New Haven, Connecticut and routinely work to represent taxpayers before the Internal Revenue Service.  Most people are unaware that when a married couple files their returns jointly there is something called “joint and several liability”.  This means that both taxpayers are liable for tax, interest or penalties that occur from the return and the IRS does not distinguish between the two people.Did you know the IRS allows you to submit a claim for injured spouse relief?  The term injured spouse refers to one spouse being negatively impacted by the other spouse’s debt.  An Injured spouse relief claim can be used to help one spouse obtain their share of the joint refund that was taken due to the other spouse owing some of the following debts: Pa...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
As an estate planning attorney in New Haven, Connecticut, I counsel clients in all stages of life and with varying backgrounds. Some clients are single, some are married, some are divorced or widowed, and some are in second or third marriages. While all of these situations require different considerations from an estate planning perspective, clients who have remarried and have children from prior marriages find themselves in a unique position. How do they provide for their spouse and ensure their children from a previous marriage are also taken into consideration? To illustrate the potential problem, take the following example: John and Jane are married, and each has a child from a previous marriage. John and Jane both have wills that leave their entire estates to each other. John dies ...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
I am a business bankruptcy and insolvency attorney who routinely represents businesses in a variety of bankruptcy matters.  When a corporate client calls me, it is usually because something has gone wrong – maybe they couldn’t pay their rent due to a reduction in monthly sales, so the landlord is ready to kick them out of their prime location, or the recent global supply chain issues are affecting their ability to manufacture their product as forecast, causing a huge reduction in operating cash flow. If this is a smaller business, filing for bankruptcy and reorganizing its debt under Chapter 11 may be the best option for it to survive.  In February 2020, a new federal law known as the Small Business Reorganization Act (the “SBRA” or “Subchapter V”) went into effect.  The SBRA is specifi...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
I am an estate administration legal assistant in New Haven, Connecticut, and frequently encounter clients who are in the vulnerable position of just losing loved ones and unfamiliar with the Connecticut probate process. My main objective is to inform clients of the administration process in a straightforward manner. Connecticut has a streamlined process for settling small estates, where the decedent owned less than $40,000.00 in solely owned assets. The process includes filing an affidavit and an estate tax return, and circumvents regular estate proceedings. Thus, the small estate procedure expends less time and funds. This process cannot be used if the decedent possessed solely owned real estate.  With real estate the normal probate procedure is required. If a Connecticut resident died...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
I regularly represent clients in business insolvency and bankruptcy matters in Connecticut. Recently, with the passage of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act on April 1, 2022, conversations among business law and bankruptcy practitioners have again turned to the topic of the cannabis industry. In particular, many are wondering about the future of the nascent cannabis industry here in Connecticut and what effect a reduction of restrictions at the federal level might have on it. In light of these developments and the recent trend of legalizing recreational adult use, many entrepreneurs are also sizing up the market—and rightfully so.While cannabis is now legal in Connecticut for both medical and recreational adult use, cannabis, and certain cannabis-based pro...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
I am a tax attorney who routinely represents taxpayers before the IRS in Connecticut in civil tax matters.  With the increase in online retail businesses, we are seeing a surge of businesses receiving bad 1099Ks under the owner’s social security number rather than the business federal identification number.  This creates a tax problem for the owner, and getting these situations fixed has become routine in our firm. The IRS requires payment settlement entities to report the gross amount of payments received by a U.S. taxpayer when that taxpayer receives more than $20,000 in sales and has over 200 transactions in a year.  A Form 1099K is the information return that is filed with the IRS. Anytime you receive 1099K, it is important to make sure the form belongs to you and has the right soci...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
I am an estate planning attorney in New Haven, Connecticut. As such, I’m often asked the question, “when should I get an estate plan?” Although estate planning involves much more, the potential client is generally asking the me when they should get a will or trust.  I routinely handle estate planning for clients from different walks and stages of life, and over the years have concluded the answer is this: if you experience (or are about to experience) a significant life change, you should create or consider revising your estate plan. For example, getting married, the birth or adoption of a child, and the passing of a relative are all life events that impact your estate.  Marriage is the perfect time to review or create an estate plan. If it is the first marriage for both spouses, it is ...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
The focus of our tax practice is representing taxpayers before the IRS.  An Offer-in-Compromise allows a taxpayer to settle their tax debt for less than the full amount. Although this is one of the most common options for tax resolution it is not always the best route for everyone and there are still a lot of misconceptions regarding Offers. I deal with clients everyday looking to resolve their tax debts through the IRS Offer-in-Compromise program, and below are a few of the most popular urban legends I hear: The IRS never accepts offers There is no way to change the amount of your Offer There is a special “Fresh-Start” program that helps you settle IRS debts The IRS doesn’t care about the current year If you transfer away everything before you submit your Offer it wont be considered as...
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