eric l green: Connecticut Nominee Liens: Parking Assets in another's name? Beware the IRS Nominee Lien
- 09/25/10 02:57 PM
You're in Connecticut and not worried about the IRS collection letters because your assets are in somebody else's name? You may not be home free just yet: welcome top the dreaded Nominee Lien! A Nominee Lien is a lien that is filed against a third party by the IRS when a taxpayer who owes money to the IRS has assets titled in other people's names. A common instance of this arises when a husband is the sole wage earner paying all of the bills yet the house is titled in the wife's name. If the IRS Revenue officer (Collection) believes that the … (0 comments)
eric l green: Massachusetts DOR Tax Collections: The Massachusetts Department of Revenue Announces significant Increase in Tax Collections
- 07/16/10 04:12 AM
Today the Massachusetts Department of Revenue (DOR) announced that June 2010 saw significant tax collection increases, exceeding the monthly benchmark by $149 million; full year collections exceed FY10 estimate by $78 million Our office focuses on representing taxpayers before the IRS, CT DRS and Massachusetts DOR, and we have noted a significant increase in Massachusetts DOR Collection actions. Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for June 2010 were $2.031 billion, an increase of $240 million, or 13.4% from June 2009, $149 million above the monthly benchmark. June sales and use tax collections of $424 million were up … (2 comments)
eric l green: CT DRS New Haven Tax Debt: The CT DRS is Posting the Top 100 Delinquent Individual TaxPayers on the web!
- 07/16/10 03:41 AM
If you owe the Connecticut Department of Revenue (DRS) more than $59,000 you should know that you may become famous, as the CT DRS is posting the top 100 delinquent individual taxpayers on their website. Its the whole "shame them into paying" concept. Our office focuses on IRS and Connecticut taxpayer representation, and we often have clients get upset when they are alerted that their name will be posted on the Connecticut website for all to see. And worse: it will have not only your name, but your home address and how much you owe! So what should you do? Deal … (0 comments)
eric l green: CT DRS Tax Crimes: The CT DRS has stepped up criminal enforcement for Failure to Collect and Pay Over Taxes
- 07/15/10 04:35 AM
If Business has been slow, you may not want to put off filing and paying your Connecticut State Sales or Withholding Taxes, as the CT DRS has stepped up criminal enforcement for failure to collect and pay over taxes. In our office we focus on representing taxpayers and businesses with Federal and Connecticut Tax issues. I have personally seen a huge upsurge in Connecticut DRS criminal tax enforcement activity over the last year and a half, and would assure anyone reading this that the key to avoiding a criminal tax referral is to come in and let us help you get … (0 comments)
eric l green: Estate Planning and QPRT: Cashing in on a down market by using a Qualified Personal Residence Trust in Hartford, CT
- 07/02/10 02:19 PM
With the economy as shaky as it is, you may want to make great financial move now by using a Qualified Personal Residence Trust in Hartford, CT. Among the many estate planning moves we assist clients with, one is to transfer away a principal residence or second home to a Qualified Personal Residence Trust, also known as a QPRT. So what is a QPRT? A QPRT is a trust into which the individual transfers their residence. The grantor of the trust (meaning the person making the transfer of the property to the QPRT) retains use of the property for a set … (0 comments)
The Amnesty program will cover all tax years ending on or before December 31, 2009. The program will provide taxpayers a waiver of all penalties for full payment of the tax and interest owed.
For the small business our office deals with in Massachusetts, state taxes are often the first expense the business falls behind on. And once a business fails to either … (0 comments)
eric l green: Real Estate Sale IRS Lien: Helping clients sell their property with an IRS Lien in Hartford, CT
- 03/06/10 08:28 AM
Are you trying to work with someone to sell real estate who has an IRS lien attached to it? This is not an uncommon situation, and will only become more common as the 2009 income tax returns roll into the IRS this year. As of December 31, 2008, more than 9.2 million taxpayers were in the IRS Collection Division inventory! What makes this number more incredible is that the inventory number reported by the IRS as of December 31, 2008 includes only the returns filed at that time: 2007 and prior. We represent a number of taxpayers sent to us by … (1 comments)
eric l green: Defaulted IRS Installment Agreement: What to do if you have defaulted on your IRS Installment Agreement in Hartford, CT?
- 03/06/10 06:14 AM
What should you do if you had an installment agreement with the IRS and you have defaulted on the agreement? The first thing is do not panic. There are a number of ways that well-meaning taxpayers can default on an existing IRS installment agreement, including: Failure to file a tax return timely; Creating a new tax liability; and Failing to make an installment agreement payment on time. Our office handles these situations frequently in Hartford, CT as well as other areas of the state, and the first step we often counsel clients to do to take is immediately contact the IRS … (1 comments)
eric l green: Connecticut DRS Offer of Compromise: Compromising your tax debt in CT
- 02/25/10 12:00 PM
Do you owe the Connecticut Department of Revenue Services ("DRS") money and would like to compromise the tax debt, or settle it for pennies on the dollar? Many taxpayers contact us when they or their businesses get into tax trouble and, having watched all those misleading commercials on late night TV (and they are misleading!) and believe they can settle for pennies. The truth, when dealing with the DRS in Connecticut, is a bit more compliacted than it appears. The first thing taxpayers need to understand is that the CT DRS does not operate like the IRS. The IRS Offer in … (0 comments)
eric l green: CT Employment Tax Audit: Dealing with the CT BETA Unit in Hartford, CT
- 02/20/10 01:00 PM
Have you heard of the CT DRS BETA Unit yet? If you are a business owner in Connecticut you will shortly! The Connecticut Department of Revenue Services (DRS) formed the "Business Employment Tax Audit" ("BETA") Unit a few years ago and they are already making their mark. The goal of the CT DRS BETA Unit is to seek out employers who are not properly reporting or paying over payroll taxes (referred to as withholding taxes in Connecticut) and pursue those employers. Our office has handled a number of these audits, as we represent many small businesses who find themselves being audited … (0 comments)
eric l green: CT Sales Tax Audit: How to protest the auditor's findings in Hartford, CT
- 02/20/10 12:43 PM
So what to do after you recover from the shock of seeing the CT DRS Sales Tax auditor's findings? Shake it off and call a tax professional. Our office handles CT DRS sales tax audit issues all the time, and it is an area we can help you with. Whether in Hartford, CT or elsewhere, the CT DRS Sales Tax auditors can be aggressive, and often there are a number of issues that may be appealed in your sales tax protest. These include: The mark-up of taxable items The percentage of items sold subject to the sales tax Wether the test … (0 comments)
eric l green: Selected for a sales tax audit in Hamden, CT
- 02/16/10 09:43 PM
So your business in Hamden, CT has been selected for a sales tax audit by the Connecticut Department of Revenue Services, or DRS. Time to panic? Absolutely not. The key to any any sales tax audit is being able to back-up your numbers. When our office assists businesses in Hamden, CT with a CT DRS sales tax audit there are a number of items we request from the client, including: Copies of the sales tax returns Bank statements Cash register tapes or Z Tapes Vendor purchase invoices Accoding to Connecticut regulations, businesses are required to maintain cash register receipts as part of … (0 comments)
eric l green: IRS Payroll Tax Problem in Hamden, CT?
- 02/16/10 12:36 PM
With IRS Collection and Enforcement on the rise, it is not uncommon for businesses to have the IRS pursue a payroll tax liability in Hamden, CT. The key to this is trying to minimize the damage. Our office deals with IRS and CT DRS tax problems on a daily basis, and often the key to handling a payroll tax problem is to move quickly to deal with it. The IRS has the ability to pursue individuals and businesses that it deems responsible for the failure of the company to pay over payroll taxes for the portion of the payroll taxes withheld … (0 comments)
A QPRT is an irrevocable trust created by the property owner that is designed to hold a residence for the taxpayer’s benefit for a number of years. After the number of years has expired, the property is then held for the benefit of individuals named by the taxpayer when the trust was created, usually descendents.
When a QPRT is created the taxpayer who forms the trust, called the … (0 comments)
eric l green: HOW TO HAVE AN IRS LIEN SUBORDINATED IN HARTFORD, CT
- 02/14/10 06:33 AM
<!--StartFragment--> Once the IRS has filed its lien to secure its interest, many taxpayers come to our office trying to sort out How to Have an IRS Lien Subordinated in Hartford, CT. There are a number of options for dealing with the IRS Lien, including instances where taxpayers may be able to borrow money from a third party and want to know How to Have an IRS Lien Subordinated in Hartford, CT. In instances where a third party lender may be willing to lend money to the taxpayer, and where the taxpayer can demonstrate that by allowing the third party lender … (0 comments)
eric l green: HOW TO PROTEST A CT DRS SALES TAX AUDIT IN HARTFORD, CT
- 02/14/10 06:27 AM
You underwent an audit by the Connecticut Department of Revenue Services (“DRS”), after which you receive a set of work papers with a number they claim you owe them that bowls you over, and now you are wondering how to protest a CT DRS sales tax audit in Hartford, CT? The first step is to get professional representation, if you didn’t already have it. Though there are instances where taxpayers can handle the matter themselves, the protest is a key step in both appealing the audit findings and preserving your right to fight the assessment in court. The deadline to … (2 comments)
eric l green: WHY YOU SHOULD NEVER OWN REAL ESTATE IN AN S CORP IN HARTFORD, CT!
- 02/14/10 06:23 AM
<!--StartFragment--> For real estate investors, the use of an entity to hold commercial or rental properties is generally a good idea, however, the choice of the entity an investor uses is very important, and in this segment of my multi-article review of this topic, I tell you why you should never own real estate in an S Corp in Hartford, CT (or anyplace else for that matter!). Use of an entity to hold property is very important. It:
· Can shield you as the owner from personal liability; · Protect your personal information from being shared with tenants; and · … (2 comments)
eric l green: HOW TO DEAL WITH AN IRS LIEN IN HARTFORD, CT
- 02/14/10 06:17 AM
<!--StartFragment--> A question that frequently comes up is How to Deal with an IRS Lien in Hartford, CT? IRS Lien Basics When taxpayers file a tax return the IRS will process that return and assess the tax liability based upon the information provided by the taxpayer. They will then apply the taxpayer’s payments and withholding against the liability. Ten days after the date of assessment a lien arises automatically by statute in favor of the IRS. This lien, referred to as a hidden lien because there is no public notice given by the government, attaches to all of the taxpayer’s property, … (0 comments)
eric l green: BASIC ESTATE PLANNING IN HARTFORD, CT
- 02/14/10 06:12 AM
<!--StartFragment--> You know you need to get your estate planning done, but now you are wondering what you need for documents and insurance for basic estate planning in Hartford, CT? The first step in creating an estate plan is knowing what you are trying to accomplish. Once you have your arms around your needs it becomes easier to know what documents and insurance you need to cover the need. The basic documents you want to consider including in your basic estate planning in Hartford, CT are the following: 1. Will 2. Living Will and Health Care Proxy 3. Durable Power of … (0 comments)
eric l green: AN IRS LEVY IN HARTFORD, CT: What should I do?
- 02/13/10 10:53 PM
<!--StartFragment--> A question that frequently comes up in my practice is what to do about an IRS Levy in Hartford, CT? When a taxpayer fails to respond to IRS requests for either missing tax return or to provide financial information to help settle an outstanding tax debt, the IRS frequently resorts to enforced collection activities, ie. levy. A levy is literally the taking, or seizing, of a taxpayer’s property or income. There are 2 types of levies: a regular levy and a continuous levy. So what should you do about an IRS Levy in Hartford, CT? A regular levy is a … (0 comments)
News, updates and innovative discussion of what is happening in the world of estate planning, tax planning, and criminal and civil taxpayer representation.
You're in Connecticut and not worried about the IRS collection letters because your assets are in somebody else's name? You may not be home free just yet: welcome top the dreaded Nominee Lien!
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