The Accountant's Guide to Resolving Payroll Tax Debts and Personal Liability was just released by TG Publishing!Payroll taxes are the number one reason why small businesses get into tax trouble.  Why?  Because payroll taxes are the easiest loan to take and the hardest to repay.  Easy to take because there is no loan document to complete and no banker to refuse: just keep the tax money and spend it.  They are the hardest loans to pay back because once the IRS applies the various penalties and interest the balance increases to the point the business cannot easily pay it back.  In addition, the IRS will begin pursuing the owner and other responsible employees personally for the trust fund portion of the taxes!  Payroll Tax cases also are an opportunity for practitioners to make money while... 05/09/2020

So you or your clients got your PPP Loan money - Congratulations...now what?Congress has allocated more than $600 billion to PPP loans, with, maybe, more to come.  Many questions have arisen how businesses should use these funds and account for them to obtain the promised loan forgiveness.  In the wake of large well-heeled companies such as Shake Shack and the LA Lakers applying for PPP loans, the Government has quickly released an ever more byzantine web of off the cuff rules, in the form of FAQs.  Thus, the goal of PPP loans – to provide fast money to small businesses to avoid widespread failure and unemployment – has become more complicated to realize.This program, presented in two parts, will, first, analyze how the money has to be used to obtain forgiveness and explain best practic... 05/09/2020

Though I sit in New Haven, Connecticut most days we assist taxpayers all over the country to resolve their tax debts with the IRS.  There is a lot of confusion surrounding the IRS Offer-in-Compromise program, so I wanted to clear up some misconceptions. There is no magic to an Offer-in-Compromise.  At its core, the IRS Offer program is based upon a formula called "Reasonable Collection Potential", or RCP. Many taxpayers believe that if they cannot tap equity in assets than that equity is not included.  That is wrong.  What the Offer-in-Compromise program is effectively is calculating the amount of money the IRS is willing to accept to settle the tax debt.  It is not a  measurement of what the taxpayer can easily access.  If the taxpayer has equity they cannot tap and cannot get from som... 04/22/2020

The Paycheck Protection Program (“PPP”) is geared to small business. The Small Business Administration (“SBA”) uses a very specific and complicated definition to determine which businesses can generally qualify for SBA loans. Generally, qualifying business must be a “small business concern” to obtain a loan. The CARES Act adopts SBA terminology and allows businesses that are a “small business concern” as defined by § 3 of the Small Business Act, 15 U.S.C. § 636 and its regulations, and other “business concerns” to obtain PPP loans.Among other requirements, the SBA determines whether a business is a “small business concern” by looking to regulations defining the number of employees or gross revenue. Pursuant to 13 C.F.R. § 120.100: “To be eligible for an SBA business loan, a small busine... 04/16/2020

Over the past week, I’ve been asked whether there is anything in the CARES Act that can facilitate entrance, DIP, or exit financing for a chapter 11 debtor? The short answer is likely not the longer answer is maybe.The Act delegates rule making authority to Treasury and the SBA. Given the short timeframe for the programs to be introduced, guidance has come in the form of circulars, FAQs, and forms. Thus, the guidelines are less than clear and incomplete. The forms that borrowers must complete all prohibit obtaining a paycheck protection loan or EIDL loan if (a) the company is presently in bankruptcy or (b) has previously defaulted on any government loan in the past 7 years. Moreover, if the borrower has access to other credit, it cannot typically obtain an EIDL loan, which must be colla... 04/07/2020

 For the past several weeks I have been closely following the legislation and rule making concerning the CARES Act, payroll protection loans, and related provisions.  One of the most confusing is how attribution/affiliation rules apply to companies that want to take out payroll protection loans.  Two interesting issues that that I’ve seen are: Can the owner of an operating business use payroll protection loan proceeds to pay rent (a covered expense) to her affiliate real estate holding company? Can VC-backed start-ups, that would qualify as small businesses if they were stand-alone companies, apply for payroll protection loans? Before attempting to answer these questions, we have to know a little about SBA’s rules concerning ownership attribution and affiliation.  First, these rules are... 04/03/2020

The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft."We urge people to take extra care during this period. The IRS isn't going to call you asking to verify or provide your financial information so you can get an economic impact payment or your refund faster," said IRS Commissioner Chuck Rettig. "That also applies to surprise emails that appear to be coming from the IRS. Remember, don't open them or click on attachments or links. Go to IRS.gov for the most up-to-date information."Taxpayers should watch not only for emails but text messages, websites and social media attempts that request money or personal information.“His... 04/03/2020

The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft."We urge people to take extra care during this period. The IRS isn't going to call you asking to verify or provide your financial information so you can get an economic impact payment or your refund faster," said IRS Commissioner Chuck Rettig. "That also applies to surprise emails that appear to be coming from the IRS. Remember, don't open them or click on attachments or links. Go to IRS.gov for the most up-to-date information."Taxpayers should watch not only for emails but text messages, websites and social media attempts that request money or personal information.“His... 04/02/2020

The Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.These payments will based on the 2019 tax return if filed, and if not on the 2018 return.  This means that some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for jo... 04/01/2020

I spend most of my days resolving civil and criminal tax issues with the IRS and Connecticut Department of Revenue.  Whether its income tax, payroll tax or sales tax, we have seen and dealt with most issues.  The current pandemic is creating economic chaos and incredible stress on individuals who are worried about their family's health and financial well-being.So it sounds strange to write it, but there might be a silver lining to this current pandemic.  The situation actually does create an opportunity to resolve back tax debts with the government.   The IRS, as well as most states, consider collectibility for tax debts to be based upon the taxpayers current financial situation.  So for taxpayers who have hit rough times, now may be the time to modify that installment agreement you can... 03/27/2020

Join us Monday March 30th for a FREE two-hour webinar to update you on the business, economic and tax impact of the CARES Act:Preserving Businesses During the COVID-19 Recession: Understanding the Business and Tax Impact of the CARES ActYou can register for FREE here: https://gs-lawfirm.com/program-20200330-preserving-business-during-covid-19-recession/On March 25th, the Senate passed HR 478, The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). This $2.2 trillion package is the largest ever peace time expenditure in U.S. history. Its aim is to provide fiscal stimulus to save the American economy on account of the forced shut-down of many industries due to the novel coronavirus (COVID-19). In addition, all levels of government from municipalities to the IRS, as well as i... 03/27/2020

The focus of my practice is civil and criminal tax controversy.  At 2pm EST today the IRS released its response to assist taxpayers and give guidance as to what it will be doing as far as enforcement.  IR-2020-59 provides important guidance concerning:  Existing installment agreements, New installment agreements, Pending Offers-in-Compromises, Audits, and Field collection activites (i.e. tax liens and tax levies).The highlights include: All 2019 Income Tax Returns that were due April 15th are not due July 15th - no request required.  An extension may still be filed to get additional time until October 15th All tax payments due for Aprul 15th - including income tax due with the 2019 return and ist quarter 2020 estmated tax payments are also deferred until July 15th Taxpayers may suspend ... 03/25/2020

In this special episode of the Tax Rep Network podcast I am joined by my law partner Noelle Geiger, Esq. who reviews the current response to the Covid-19 panedemic by the IRS and what you and your clients need to know. Check out the episode here: https://taxrepllc.com/tax-rep-network-podcast-episode-74-the-irs-response-to-the-coronavirus/   03/19/2020

The saying “May you live to see interesting times” has never been more poignant than now. The impact of the Coronavirus on society at large will be significant as individuals and businesses struggle to get through this. Join us Friday March 20th at 1:00 pm EST for a free session on what clients, attorneys and accountants need to know right now about the impact of the pandemic and what they should and should not be doing. Join Green & Sklarz partners Jeffrey Sklarz, Eric Green Jason Marsh and Shelby Wilson as they update you on what is happening, including: The response from the IRS and the impact on clients and their taxes An update on business reorganizations, debt issues and bankruptcy Business and commercial lending issues and where clients who need capital should be looking? With th... 03/19/2020

Green & Sklarz LLC is seeking a legal assistant/receptionist for our New Haven office.  The person will work as the receptionist and legal assistant.  We are a busy law firm.  This person's primary job duties will be: reception, client service, and assisting lawyers and other professional staff with office needs.  There is an expectation of upward mobility (FYI - all of our previous receptionists have moved up whether as paralegals or as enrolled agents). While no experience is necessary, applicants should be self-motivated and able to function in a high pressure and demanding environment. You will often be the first voice heard, and face seen by clients, thus customer service skills are highly important, including a positive attitude. Any applicant should be familiar with, and able to ... 02/12/2020

Listen in on this weeks episode as I am joined by a very special guest, Andrew Keyso, the former IRS Chief of Staff and current Acting Chief of Appeals. During this talk Andy discusses the impact of the Taxpayer First Act, where Appeals is heading, the role of the hazards of litigation, and what taxpayers need to know about their hearing with the IRS Independent Office of Appeals, and much more!Website:  https://taxrepllc.com/tax-rep-network-podcast-episode-71-the-view-from-irs-appeals-chat-with-andy-keyso-acting-chief-irs-independent-office-of-appeals/ YouTube: https://youtu.be/JdrIzohQZIk   01/21/2020

John H. Durham, United States Attorney for the District of Connecticut, announced that DEVON WILLIAMS, 30, of Atlanta, Georgia, was sentenced today by U.S. District Judge Janet C. Hall in New Haven to eight months of imprisonment, followed by one year of supervised release, for preparing false tax returnsAccording to court documents and statements made in court, Williams formerly owned and operated Perfect Preparers, LLC, a tax preparation business based in New Haven.  Between approximately 2014 and 2017, Williams prepared numerous federal tax returns for clients that contained inflated deductions, including false deductions for unreimbursed employee expenses, charitable donations, and mortgage interest.  Some returns contained false Schedule C (sole proprietorship business) information... 01/15/2020

We routinely represent taxpayers in civil and criminal tax cases.  We wanted to let everyone know that  IRS agents arrested embattled attorney Michael Avenatti in Los Angeles late Tuesday during a break in a hearing before the California State Bar, the U.S. attorney's office confirmed , saying he allegedly violated the terms of his pretrial release on charges he embezzled client funds.Michael Avenatti, famous for representing Adult Actress Stormy Daniels and had been positioning himself for a run for President, was arrested Tuesday, cutting short a hearing on whether his law license should be suspended while the California State Bar investigates disciplinary charges.The hearing was on whether Avenatti's law license should be suspended while the State Bar investigates disciplinary charge... 01/15/2020

 If you or someone you know was impacted by the peparing of a false return by Liberty Tax please contact us immediately at egreen@gs-lawfirm.com or (203) 285-8545. Justice Department Announces Settlement With Liberty Tax ServiceGovernment and Liberty Jointly Propose Order Requiring the Company to Enact Compliance Controls Affecting more than 2,800 Liberty Tax Service Stores The Justice Department announced today that it has filed a complaint with a U.S. District Court in Norfolk, Virginia, seeking entry of a court order requiring Franchise Group Intermediate L 1 LLC, (Liberty) the national franchisor and owner of Liberty Tax Service stores, to refrain from specific acts, enact enhanced internal compliance controls regarding the detection of false tax returns, and pay for an independent ... 12/04/2019

What do you do when your practice begins to take over your life, and it now seems that you are working for it instead of the other way around? Joining me on this week's podcast was the amazing Amy Vetter, who is not only a friend but one of my life coaches. Listen in as we discuss work-life balance, pivoting to find your passion, and bringing balance into your life and practice.Check out the podcast episode here: https://taxrepllc.com/tax-rep-network-podcast-episode-67-amy-vetter-on-rebalancing-your-practice-and-life/ Want to connect with Amy? check out https://www.amyvetter.com 11/02/2019