Unmasking the Master of Distressed Properties Robert Anthony Di Giorgio, Sr., was a real estate guru who turned distressed properties into goldmines. But this high-rolling, jet-setting tycoon wasn’t just hiding renovation secrets – he was also hiding a fortune from the taxman. Between 2005 and 2007, Di Giorgio failed to report a substantial portion of […]
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Charles Lin & Amy Lin
https://www.courtlistener.com/opinion/9385539/charles-lin-amy-lin/ Background Charles Lin and Amy Lin, a retired couple residing in Virginia, filed their 2019 federal income tax return. On their return, they reported $4,010 in dividends, $50,629 in taxable retirement benefits, and a rental real estate loss of $8,189. The rental loss was from a room that the couple rented out to a […]
Offer in Compromise Pre-Qualifier Tool
Tax problems can happen to almost anyone. Perhaps you got behind on your estimated payments as a self-employed individual, or you withheld too little from your paycheck, and now owe thousands of dollars to the IRS. Whatever the case may be, if you are having trouble paying off your tax debt, you may be able […]
Paycheck Protection Program
Paycheck Protection Program If your business is in immediate need of cash, the federal government has rolled out several different programs to assist businesses, one of which is the Paycheck Protection Program. The Paycheck Protection Program (“PPP”) is a federally guaranteed loan to businesses to pay their payroll and certain other operating expenses. PPP has […]
COVID-19 Tax Relief: Everything You Need to Know
The IRS and state governments have announced various COVID-19 tax relief programs due to the coronavirus. We’ll do our best to keep this page updated with the most up to date information. The IRS’s COVID-19 Tax Relief Announcements The IRS officially extended the deadline to file and pay your 2019 taxes until July 15, 2020, […]
Nonfilers: What to do when you haven’t filed your tax returns in years
One of the most common types of matters I handle is the nonfiler—the individual or business that has not filed taxes in one or more years. One in every ten people who has a filing requirement does not file a return. Some common reasons people don’t file: An illness or family death around tax season […]
2018 Tax Survey Of New Jersey Business Owners
Tax and tax law can be extremely complex. In fact, there are nearly 10.1 million words in the US tax code. Moreover, tax law is constantly evolving. There were nearly 5,000 changes alone between 2001 and 2012, and there have been even more changes in the past 6 years since 2012. Being able to make […]
IRS Tax Liens
IRS tax liens can be broken down into two categories: (1) unfiled liens and (2) filed liens. Federal Tax Lien: A Comprehensive Guide for Businesses A Comprehensive Guide to Understanding Federal Tax Liens In the world of taxes, numerous terms and concepts can confuse the average taxpayer. One such term is a federal tax lien. […]
Nine Things to Know About the House’s Tax Plan
House Republicans recently passed a bill that would significantly change the tax code. Here are some of the major changes: 1. Tax Relief for the Middle Class…Maybe. The bill doubles the standard deduction, to $12,200 from $6,350 for single filers, and to $24,400 from $12,700 for married couples. Sounds great, right? But the bill eliminates […]
IRS Interest Rate Stays at Four Percent
Tax Attorney Serving the State of New Jersey Including Bergen County The Internal Revenue Service recently announced the interest rate for the fourth quarter of 2017 for underpayments will remain at 4%. The IRS interest rate changes every quarter. The IRS interest rate is based on federal short-term rate plus 3 percentage points. In the […]
What to Do After the IRS Rejects Your Offer in Compromise
TL;DR If the IRS rejected your Offer in Compromise (OIC), you’re not alone—the IRS rejects a large portion of OIC applications. In fact, out of 30,163 OIC proposals in FY 2023, the IRS accepted only 12,711, representing approximately 42% of the proposals. This means the majority of offers are not approved on the first try. […]
