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Atlanta Tax Law Blog

What to know before hiring your child this summer

Now that school is out and kids have so much more free time, many Atlanta parents may be hoping or expecting their kids will get a summer job. Not only can working keep a teen or young adult busy and out of trouble, it can also teach them responsibility and the importance of working hard.

For some young people, finding a job is the easy part if they can get hired by their parents. However, this can put you, as the parent, in a critical position to understand and teach some important lessons about employment taxes.

You can solve your tax debt problems

If you owe money to the IRS, you may understandably be quite worried. The IRS has a fearsome reputation. It's powerful, too: the agency has the power to collect when you do not pay, for example by garnishing your wages or levying your bank accounts.

The good news is that there is no need to despair. If you owe business or personal taxes, there are manageable ways to remedy the situation.

Don't let back taxes cost you your house, your truck or your dog

In previous blogs, we have talked about the many ways you can resolve back taxes if you are unable or fail to pay them on time. We have also discussed the fact that the penalties and consequences of unpaid taxes can usually be limited to financial penalties. However, this is not always the case.

If you intentionally withhold your taxes or try to evade the IRS, you could wind up facing much more serious penalties, including criminal charges and jail time. For instance, recently, country music singer David Allan Coe was sentenced to three years of probation after he pleaded guilty to failing to file tax returns.

Old tax problems for people working in new industries

Workplaces across Georgia can look very different today than they did a decade ago. These days, many people are working from home, starting their own businesses and branching out into new career fields thanks to an improved economy and quickly advancing technologies. People are making a living doing things they love.

While this can certainly be a good thing for people like bloggers, YouTube personalities and app developers, there are some traditional obstacles that they can face, just like any other worker in any other profession. For instance, if you are actively and continuously involved in a project that makes you money, it's not just your hobby in the eyes of the law; it's a business.

Is leaving the country a solution to tax problems?

No one enjoys paying taxes. In fact, it can be upsetting and frustrating to see so much of your money taken away and given to the U.S. government. But does it make you mad enough to want to leave the country?

An increasing amount of people are reportedly saying yes to this question and giving up their citizenship to live in other countries. According to this report in the Washington Post, the number of U.S. expatriates has recently increased sharply and sources have reason to believe the spike is a result of changes to tax laws and penalties.

Don't fall victim to IRS scams

One of the more frightening calls a person can receive is one from a government agent. For instance, a call from someone at the IRS can immediately send you into a panic. In the event that you are contacted by someone from the IRS, it will be crucial that you take seriously whatever they are saying and/or requesting.

However, chances are, you won't just be contacted by them out of the blue. In fact, if you do receive a call from someone claiming to be from the IRS, there is a chance that you are being targeted by a scam. In this post, we will explain some differences between a legitimate call from the IRS and one that is unlawful.

Repaying state taxes with an installment agreement

In our last post, we examined three different options people have when it comes to resolving state tax debt. In this post, we will look a little more closely at one of the options available: repayment with an installment agreement.

An installment agreement allows you to repay taxes over time with smaller chunks of payments. This solution can provide considerable relief to people who are trying to repay taxes but cannot afford to do so all at once. Below, we will look more closely at these agreements.

Owe state tax debt? Know your options

If you owe state taxes, it is important that you take the situation seriously and act fast. Resolving the issue sooner, rather than later, can help you avoid certain penalties and put the matter behind you.

However, you may be scared or hesitant to do anything because you don't know what your options are. If this sounds like your situation, you should know that you have a few options to resolve tax liabilities and mitigate the penalties.

Are there tax benefits to taking a pay cut?

For better or worse, money is at the center of many employment decisions. Overall, the message many people get when it comes to compensation for work is the more, the better.

However, we also know there is such a thing as too much money. In recent years, executives, politicians and other high-profile figures have gotten serious flak for making too much money, according to the public. Now, some people are taking the opposite approach to corporate salaries. Instead of demanding huge paychecks, people like Mark Zuckerberg and the co-founders of Google are volunteering to take a considerable pay cut. 

Do you need to amend your tax return?

For a lot of Americans, the tax return deadline came and went without incident. For many, their returns were much like they always are: straightforward and relatively easy to file. But for some individuals, the process may not have been so simple.

The arrival of late tax documents or the realization that a deduction was not filed properly are just two things that could send the average taxpayer into a panic because of the threat of an audit. For people in this situation, the next few months may be the time to consider filing an amended tax return.

But when is it necessary to file an amended return? Sometimes, not as often as you may think. 

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Located in Atlanta, The Peck Group, LC, represents clients nationwide. Regionally, we are committed to serving clients in Fulton County and throughout the state of Georgia.