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Atlanta Tax Law Blog

Divorce and taxes

Getting divorced is one of the most significant and stressful events a person can go through. Unfortunately, it also has a considerable impact on another stressful event: filing your taxes.

If you recently got divorced or plan to get divorced between now and the end of the year, you will need to keep in mind the fact that come next April, your tax filing situation will be quite different. As detailed in this article on the IRS website, there are a few big changes in particular you can anticipate.

Handling taxes for a loved one's estate? Don't panic

If you have recently been appointed as the estate administrator for a deceased loved one, you may be required to file one or more tax returns in addition to managing the decedent's assets, paying off debts and distributing any assets that remain to beneficiaries. This process can be complicated, but hiring an experienced tax attorney can keep it flowing smoothly, leaving you free to complete other tasks requested of you. Your lawyer will help you stay organized and make sure you file the proper paperwork every step of the way.

Determine the decedent's assets, debts and beneficiaries

Once you receive the letters testamentary authorizing you to act on the decedent's behalf, you can begin gathering the data needed to determine the value of assets and whether any debts are owed to creditors. All creditors will need to file a creditor claim to be recognized as having a legitimate request for a portion of the estate. If you have any reason to believe the decedent had incurred a debt to the IRS, you may need to specifically request that the IRS file a claim as well.

IRS doesn't like Facebook's valuation of assets transferred

Tax strategies among huge corporations are incredibly complicated. Not only do they need to be concerned about employment taxes for hundreds and thousands of employees, but they also focus on minimizing their own tax obligations in transactions like sales, purchases and operations.

The various methods of tax payments and savings can have a huge impact on a corporation's financial bottom line, but there are some occasions when these strategies come under scrutiny by the IRS.

The difference intent makes when you have unpaid taxes

Failure to pay taxes is a situation that government agencies take very seriously. If there are suspicious returns, incorrect records or missing documents in regards to your return, it may not be long until the IRS comes calling.

While this can undoubtedly be a frightening situation, it is crucial that you do not act out of fear or without first understanding your legal options. These options will vary based on the allegations against you, including whether a mistake is believed to be intentional or accidental.

Conservation easements and what they can do for your taxes

Donald Trump is undoubtedly a polarizing figure, particularly these days when you can't go a day without reading a story about him running for office. Regardless of your feelings of Trump as a politician and presidential candidate, he is an established -- albeit controversial -- businessperson from whom other business owners can learn various lessons.

For instance, if you run a business and/or own property in Atlanta, you may be thinking of doing what Trump has done multiple times to take advantage of certain tax breaks. You may decide to use conservation easements to claim deductions.

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.

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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.