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November 2016 Archives

Navigating statute of limitations extension agreements

In recent posts, we’ve been looking briefly at the statute of limitations for the IRS to pursue additional payments in tax audits. As we noted last time, the IRS generally has three years to make tax assessments, does sometimes ask taxpayers to agree to an extension of the deadline for assessing taxes. Though taxpayers do not have to agree to such an extension, doing so can benefit them in some circumstances.

When art is your business

There are certain activities out there that some people do as a business while others do as a hobby. Art is among these activities. Professional artists or other individuals who are trying to make a business out of one of these activities can face scrutiny from the Internal Revenue Service over whether they are actually engaged in business or instead are just a hobbyist. This issue can be a major focus area when such an individual ends being audited by the IRS.

Can you pay employees in cash?

Failing to pay payroll taxes causes severe penalties from the IRS. In fact, the IRS tends to view this kind of tax evasion as more serious than that of income tax evasion. Usually businesses don't pay employment taxes du e to financial hardship, but another reason a business may not be paying them is due to paying employees in cash. This isn't illegal unless the purpose behind it is to avoid paying taxes. The practice of not reporting cash payments is usually associated with employees, but it applies to employers, too. Here's what you need to know about cash payments so you don't end up with fines or even a jail sentence.

What is the statute of limitations for a tax audit? P.2

Previously, we looked briefly at the time limitations for the Georgia Department of Revenue to conduct an audit and assess penalties on a taxpayer. As we noted, three years is the general rule, though six years is the maximum amount of time the state has to assess additional tax liabilities on a taxpayer.

What is the statute of limitations for a tax audit? P.1

One of the issues taxpayers need to be aware of when coming under a tax audit is that tax authorities at both the state and the federal level don’t have an unlimited amount of time with which to pursue unpaid taxes. There is a time limit for tax authorities to act, known as the statute of limitations. The statute of limitations is different under federal law than it is under state law.

Why worker classification decisions are important

Many key decisions come up for a business as it is bringing a new worker on. One is whether to classify the worker as an employee or an independent contractor. What classification a worker is given can have many implications for a company, including tax implications. A worker being an employee puts some added tax requirements on a business, as we note in our page on tax issues regarding classification.

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The Peck Group, LC

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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.