People like to claim that the government always gets what people owe it. That aphorism is a way of conveying how serious the Internal Revenue Service (IRS) is about enforcing tax law and collecting on valid tax debts. Not only can the IRS hold people accountable for...
Atlanta Georgia Tax Law Blog
What happens during an audit related to federal income taxes?
Once someone begins working or receiving passive income from investments, they have to start reporting their income to the government and paying income taxes. Filing an annual income tax return is necessary for anyone with significant income even if they are still a...
Can a foreign bank account lead to an audit or criminal charges?
Holding personal resources in an offshore account was once a top tax avoidance strategy. However, that has shifted in recent years. While some people may continue to hold resources in international bank accounts, they will typically derive far less protection from...
Why self-employed professionals are at risk of tax controversies
A tax controversy occurs when an individual taxpayer and an authority assessing taxes disagree about someone's responsibilities. For example, if the Internal Revenue Service (IRS) accuses someone of tax evasion by misrepresenting their income, that tax controversy...
3 groups at elevated risk of tax controversies and charges
Paying income taxes is part of life in the United States. Even those who only have part-time jobs are generally required to contribute to federal and state tax programs. Once a year, taxpayers need to file a tax return reporting their income and household...
What’s the difference between tax avoidance and tax evasion?
Nobody wants to pay more taxes than they have to pay – which is why both individual filers and businesses often employ various strategies to minimize their tax liabilities. There’s nothing really wrong with minimizing your taxes as long as you understand the key...
What if a taxpayer doesn’t have the full amount they owe in taxes?
Some people wait until the day that the Internal Revenue Service (IRS) stops accepting tax returns to file their annual paperwork. Occasionally, those last-minute filings will come with a surprise balance due. Most employed adults tend to receive a refund when they...
Are you at increased risk of a tax audit this year?
Filing your taxes is an annual obligation, likely even with you have barely earned any money. If you are an independent contractor, you may also have to spend quarterly estimated tax payments in addition to filing an annual return. Small mistakes can put anyone at...
What happens if your spouse lies on your tax return?
It is very common for married couples to only have one spouse work on the tax return. Maybe you've always been bad with numbers or have a hard time focusing on complicated paperwork. Perhaps you are a stay-at-home spouse and only earn $200 a year, so it just makes...
How much will you pay in interest and penalties on tax debts?
Finding out that the Internal Revenue Service (IRS) believes you underpaid your taxes is certainly a frightening experience. After all, you can count on the government to get their money no matter what. In severe cases, those accused of failing to meet their tax...
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