The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

Atlanta Georgia Tax Law Blog

What happens when you miss an estimated tax payment

An increasing number of Americans have discovered the benefits of self-employment. A recent study found that approximately 16 million Americans enjoy self-employment, which means they must make estimated tax payments throughout the year. 

For other jobs, people receive paychecks with taxes already taken out. Self-employed individuals simply receive payments from an employer with no taxes deducted. While this results in more money in the short-term, it means self-employed workers have remain cognizant of when they must pay taxes. You still have to submit tax returns by April 15th, but you also need to send in payments on April 15th, June 15th, September 15th and January 15th of the following year. It is easy to miss a payment, especially if you just started self-employment. You could face penalties for missing a payment, so here is what you should do in the aftermath. 

Study: $15 trillion held worldwide in tax-evasive shell companies

We've probably all heard about the lengths the U.S. government will go to in order to collect unpaid taxes. This is especially the case when it comes to money held abroad. The U.S. has not only made it mandatory to disclose foreign assets of $50,000 or more, but it has also negotiated treaties with countries all around the world to prevent banking secrecy that allows tax evasion.

Yet a recent study by the International Monetary Fund (IMF) found that, worldwide, $15 trillion -- more than the combined economies of Germany and China -- is being held in shell companies for the purpose of evading taxation.

IRS cracking down on cryptocurrency users who don't pay taxes

In 2014, the IRS made clear that it considers Bitcoin and other cryptocurrencies to be property, not currency. These convertible virtual currencies, or CVCs, are therefore taxed as capital gains.

In other words, when you sell CVCs, exchange them for other CVCs, or use them to purchase other items, a taxable event occurs. Therefore, with minimal exceptions, you need to pay a tax on the difference in value from when you first obtained the CVC and the time when you sold, exchanged or used it.

The Fresh Start program may be for you

When people go through a financial deficit, it can make it hard to pay bills. For those who owe taxes on top of other financial obligations, it can become burdensome.

Thankfully, the IRS provides the Fresh Start program to aid in resolving tax debt matters. There are a few important things to note about the program to help determine if it is right for you.

The difference between tax rulings and opinions

Many taxpayers in Georgia have questions about their tax returns. You may find the answers you need online, but in some cases, you need to reach out to the IRS privately. From there, you need to decide whether you want to pursue a tax ruling or just an opinion on your case. 

Pursuing the wrong course of action can delay when you can file taxes, and you do not want to open yourself up to penalties. Here is what you need to know about rulings and opinions, so you can make an informed decision regarding your case. 

Owe $52,000 or more in unpaid tax, interest and penalties? Act now

If you owe the IRS over $52,000 in back taxes, including penalties and interest, you could lose your passport if you're not involved in a good faith attempt to resolve the debt. This is considered a "seriously delinquent" tax debt under the Fixing America's Surface Transportation Act (FAST Act).

The FAST Act requires the IRS to notify the State Department about seriously delinquent tax debts and authorizes the State Department to revoke the passports of the taxpayers.

Do you understand the new tax law's effect on medical care?

It has been over a year since the Tax Cuts and Jobs Act of 2017 went into effect, but there are still a few changes coming. For example, the Affordable Care Act's shared responsibility payment -- the penalty for not having the right health insurance -- has been phased out starting this year.

The individual mandate that you have at least minimal health insurance is still in effect, but the penalty has been removed. Some states still have penalties similar to the federal one, but Georgia does not.

3 penalties you may face for not filing a tax return

Filing a tax return may feel like a drag, especially if you believe you owe the government money. Perhaps you paid too little on purpose because you needed the cash in your account. No matter the reason, you are not in a rush to prepare that return.

What happens if you decide to skip out on filing a tax return? Whether your reason is to hide from a looming tax bill or simply that you do not think you should have to file, you may find yourself with some serious problems should you not file. These are just three examples of what may happen if you fail to file an income tax return timely.

Failed to report cryptocurrency investments? You could owe taxes

Late last month, the IRS began sending letters to over 10,000 cryptocurrency investors warning them that they may owe taxes on their crypto gains. Whether you received a letter or not, you should be aware that cryptocurrency tax compliance is currently a top priority for the IRS.

In fact, the chief of the IRS's criminal division has said that cryptocurrencies are a "significant threat" to tax collection. He indicated that the IRS plans to begin pursuing criminal tax evasion cases against those who refuse to pony up.

New state tax credit for teaching physicians now in effect

In response to a shortage of primary care professionals across the state, the Georgia legislature recently made changes to the tax code to further incentivize students and professionals in the area. HB 287, which took effect on July 1, 2019, removes income tax deductions for certain physicians serving as community-based faculty physicians – while creating new tax credits at the same time.

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The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

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