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...
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...
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...
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...
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,...
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....
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