Individuals in Georgia who can't afford to pay an income tax bill on time are often eligible for an installment plan. Taxpayers may be able to choose how much they want to pay each month or allow the IRS to determine their minimum monthly payment. In most cases, an...
Month: April 2020
Can you be liable for cryptocurrency reporting errors?
Although bitcoin and other cryptocurrencies are gaining popularity throughout the world, some Georgia residents who deal in crypto could be confused about how to file their taxes. Also, CPAs may not be as knowledgeable on the latest IRS rules concerning them,...
Beware of scams: Don’t give personal information to ‘the IRS’
The IRS already has all the information it needs to collect tax debts and issue stimulus payments. It has no need to contact you for additional info -- and if it were to contact you, it would do so by mail. Don’t be fooled if someone claiming to be the IRS contacts...
IRS audit timelines
As a general rule, the IRS has three years to audit a Georgia resident's tax return. However, the IRS has six years to audit a tax return if an individual failed to report at least 25% of his or her income. The government also has six years to audit a return if a...
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