Tax payers in Georgia and throughout the country are required by the IRS to pay taxes on foreign assets, or they could face stiff fines. The foreign accounts must reach a certain threshold before they need to be reported on tax returns. Foreign accounts may include...
In 2020, taxpayers in Georgia received a three-month extension to file their income taxes with the IRS. If you owe the IRS money, the flexibility that you have gotten does not give you any forbearance from penalties and interest if you are late with your tax return....
Millions of Americans in Georgia and the rest of the United States are concerned about the risk of tax audits. However, there are several myths surrounding audits. While many filers may fear a sense of dread about being audited, only a fraction may actually be...
The IRS could shut down companies in Georgia or any other state if they fail to pay their business taxes in a timely manner. However, there are many steps a business owner may be able to take to avoid such an outcome. For instance, it may be possible to enter into a...
If you are a high-income taxpayer in Georgia, you need to be aware that the IRS has plans to audit more returns from upper tax brackets. While most of the audits do occur on tax returns of the wealthy, the IRS has not performed nearly as many audits as it did in...
This year, you worked hard to provide for your family. As an independent contractor, you were proud that you were able to earn the kind of income you wanted in your own time and on your own schedule. When tax time came around, you were shocked by what you found you...
As of 2018, 14 million people owed money to the IRS, and individuals who fail to pay back taxes could face penalties such as jail time or passport restrictions. However, there are many steps that an individual can take to avoid some or all of those penalties. For...
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