An IRS audit letter can feel alarming. Knowing your rights before you respond can make a real difference in how the process unfolds. Why your audit rights matter The Taxpayer Bill of Rights gives every taxpayer a defined set of protections. These rights apply whether...
Receiving a notice from the Internal Revenue Service (IRS) is a stressful experience. Even people who make a good-faith effort to pay their taxes in full and on time may end up owing money due to claiming the wrong exemptions or facing other income tax controversies....
The word "audit" strikes a fear in many taxpayers in Georgia and throughout the country, but the chances of an audit remain low at .04% out of all tax returns. Sometimes, the IRS checks for accuracy and fraud if the organization suspects it. However, one error on a...
If a business in Georgia owes back taxes to the IRS, it has several options to resolve the situation. Throughout the process, business owners should stay in touch with the IRS and be honest about their situation. If they try to avoid the IRS, they might find...
Many taxpayers in Georgia will experience an IRS audit in their lifetime. An audit means the IRS has rejected the return for a reason, such as suspicions about income or errors. An audit notice naturally causes panic, but taxpayers shouldn't be so hasty as to make...
If a person is required to file an income tax return, the government expects the filing to be on time. In 2020, extenuating circumstances led to an extension of the traditional filing date of April 15. The new due date became July 15, but not everyone filed. The...
If you have not managed your income in a way that allows for taxes, or if your company has recently suffered from significant losses, you may be in a position where you cannot pay the Internal Revenue Service (IRS) the taxes that you owe. This can be a worrying...
High-income earners often seek to reduce their tax bills. As long as Georgia taxpayers do so legally, there is nothing wrong with reducing tax obligations. The Internal Revenue Code provides many legitimate ways to reduce taxes, such as making charitable donations or...
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....
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