Paying tax debts sometimes proves challenging. A Georgia taxpayer might owe a significant amount of money and does not pay the IRS when the agency attempts to collect. Sometimes, the IRS may respond with a federal tax lien. Anyone dealing facing threats of a lien for...
Tax audits might happen in Georgia due to suspicions of tax fraud, such as for deductions, or errors. In these situations, the IRS may contact the taxpayer to get an explanation. If the IRS is still suspicious, it will send out an audit notice. There are several types...
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....
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...
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