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February 2015 Archives

Internal Revenue Service tax scam alert

Many taxpayers in Georgia and across the country have been receiving threatening emails and telephone calls from individuals claiming to represent the Internal Revenue Service. During these interactions, imposters try to threaten their victims with lawsuits, deportation and arrest in order to obtain personal information and cash from them.

IRS streamlines filing for small businesses for 2014

Small business owners in Georgia may be pleased with an announcement by the IRS on Feb. 13 about regulatory tax changes the agency states will apply to 2014 and to subsequent years. The changes are designed to make it easier for small businesses to use repair regulations and comply with the tangible property regulations beginning this tax year.

Facts that could prompt an audit of a Georgia tax return

In 2013, the IRS audited roughly 1 percent of all tax federal tax returns. However, there are specific factors that could increase the odds that a specific return is audited. For instance, those who made more than $1 million a year are audited at a rate of 11 percent. In comparison, those who made less than $200,000 a year were audited at a rate of .88 percent.

Reporting profits from partnerships on tax returns

Partnerships are unincorporated companies, so the IRS does not tax these businesses directly. Rather, the owners are required to report the profits they earn through the partnership on their personal income taxes because they are considered self-employed. New partnership owners in Georgia might not know all of the requirements involved.

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