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April 2015 Archives

Facts to know about tax bills in Georgia

Although almost everyone is required to pay federal income tax, it may be possible to dispute the amount owed. For example, one might contest the results of an audit. In the event that the IRS proposes changes to a tax return, a taxpayer may protest the decision and attach additional information substantiating the taxpayer's position.

Working out a payment plan with the IRS

Having to deal with the Internal Revenue Service can be a daunting prospect for Georgia residents. The agency has the power to garnish paychecks and freeze bank accounts, but taxpayers can often avoid such measures by acting proactively. Many people make the mistake of not filing a tax return when a large amount of money is owed, but this can lead to additional penalties and interest. Failing to file a Form 1040 could also result in the closer IRS scrutiny of previous returns.

Understanding the major estate tax issues for surviving spouses

Georgia residents with an interest in tax issues may wish to know about new regulations that are expected to be issued by the IRS. Legal and accounting professionals are notifying clients about this matter, which affects estate taxes and could have serious tax implications.

Subjecting taxpayers to IRS audits

Georgia taxpayers may be interested in learning more about critical errors that could place them in a compromising position with the IRS. Generally speaking, the IRS has up to three years to audit a taxpayer after a return is filed. If the taxpayer underreports their income by at least 25 percent, the IRS may extend the audit period to six years. The same rule applies to taxpayers who have understated at least $5,000 in foreign income.

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