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June 2015 Archives

IRS wins decision in 1982 payroll tax case

Georgia taxpayers may know that the law generally gives the IRS three years to make an assessment or audit a tax return. There are exceptions to this rule, and the agency often shows relentless determination in their collection efforts even when the taxes in question are decades old. This was demonstrated in a 2013 Tax Court case when the IRS prevailed in court in a case involving payroll tax penalties incurred in 1982.

New property tax assessments mailed out

Georgia residents who own property in Douglas County were sent their property appraisal notices on June 1. The notices informed 53,000 Douglas County property owners about the 2015 value of their property that was calculated for county taxation reasons. Property values increased for 66 percent and decreased for 23 percent of Douglas County property owners. Eleven percent of the property owners saw no change in the value of their properties.

IRS puts cap on penalties for FBAR violations

Georgia residents who have kept a foreign bank account without reporting it to the Internal Revenue Service may be charged with an FBAR violation. However, the potential penalties for failing to file an foreign bank account report just got reduced. In May, the IRS announced a new cap on FBAR violation penalties and new guidelines for issuing the penalties.

Man receives more than $100,000 after IRS audit

Georgia entrepreneurs may be interested to learn that one business owner came out of an audit with more than $100,000 from the IRS. An audit does not necessarily mean that the IRS will find something in the government's favor. In this particular case, the man had hired a new tax team and learned that he could have been entitled to refunds of approximately $102,000 from the IRS over the past few years. When he filed amended returns, the IRS responded with an audit.

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