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December 2016 Archives

Red flags that trigger IRS audits

Most Georgia residents who will be filing their 2016 federal income tax returns will not be audited. In fact, the Internal Revenue Service only audits around 1 percent of the tax returns that it receives. Despite the low chances of an IRS audit, audits are still a concern for some people, and it is important to be aware of the red flags that the IRS looks for.

Trump's estate tax plan is still just an idea

Georgia residents may have heard about Donald Trump's plan to repeal the federal estate tax. While he may end up cutting some taxes, it is important not to base an estate plan on the president-elect's campaign statements. Individuals who are planning their estates should not assume that federal estate taxes are going away just yet.

Broad changes proposed to close estate tax loophole

Heirs to family businesses in Georgia may soon be facing a steeper tax burden. The practice of discounting estates for the purpose of reducing the estate tax burden has come under fire with proposed Treasury Department regulations. The 2704 regs, as the rules changes have been dubbed, were questioned at a public meeting with the Department of Tax Policy head. Estate discounts have been on the Treasury's chopping block for years, according to one author. Family business owners and tax attorneys were among the challengers of the rule changes.

Some IRS refunds delayed to combat fraud

Georgia residents who claim the Earned Income Tax Credit or the Additional Child Tax Credit will not be able to receive their refund until at least Feb. 15. This change was made in an effort to combat tax refund fraud as well as identity theft. Through June 2016, 26 million tax filers had claimed the EITC while there were 20 million tax returns claiming the ACTC in 2014.

3 ways to settle your IRS tax debt

As you work hard just to pay the bills and put food on the table, it's tough to keep up with Uncle Sam at the same time, and you may fall behind on taxes if you aren't prepared for the expense when it comes time to file. IRS debt isn't something that goes away if you ignore it, and eventually your wages may even be garnished to help pay for what you owe the government.

Things to remember about tax audits

Many people in Georgia may be getting ready to file their tax returns in January. Though the possibility of an IRS audit is a concern for a lot of people, the chances of actually getting audited are very slim. Because the IRS has fewer employees than it has ever had before, most audits are resolved through the mail.

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