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July 2014 Archives

Former NFL quarterback owes $13,000 in back taxes

Former NFL player Kordell Stewart has reportedly been served a notice of a tax lien from the state of Georgia. The former quarterback owes the state more than $13,000 for back taxes and accrued interest. Before getting in trouble with the state, Stewart was reportedly involved in a bitter divorce in which he ended up locking his ex-wife out of the mansion they had once shared.

Georgia county may raise tax rates to help reinstate services

At a public meeting on July 14, some residents of Gwinnett County urged commissioners to not raise their property taxes when the issue comes to a vote on July 22. Statistics indicate that a homeowner who has a house worth $167,000 will pay $785 in county property taxes. If millage rates are merely left alone, they could go up to an average of $850.

Examining what it means to make a willful violation of tax law

Georgia residents may be interested in an article discussing what the IRS views as willful violations versus innocent mistakes. This standard may be different than what most taxpayers think and the consequences can be harsh if careful attention is not paid.

New law provides IRS access to overseas accounts

On July 1, the Internal Revenue Service will get a better idea of funds placed in American held accounts in foreign banks and institutions. In short, reporting money and investments abroad will not rely solely on the honor system anymore. Instead, foreign financial institutions will provide access or be charged a 30 percent withholding tax on payments that can be withheld.

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