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June 2016 Archives

Seeking not currently collectible status from the IRS

Georgia residents who owe money to the Internal Revenue Service but do not have sufficient income to make payments under an installment agreement could qualify for what the agency refers to as currently not collectible status. You may qualify for this designation if you have no disposable income left after paying all of your bills and living expenses. When the IRS deems that an account is not currently collectible, all collection and enforcement activity temporarily ceases.

Steps to take on receiving an audit letter

Some Georgia residents may be concerned about the possibility of receiving an audit letter from the IRS. However, very few people are audited, and even a notice of an audit is not necessarily something to worry about. The most important thing to do is open the letter as soon as possible and take action. There will probably be a response deadline, and complications and penalties can mount over time.

Some tax refunds will be delayed in 2017

Many Georgia working parents receive a refund after they file their tax returns due to overwithholding as well as claims for the Earned Income Tax Credit and the Additional Child Tax Credit. In expectation of their refund, some families file their tax forms early in January so that they can receive the anticipated funds as soon as possible.

Estate of Whitney Houston battles IRS bill

When a popular singer passes away, fans in Georgia and around the world might be moved to purchase digital or other forms of that person's recorded works. However, this issue has come into play as the estates of such deceased celebrities have been saddled with hefty tax bills. A spike in sales of music and memorabilia might support the idea that celebrities are more popular and valuable after their death. A related dispute about valuation occurred with Michael Jackson's estate and is becoming an issue in the case of Whitney Houston as well.

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