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February 2018 Archives

IRS ready to handle some, but not all, extended tax benefits

Georgia residents who were waiting to file their 2017 income return so that they could claim a tax extender may now be able to file, depending on which tax break they intend to claim. Several tax breaks that expired in 2016 were renewed for 2017, but that didn't actually happen until early in 2018. The Internal Revenue Service told people who wished to claim any of the tax breaks to wait until it was ready to process them. The IRS is now ready to accept returns that claim any of three specific benefits, but people who wish to claim any of the others will still have to wait.

IRS warns of potential tax scam

By April, everyone in Georgia and throughout America will be required to file their federal income tax return. Those who are considered to be employees of a company will receive a form W-2 and were supposed to get them by Jan. 31. The IRS is warning payroll departments that a scam could attempt to collect employee information through by way of phishing. In 2017, the targets were largely for-profit companies.

Common reasons a tax audit may occur

Individual taxpayers in Georgia and around the country are at a relatively low risk of being audited by the IRS. Overall, fewer than 1 percent of federal income tax returns are scrutinized further by the government. However, a person's exact audit risk may depend on several factors such as his or her income, deductions taken and forms included in a return. For instance, those who had an adjusted gross income between $500,000 and $999,999 were audited at a rate of 3.62 percent in 2016.

What to know about 2018 IRS tax returns

The IRS says that it will process 155 million tax returns during the 2018 income tax season. However, not all Georgia residents necessarily need to file a tax return. This will depend on one's earned income and personal exemption. Those who do have to file an income tax return for 2018 will have until April 17 to do so. This is because April 15 and April 16 are a Sunday and a holiday.

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