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April 2018 Archives

3 myths about tax refunds debunked

If you are among the many Atlanta area residents who filed your taxes before the deadline, you might be eagerly waiting for your refund to show up in your account. The IRS has a standard time-frame for how long it takes them to process most tax returns. Though they provide an expected date for you to receive your refund, issues can occur that cause delays. 

Responding to an IRS notice

Georgia residents who receive a letter from the IRS should respond to it as quickly as possible. This is generally true whether a person has received an audit notice or a request for more information. In some cases, the IRS is writing to let a person know that he or she used the wrong Social Security number or otherwise provided incorrect information on a return.

How to file a tax extension

Georgia residents who can't file their tax return by the April 17 deadline are entitled to ask for an additional six months to do so. In most cases, the extension request is granted automatically. Furthermore, it is generally possible to do so by filing IRS Form 4868 or through a taxpayer's preferred tax filing software program. It is important to point out that this is only an extension to file the return itself.

How the tax audit rate impacts Americans

The IRS audits less than 1 percent of returns submitted by individuals and partnerships. Therefore, it could stand to reason that taxpayers in Georgia and throughout the country have more incentive to cheat on their taxes. However, the truth is that recent changes to the tax code make it harder to do so. It could also be more difficult than people think to avoid reporting income to the IRS because most employers and other parties report an individual's earnings to the government.

Staying prepared in case of an IRS audit

Many companies and business owners in Georgia can begin to develop a sense of complacency about the danger of an IRS audit for their firm, especially given the news that IRS resources have been depleted. There have been cuts to the agency's budget over the past few years that have meant that the tax authority's Large Business and Internationa division takes up fewer examinations and makes smaller audit adjustments. Many business owners complete their taxes and rest assured that they do not need to be concerned about an IRS audit.

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