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July 2019 Archives

New tax form geared toward older filers

Georgia residents who are 65 and older may able to make use of Form 1040-SR, which is designed to be easier to read. It is also designed to focus more on retirement income and making older taxpayers aware of potential tax benefits. A draft version of the form was released in early July 2019, and the IRS says that it will be available when it comes time to file 2019 tax returns.

Can bankruptcy eliminate your tax debt?

Tax debt can be overwhelming to manage. Lingering debt can lead the IRS to punish you with collections, interest, penalties, liens and levies. Owing money to the IRS is never a good situation to be in, so you may be looking to bankruptcy as a way out. 

Personal injury compensation could be taxable income

Those who are hurt in Georgia or any other state who receive a settlement could be taxed on those proceeds. In fact, an individual could pay taxes on money that is eventually paid to his or her attorney. However, not everyone will have to give a portion of their injury settlement to the government. For instance, if the award is related to a physical injury, a plaintiff will generally get to keep all of it.

The TFA and the appeals process

Taxpayers in Georgia should be aware that the Taxpayer First Act changes the way the Internal Revenue Service conducts certain operations and procedures. This includes changes to how appeals are handled.

American citizens living abroad may receive a tax refund

American citizens who live overseas are still generally responsible for filing a federal tax return with the IRS. While many former Georgia residents who now live overseas can claim a credit for foreign income taxes paid, this has not been true for individuals residing in France. However, new guidance now allows taxpayers to claim a credit for Contribution Sociale Généralisée and Contribution pour le Remboursement de la Dette Sociale payments.

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