On behalf of Bomar Law Firm, LLC | Aug 28, 2019 | IRS
For many people in Georgia, qualified retirement plans like 401(k)s and IRAs are important not only because they enable retirement savings but also because they support tax benefits over the years. Many receive distributions from their plans, whether loans from a...
On behalf of Bomar Law Firm, LLC | Aug 21, 2019 | IRS
Taxpayers in Georgia may be relieved to learn that they could be exempt from a certain penalty imposed on filers. Each year, people must generally pay at least 90% of their total tax burden prior to filing their returns. If they do not, they will receive an additional...
On behalf of Bomar Law Firm, LLC | Aug 20, 2019 | Firm News
If you are thinking about creating your will and perhaps other documents in an estate plan, one of your questions will likely be about taxes and how they will affect the assets you want to leave to your heirs. For example, what constitutes a taxable estate? What...
On behalf of Bomar Law Firm, LLC | Aug 15, 2019 | IRS
Taxpayers in Georgia and around the country may find that they need guidance from the IRS to answer a question about their return. The IRS may be willing to issue a private letter ruling, and generally speaking, any guidance provided by the ruling is binding....
On behalf of Bomar Law Firm, LLC | Aug 5, 2019 | Income Taxes
Georgia taxpayers will have to fill out a slightly longer 1040 form when they file their 2019 taxes, according to the Internal Revenue Service. The agency has posted a draft of the new form, which updates the postcard-sized return that debuted in 2018, on its website....
On behalf of Bomar Law Firm, LLC | Aug 1, 2019 | IRS
In Georgia and across the U.S., the Internal Revenue Service is currently mailing official letters to thousands of people who invest in cryptocurrencies. The letters issue official warnings for taxpayers with complex tax issues. The IRS plans to mail letters to...
