In the past, individuals who participated in micro-insurance transactions were likely audited by the IRS. The tax agency has listed the scheme as one of its "Dirty Dozen" tax scams, and it has been talking about the practice for many years now. It says that there are...
Month: September 2019
IRS provides tax relief for some expatriates
The Internal Revenue Service usually likes to get its hands on as much money as possible. Even individuals who live outside the United States may have a tax obligation they must meet. Still, for those who have renounced their U.S. citizenship, some tax relief may be...
IRS tax audits can be daunting
While it's true that most Georgia residents do not look forward to the yearly ritual of filing and paying taxes, at least there's some satisfaction, and perhaps a degree of relief, when it's over and done for the year. However, for those who receive the dreaded audit...
Penalties for willful tax violations can be steep
The IRS does make a distinction between tax errors that were willful and not willful in nature. Generally speaking, taxpayers in Georgia and elsewhere will escape harsh punishment for errors deemed to be not willful. In some cases, it may be possible to avoid...
IRS issues extension for closed defined-benefit plans
Sponsors of closed defined benefits plans in Georgia may be interested to learn that a fifth extension was granted for temporary nondiscrimination relief for these plans. Under federal benefits law, employers that offer benefits must offer equal benefits to all...