On behalf of Bomar Law Firm, LLC | Nov 20, 2019 | IRS
Both individual taxpayers and business entities in Georgia and throughout the nation should be ready for an increased likelihood of in-person tax compliance meetings. These meetings are part of an effort to help the government collect income and payroll taxes more...
On behalf of Bomar Law Firm, LLC | Sep 9, 2019 | IRS
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...
On behalf of Bomar Law Firm, LLC | Sep 4, 2019 | IRS
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...
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 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 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...
On behalf of Bomar Law Firm, LLC | Jul 15, 2019 | IRS
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...
On behalf of Bomar Law Firm, LLC | Jul 11, 2019 | IRS
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. In accordance with the TFA, the Chief of Appeals oversees the...
On behalf of Bomar Law Firm, LLC | Jul 3, 2019 | IRS
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...
