Georgia residents who are planning their retirements often forget to take into account taxes. Even people who have put a lot of thought into building their retirement portfolios have no idea what they will owe the IRS once they start making withdrawals from their...
Month: May 2016
Options for taxpayers facing an IRS levy
A letter from Uncle Sam usually isn't good. And when it's in relation to levying an individual's property due to unpaid taxes, it's definitely an eye opener. Fortunately, individuals who owe back taxes and are facing an IRS levy have options. Pay in full This may...
Final Georgia state tax refunds soon on their way
For Georgia residents who are still waiting to receive their state income tax refunds, the end may finally be near. The state greatly slowed the processing time for state income tax refunds beginning in February due to issues with tax fraud and associated IRS issues....
Likelihood of IRS audit may increase
Georgia taxpayers may be at increasing risk of an IRS audit in the years ahead. At present, the IRS audits fewer than 1 percent of taxpayers, but audits may go up based on hiring news from the agency. Despite a claim that budget cuts would leave it unable to make new...
Warning list to avoid scams and risk of IRS audit
Tax fraud and evasion pose serious problems for both Georgia taxpayers and the IRS alike. They cost the agency resources every year and can lead to even innocent taxpayers facing stiff penalties. To heighten public awareness, the IRS publishes an annual list of the...
Handling tax return errors
When Georgia residents make a mistake when filing their tax returns, it does not automatically mean that they will be audited. Depending on the type of error made and what attempts are made to resolve it, the matter may simply involve dealing with some paperwork. One...