Guiding You Through The Legal Process
Georgia residents who have kept a foreign bank account without reporting it to the Internal Revenue Service may be charged with an FBAR violation. However, the potential penalties for failing to file an foreign bank account report just got reduced. In May, the IRS...
Georgia entrepreneurs may be interested to learn that one business owner came out of an audit with more than $100,000 from the IRS. An audit does not necessarily mean that the IRS will find something in the government's favor. In this particular case, the man had...
Georgia residents who sell their primary residence will generally not be required to pay capital gains tax on the first $250,000 of profit generated by the sale. Spouses filing a joint return may exclude the first $500,000 gained from the sale of their home. The...
Georgia residents may have heard about the proposed regulations issued by the Internal Revenue Service regarding the income of master limited partnerships whose activities pertain to natural resources and minerals. The proposed regulations were issued on May 5 and...
Due to IRS budget cuts, it may seem logical for Georgia residents to believe that audit rates are lower. In 2011, those who made more than $1 million had a one in eight chance of being audited. Today, someone who makes more than $1 million has a one in 13 chance of...
Although almost everyone is required to pay federal income tax, it may be possible to dispute the amount owed. For example, one might contest the results of an audit. In the event that the IRS proposes changes to a tax return, a taxpayer may protest the decision and...
A lack of funding for the Internal Revenue Service may not be a good thing for average families in Georgia. Although some people think that less IRS funding could result in a smaller chance of being audited, the opposite may actually be true. According to statistics...
Georgia taxpayers may be interested in learning more about critical errors that could place them in a compromising position with the IRS. Generally speaking, the IRS has up to three years to audit a taxpayer after a return is filed. If the taxpayer underreports their...
Georgia taxpayers who are concerned about an IRS audit should not be too worried about the possibility. The incidence of audits, which are rare occurrences in the first place, has been dropping over the past few years. Of the ones that do occur, most are done through...
The Affordable Care Act, more commonly known as Obamacare, is in its first year of "shared responsibility payments" as the tax season reaches its highest pitch. Estimates state the current penalty fees for a taxpayer without health insurance amount to about $172, and...
