Taxpayers who fail to file a tax return or fail to pay taxes by the deadline are subject, by law, to penalties assessed by the IRS. Taxes unpaid by the original filing due date are subject to interest and a monthly late payment penalty. The failure to file a tax...
Month: May 2020
WHAT HAPPENS DURING THE OFFER IN COMPROMISE PROCESS?
Once a taxpayer successfully submits an Offer in Compromise (OIC) application to the IRS, certain events occur as the IRS considers whether to accept the OIC. Offer in compromise applications typically require specific IRS forms and substantial paperwork to document...
APPLYING FOR AN OFFER-IN-COMPROMISE
The IRS will settle unpaid tax debt with taxpayers for less than the full amount owed through an agreement known as an Offer in Compromise (OIC). Thus, an offer in compromise may be a realistic option for taxpayers hoping to resolve a tax balance due. Taxpayers who...
ESTATE PLANNING FOR TROUBLED TIMES
As the future in the Spring of 2020 looks more uncertain than it did a year ago, anxiety from the coronavirus pandemic is causing many Georgians to consider and review their estate plans. No person wants to be unprepared in the face of an unknown future and the State...
TAX TREATMENT WHEN FAMILY MEMBERS WORK IN THE FAMILY BUSINESS
Having a family business typically means employing family members to work in the business. A family business relationship may consist of a married couple working as a partnership or a qualified joint venture. It may involve children working for parents or even a child...