In May, the Internal Revenue Service (IRS) provided guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments. The proposed regulations revise current § 1.162-21 of the applicable regulations and provide operational...
Month: June 2020
Can I go to jail if I can’t pay my taxes?
If you know you don’t have money to pay your taxes, you may think it’s better not to file them at all. It can feel tempting to avoid a stressful situation altogether. However, not filing your taxes is one of the worst things you can do in your scenario. You can go to...
6 big mistakes contractors make handling their own taxes
As an independent contractor or self-employed individual, taxes can feel overwhelming and stressful, especially if it is your first time going through the process or if you’ve avoided it in past years and now find yourself behind. However, paying taxes is an important...
A home office deduction can benefit home-based businesses
Anyone who has ever run their own business knows there are challenges. For home-based businesses, there can be even more difficulties. There are tax benefits available that can ease the complications. One of those benefits is a home office deduction allowed by the...
GEORGIA ESTATE PLANNING BASICS
As the summer of 2020 approaches and America cautiously tries to restore some semblance of normalcy, it is a good opportunity for many people to consider and review their estate plans. Every person must consider some form of estate planning and there are some...
THREE NEW CREDITS ARE AVAILABLE TO MANY BUSINESSES HIT BY COVID-19
Three important new credits are available to employers to help them cope with the negative financial effects of the COVID-19 pandemic. The Employee Retention Credit The employee retention credit is designed to encourage businesses to keep employees on their...
TAXPAYERS & COLLECTION DUE PROCESS HEARINGS
By law, the IRS may attempt to collect taxes up to 10 years from the date of their assessment. During these ten years, many things may occur as the IRS tries to collect while a taxpayer tries to pay or find some other solution. Taxpayers are not without rights in this...
REASONS THE IRS WILL LEVY PROPERTY
There is not much more the Internal Revenue Service can do to unnerve a taxpayer than levy his or her property. A levy by the IRS permits it to legally seize the property of a taxpayer to satisfy a tax debt. The IRS may use a levy to garnish wages, take money in a...