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...
Year: 2020
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...
USING AN INSTALLMENT AGREEMENT TO REPAY TAXES
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...
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...
CHALLENGING THE FINDINGS OF A GDOR TAX AUDIT
The Georgia Department of Revenue may audit any Georgia taxpayer or business. Taxpayers who disagree with the GDOR’s findings, are not without recourse and may challenge these findings alone or with professional assistance and guidance. A professional experienced in...