With all the uncertainty and anxiety caused by the coronavirus pandemic, it is only logical that the consideration and review of an individual’s estate plan may be a wise course of action in the immediate future. While experts report that most people recover from...
Year: 2020
ABOUT GEORGIA DEPT OF REVENUE BUSINESS TAX AUDITS
Businesses in Georgia, like anyplace else, must fulfill their filing and payment obligations related to taxes pursuant to Georgia state law. The Georgia Department of Revenue (GDOR) examines tax returns to review whether the amounts for various items, such as...
HAVE YOU RECEIVED A REQUEST FROM THE IRS TO DISCUSS YOUR FBAR COMPLIANCE?
If you have been contacted by the IRS requesting that you schedule an appointment to examine your compliance with the requirement to file FinCEN Report 114, Report of Foreign Bank and Financial Accounts (FBAR), an experienced legal and tax professional can help...
CONGRESS AND IRS IMPLEMENT HISTORIC CHANGES TO ASSIST TAXPAYERS
As Congress has enacted legislative measures to address the economic impact of COVID-19, the Internal Revenue Service has established procedures to assist taxpayers. In addition to compliance activities and examinations, the IRS encourages taxpayers to respond to any...
THE CARES ACT MAKES SIGNIFICANT CHANGES TO SBA LOANS
With the enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, Congress appropriated $350 billion for Small Business Administration (SBA) Paycheck Protection Loans of up to $10 million to small businesses impacted by COVID-19. The Act...
THREE KEY 2020 TAX CHANGES TO KNOW
2020 brings a new tax year and, as usual, a new year also brings changes in federal tax law. Some cases deduction amounts remain unchanged for 2019, such as medical and dental expenses, state and local sales tax, and the percentage limit for charitable cash donations...
WHAT IS THE IRS VOLUNTARY DISCLOSURE PRACTICE?
The legal duty of taxpayers to fully comply with federal tax laws is the foundation of “Voluntary compliance” in the American tax system. Most taxpayers, in fact, voluntarily comply with this duty, however, there are always some that fail. The IRS has an impressive...
UNPAID TAXES MAY CAUSE THE LOSS OF YOUR PASSPORT
The Fixing America’s Surface Transportation (FAST) Act allows the IRS to notify the State Department with the names of those taxpayers certified as owing a seriously delinquent tax debt, which is currently $52,000 or more. Federal law, through the Internal...
TAX CHECKLIST FOR CLOSING A BUSINESS
There are certain actions that businesses typically take when closing. A business ending its operations must file an annual return for the year it goes out of business. It must file the final employment tax returns for any employees. A business must also make...
BUSINESS RELATED IRS AUDIT TRIGGERS
The mere act of placing the envelope that contains a tax return into a mailbox may be a cause of stress for most taxpayers. None of us want to do anything that will alert the IRS to take a closer look at our tax returns. IRS examinations, or “audits” as they...