You try to file your taxes on time and probably assumed that you paid what you owed in full. However, some people make mistakes on their tax returns that can later come back to haunt them. Under-reporting your income or underpaying your taxes could result in a massive...
Year: 2021
What if you miss a tax deadline?
Commonly known as Tax Day, income taxes have to be filed by April 15th at the latest. This was extended last year, but it stands at April 15th again for this year’s income -- to be filed in 2022. But what if you make a mistake and just miss the deadline? Say you fill...
Selling cryptocurrency means tax consequences
Cryptocurrency (Bitcoin, etc.) has become a popular way to add financial value to one’s portfolio. Many Atlanta, Georgia, residents have begun investing in cryptocurrency to sell when they face hardships or spend on personal and business purchases. The Internal...
How to handle IRS tax collections
Realizing that you don’t have the money to pay the Internal Revenue Service (IRS) what you owe in full and on time can be frightening – especially if it’s never happened to you before. The IRS has a process for taxpayers in this position. Understanding what it is and...
Why would anyone admit to the IRS that they hid foreign assets?
Voluntary disclosure means intentionally acknowledging that you broke the rules. In the financial world, voluntary disclosure often refers to an Internal Revenue Service (IRS) program aimed at those with valuable foreign assets. Essentially, the IRS has asked those...
Should you file IRS taxes as single or married?
As a married couple, how to file your taxes is one of many decisions you have to make together. Only this time, there is no option to say, fine, you do your thing, and I’ll do mine. You both need to file in the same way. If the IRS considers you as married, then you...
4 of the biggest mistakes payroll bookkeepers make
When you hire a bookkeeper to take care of your payroll, you expect them to do the job properly. Unfortunately, even professionals can make payroll mistakes that have significant consequences. Payroll mistakes can be significant, as they might run afoul of tax law or...
Tax year 2021 will be complex. Get ready for an IRS audit.
You may already know there will be a problem. There were a number of issues this year that will naturally lead to many individual tax returns being much more complex than usual. Unfortunately, that complexity can bring on an IRS audit. Here are several potential...
Your FBAR obligations when you purchase or sell real estate abroad
Purchases of real estate abroad used to be a relatively uncommon occurrence -- but the prospect of owning foreign real estate has grown in popularity over the past few decades. Nowadays, many individuals own second homes or vacation rentals abroad. This increase in...
What to know about your obligation to file an FBAR form
If you’re a United States citizen who had or has money in a foreign bank account, then take note. Are you familiar with the Foreign Bank Account Report (FBAR) Form 114? It's imperative that you are. There are stiff penalties that exist if you neglect to fill this...