Financial problems can affect anyone, at any time. You may find yourself in a place where you are unable to manage your financial responsibilities, including paying your taxes. Illness, an injury that prevents you from working, loss of your job and many other factors can lead to struggles that may ultimately result in a debt problem you cannot control. If you are behind on your taxes, you could be facing penalties from the Internal Revenue Service. After falling behind on your taxes, you may feel that you might never catch up. You may be unable to get yourself out of this position on your own ..read more

An unexpected notification from the Internal Revenue Service in a mailbox brings feelings of dread for any taxpayer. They fear opening the envelope and reading what they believe to be dire news that will result in a serious bill with potential penalties. Those getting a particular notification in the coming weeks will be surprised, particularly filers who sent their returns late during the worldwide COVID-19 pandemic. More than 1.6 million Americans will be eligible for refunds, not bills, courtesy of the IRS. Stripping away penalties In a so-called “normal” environment, tax filers who are lat ..read more

Addressing the topic of taxes may prove essential to creating an effective strategy for virtually any type of business entity. While nonprofit organizations might benefit from federal tax exemptions, there may still be a variety of steps these entities must take to remain in compliance with IRS tax laws. Knowing some of the most common tax issues nonprofits might face could help individuals in Georgia better prepare to protect against such concerns.  Exemption from taxes might not always mean that a nonprofit will not face tax-related concerns and some examples of ways to protect against ..read more

Atlanta has had a wild few years, hasn’t it? Between a global pandemic, a rollercoaster economy and job market and inflation, many of us have faced money troubles at some point during this period. Thankfully, the IRS, of all people, understands and wants to help you. The IRS launched their Fresh Start program in 2011 and recently updated it to reflect the unique pandemic and post-pandemic world we now live in. What is the IRS Fresh Start program? Long story short, if you or your small business are having trouble paying your taxes, or even haven’t filed taxes for a while, this program might be ..read more

Though many Georgia residents hope to have their taxes taken care of as easily as possible, the only people they want filing on their behalf is a tax professional. Unfortunately, some unscrupulous parties could commit identity theft and file someone else’s tax return in hopes of gaining that person’s tax refund through fraudulent means. Stolen identity refund fraud is one type of tax fraud that could affect you or other taxpayers. As the name suggests, the thieves gain personal identifying information from an unsuspecting party and then use that information to fraudulently file a tax return. O ..read more

As challenging and unpredictable as the last year has been, one thing is certain: the IRS still expects you to file your tax returns. While the government has offered certain leniencies, such as extending the deadline, by now, that deadline has passed. If you still have not filed your returns, you have good reason to be feeling nervous about what may happen.  Many in Georgia and across the country wrongly believe that, if they cannot afford to pay their tax bill, they should not file their taxes. This mistake ends up costing them hundreds of dollars or more in penalties. Fo ..read more

Having the IRS looking over your shoulder likely makes you and other Atlanta residents ensure that you handle your taxes appropriately. However, even if you do your best to file taxes correctly, you could end up facing an audit from the IRS. This process is not always as harrowing as it seems, but if the IRS suspects wrongdoing, a simple audit could turn into an investigation for tax evasion.  You would undoubtedly never fathom taking purposeful measures to avoid taxes to the extent that it would lead to criminal c ..read more

Filing your taxes can seem like an overwhelming task. The forms are confusing, and the math can be challenging. In some cases, it can seem easier to simply not file. Often, it looks like there are no immediate consequences. However, there can be serious consequences when you do not file your taxes. This is what you should know if there are one or more years you did not file your taxes. Penalties, but with limits There are penalties if you owe a balance to the IRS and you are late filing your taxes. Initially, the penalty is five percent, but there is a cap when the penalty amount reaches 25 pe ..read more

In a recent news release, the Internal Revenue Service (IRS) called on taxpayers to watch out for dangerous tax scams this holiday season. The feds note that the pandemic, the holiday shopping season, and the upcoming tax season are a trifecta many tax scammers are using to gather personal information from taxpayers throughout the country. What can I do to avoid tax scams? The IRS encourages taxpayers to protect themselves by using and updating security on their phones, computers, and tablets. This can include anti-virus software that stops malware before it can gather personal information and ..read more

When facing financial difficulties, it may seem as if every day there is a new obligation that you cannot meet. Even when you try to do your best to get back on track, something may come up that knocks your plan out of balance. You, and many other Georgia residents, may feel as if the only thing you can do is meet your basic needs as well as possible. Unfortunately, creditors may make even that seem impossible.    In particular, if you owe back taxes, the Internal Revenue Service may have placed a levy on your wages or bank account. Now, you may see your desperately needed funds ..read more