With tax season just around the corner, you might be wondering if you might be a target for an IRS audit next year. Even if you are confident that you paid your personal and business income taxes correctly, an audit can be very time-consuming and stressful. It’s something that no Atlanta taxpayer wants to deal with. Fortunately, it appears that most people, even self-employed professionals, will not have to worry. The IRS has announced that it will focus its audit investigations on high-income households and big corporations in 2024. IRA funds going toward new enforcement goals The tax agency ..read more

While falling behind on tax obligations can be stressful enough as is, those who face similar issues may also have concerns about the repercussions they might face if they struggle to catch up on payments. Outstanding tax debts could trigger a variety of challenges, one of which may involve the possibility of facing a tax levy. Knowing how a tax levy could affect one’s life could help individuals in Georgia prepare to seek advice in addressing their situations and creating a strategy to help protect their financial futures.  Facing a tax levy  The IRS may take several measures to see ..read more

While most individuals may wish to take every possible measure to stave off issues with back taxes, things might not always prove so simple. There may be a variety of scenarios in which individuals in Georgia might encounter similar trials, regardless of age. However, recent studies indicate that issues with tax debts may be more prevalent among those between the ages of 18 to 24. Generation Z and tax debts Studies suggest that while nearly 25% of individuals in the U.S. struggle with back taxes, this number is doubled among those between the ages 18 and 24. Reports also indicate that nearly 1 ..read more

Preparing to seek relief from debt concerns can be a stressful process and there may be a variety of options to consider prior to choosing a path forward. While obtaining relief via debt forgiveness or cancellation can take a significant weight off one’s shoulders, sometimes it may also prompt unexpected results. There may be some scenarios in which debt forgiveness or cancellation could leave individuals in Georgia facing tax debt concerns.  Debt forgiveness and taxes  Individuals who are preparing to seek relief via similar paths might benefit from knowing the amounts forgiven, dis ..read more

It can be incredibly intimidating to receive notice that the Internal Revenue Service will be taking a closer look at your tax return. The word “audit” is frightening, especially for those who are unaware of what to expect from this process and unsure of how to respond. What you do next matters, and knowing how to properly respond to this is essential. Even if you believe that your tax returns are accurate and properly filed, you will need to have a course of action for how you can resolve this matter as expediently as possible.  The first step in the IRS audit process is receiving a noti ..read more

Many business owners may feel that addressing the topic of taxes can be one of the most complex aspects of managing company affairs. Even with an effective tax strategy in place, business owners in Georgia may still wonder when the day will come in which their companies are selected for a tax audit. While there might not be a way to eliminate the likelihood of facing a business tax audit, there may be some steps owners can take to help reduce their chances of facing such a situation.  The steps  One step that may help reduce the chances of a business tax audit could involve being tho ..read more

While facing high tax obligations can be harrowing under any scenario, there may be some instances in which similar trials could place a significant burden on one’s life. Individuals in Georgia who struggle under the weight of significant tax debt burdens may have questions about the available options to help protect their future interests. Currently not collectible status is an option that could help provide much-needed relief from high tax debts, but some might not know how to tell if they are eligible for this program.  Addressing eligibility for CNC status  Experts indicate that ..read more

While paying taxes is a responsibility all business owners might face, there may be some situations in which tax bills could end up being much higher than one expects. Small business owners who receive notices of high tax bills may have concerns about whether they will be able to cover these obligations. Business owners in Georgia who face similar concerns may find that there might be several factors to address when preparing to create a strategy to stave off tax debt concerns.  The factors  One of the first factors to address could pertain to knowing the importance of filing busines ..read more

Any matter pertaining to the Internal Revenue Service can be complicated, difficult to understand and overwhelming. You may find simply preparing your taxes or knowing how to file your taxes can be a complex matter, which means that an audit will be especially overwhelming. The Internal Revenue Service has the ability to initiate an audit against any Georgia taxpayer, possibly resulting in high fines and legal complications. If you get notice that you could be facing an audit, you may experience a sense of panic. The IRS is an impersonal agency that is not easy to work with, and you may not kn ..read more

Individuals who struggle with high tax obligations may have understandable concerns about how this might affect their lives and about the best path to take to protect their futures. While there may be a variety of outlets with which to seek relief from tax debt concerns, choosing the best path available could seem somewhat challenging at times. An offer in compromise is an example of an option that may help provide much-needed relief from tax debts, but individuals who Georgia who face similar concerns might have questions about what to expect from this process.  Topics to address  E ..read more