What if a taxpayer doesn’t have the full amount they owe in taxes?
Some people wait until the day that the Internal Revenue Service (IRS) stops accepting tax returns to file their annual paperwork. Occasionally, those last-minute filings will come with a surprise...
View ArticleWhat’s the difference between tax avoidance and tax evasion?
Nobody wants to pay more taxes than they have to pay – which is why both individual filers and businesses often employ various strategies to minimize their tax liabilities. There’s nothing really wrong...
View Article3 groups at elevated risk of tax controversies and charges
Paying income taxes is part of life in the United States. Even those who only have part-time jobs are generally required to contribute to federal and state tax programs. Once a year, taxpayers need to...
View ArticleWhy self-employed professionals are at risk of tax controversies
A tax controversy occurs when an individual taxpayer and an authority assessing taxes disagree about someone’s responsibilities. For example, if the Internal Revenue Service (IRS) accuses someone of...
View ArticleCan a foreign bank account lead to an audit or criminal charges?
Holding personal resources in an offshore account was once a top tax avoidance strategy. However, that has shifted in recent years. While some people may continue to hold resources in international...
View ArticleWhat happens during an audit related to federal income taxes?
Once someone begins working or receiving passive income from investments, they have to start reporting their income to the government and paying income taxes. Filing an annual income tax return is...
View ArticleCan an individual settle tax debts for a fraction of what they owe?
People like to claim that the government always gets what people owe it. That aphorism is a way of conveying how serious the Internal Revenue Service (IRS) is about enforcing tax law and collecting on...
View ArticleIs bankruptcy the best solution to significant tax debts?
Filing an annual tax return allows someone to verify that they have paid a sufficient amount in income taxes. The Internal Revenue Service (IRS) reviews information provided by employers and financial...
View ArticleDoes IRS innocent spouse relief protect taxpayers in Georgia?
It is standard practice for spouses to file their taxes together. While some couples do file their annual income tax returns separately, joint filings often help people maximize their use of deductions...
View Article3 common income tax mistakes small business owners make
Individuals with income from employment, investments and even gambling have to file income tax returns. Frequently, employed individuals qualify for income tax refunds because they paid more than they...
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