Facing an IRS audit? Hiring a tax attorney can alleviate stress, protect your rights, and minimize tax liability. Find out why legal representation is crucial.
Receiving a letter from the IRS stating that your information “does not agree” with their records is a daunting prospect. In short, you’re being audited. Although the IRS audits less than 1% of all tax returns, the following are red flags for an IRS audit and could increase your chances of being scrutinized.
The IRS offers online payment plans to help taxpayers manage their tax debt. By breaking down the amount owed into monthly payments, individuals can avoid the financial strain of a lump sum payment. These plans also help prevent severe consequences like liens or wage garnishment. Applying for a payment plan is straightforward, and taxpayers have the flexibility to choose their monthly payment amount based on their financial situation. However, it’s important to note that for larger amounts of tax debt, approval for a payment plan is at the discretion of the IRS, and seeking legal advice may be beneficial.
Declaring bankruptcy can be a daunting process. Many people, when faced with this decision, often rush into it without considering the potential benefits of waiting. However, in certain situations, it may be advantageous to delay declaring bankruptcy.
S Corp vs LLC: Which is Right for Your Business? An S-Corp and an LLC both offer limited liability protection, meaning the owners are not personally responsible for business debts and liabilities. They also both allow for pass-through taxation, where the profits or losses of the business pass through to the owners’ personal tax return…
There are a plethora of types of trusts that a trust maker can create. Which one is best for you depends upon your particular situation.
Estate Tax in Georgia – How to Plan for Real Estate Inheritance While Georgia does not impose an estate tax, inheriting real estate, as is the case in any state, entails a range of tax and legal considerations. The estate tax, often referred to as the “death tax,” is a federal and, in some cases,…
The IRS is reported to be waiving nearly $1 billion in late-payment penalties for about 4.6 million taxpayers for the years 2020 and 2021.
the role of a tax attorney in Atlanta extends far beyond basic tax advice. These professionals are essential allies in navigating the intricate landscape of financial and legal challenges, offering expert guidance tailored to the unique needs of individuals and businesses alike.
Who needs a will? Everyone seems to have different answers to that question. Let’s take a look at the situations where a will becomes very important to have.